XML 41 R29.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2025 and 2024, as summarized in the following table (in thousands):
 
For the three months ended
June 30,
For the six months ended
June 30,
 2025202420252024
United States electrical construction and facilities services$2,373 $3,076 $2,512 $8,413 
United States mechanical construction and facilities services3,823 9,540 7,800 8,461 
Total impact$6,196 $12,616 $10,312 $16,874 
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 and six months ended June 30, 2025 and 2024, as summarized in the following table (in thousands):
 
For the three months ended
June 30,
For the six months ended
June 30,
 2025202420252024
United States electrical construction and facilities services$14,878 $12,292 $24,520 $16,485 
United States mechanical construction and facilities services20,587 7,886 25,831 14,620 
Total impact$35,465 $20,178 $50,351 $31,105 
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 and six months ended June 30, 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 June 30,
2025% of
Total		2024% of
Total
United States electrical construction and facilities services:
Network and communications market sector$669,966 50 %$325,021 40 %
Commercial market sector116,536 8 %69,551 9 %
Manufacturing and industrial market sector111,158 8 %103,375 13 %
Healthcare market sector133,680 10 %61,577 8 %
High-tech manufacturing market sector36,114 3 %53,103 7 %
Institutional market sector67,372 5 %38,501 5 %
Transportation market sector66,528 5 %56,357 7 %
Water and wastewater market sector7,527 1 %11,092 1 %
Hospitality and entertainment market sector26,401 2 %16,353 2 %
Short-duration projects (1)
84,705 6 %51,224 6 %
Service work21,896 2 %15,433 2 %
1,341,883 801,587 
Less intersegment revenues(1,636)(1,593)
Total segment revenues$1,340,247 $799,994 
 ________
(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 June 30,
2025% of
Total		2024% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$389,676 22 %$174,623 11 %
Commercial market sector217,007 12 %272,368 16 %
Manufacturing and industrial market sector229,622 13 %204,649 12 %
Healthcare market sector150,052 9 %156,171 9 %
High-tech manufacturing market sector281,434 16 %376,876 23 %
Institutional market sector112,711 6 %126,030 8 %
Transportation market sector10,053 1 %15,650 1 %
Water and wastewater market sector90,239 5 %87,009 5 %
Hospitality and entertainment market sector36,862 2 %16,775 1 %
Short-duration projects (1)
86,203 5 %77,615 5 %
Service work152,773 9 %149,165 9 %
1,756,632 1,656,931 
Less intersegment revenues(1,374)(1,750)
Total segment revenues$1,755,258 $1,655,181 
 ________
(1)Represents those projects which generally are completed within three months or less.
For the three months ended June 30,
2025% of
Total		2024% of
Total
United States building services:
Mechanical services$619,516 78 %$581,735 75 %
Commercial site-based services133,560 17 %151,872 19 %
Government site-based services40,183 5 %47,501 6 %
Total segment revenues$793,259 $781,108 
For the three months ended June 30,
2025% of
Total		2024% of
Total
United States industrial services:
Field services$241,930 86 %$275,871 85 %
Shop services39,142 14 %48,176 15 %
Total segment revenues$281,072 $324,047 
Total United States operations$4,169,836 $3,560,330 
For the three months ended June 30,
2025% of
Total		2024% of
Total
United Kingdom building services:
Service work$69,661 52 %$51,160 48 %
Project work64,903 48 %55,407 52 %
Total segment revenues$134,564 $106,567 
Consolidated revenues
$4,304,400 $3,666,897 
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the six months ended June 30,
2025% of
Total		2024% of
Total
United States electrical construction and facilities services:
Network and communications market sector$1,186,303 49 %$634,561 41 %
Commercial market sector215,094 9 %162,999 10 %
Manufacturing and industrial market sector209,633 8 %203,926 13 %
Healthcare market sector241,416 10 %114,957 7 %
High-tech manufacturing market sector81,124 3 %88,346 6 %
Institutional market sector119,081 5 %76,571 5 %
Transportation market sector128,556 5 %99,981 6 %
Water and wastewater market sector20,286 1 %15,299 1 %
Hospitality and entertainment market sector49,625 2 %38,308 2 %
Short-duration projects (1)
139,682 6 %102,283 7 %
Service work41,033 2 %29,558 2 %
2,431,833 1,566,789 
Less intersegment revenues(3,742)(2,084)
Total segment revenues$2,428,091 $1,564,705 
 ________
(1)Represents those projects which generally are completed within three months or less.
For the six months ended June 30,
2025% of
Total		2024% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$720,037 21 %$305,704 10 %
Commercial market sector396,910 12 %532,138 17 %
Manufacturing and industrial market sector407,523 12 %392,375 13 %
Healthcare market sector293,615 9 %273,424 9 %
High-tech manufacturing market sector563,805 17 %687,806 22 %
Institutional market sector197,567 6 %224,384 7 %
Transportation market sector24,169 1 %29,662 1 %
Water and wastewater market sector166,687 5 %150,443 5 %
Hospitality and entertainment market sector66,067 2 %29,630 1 %
Short-duration projects (1)
194,729 6 %182,831 6 %
Service work299,144 9 %277,515 9 %
3,330,253 3,085,912 
Less intersegment revenues(2,393)(3,066)
Total segment revenues$3,327,860 $3,082,846 
________
(1)Represents those projects which generally are completed within three months or less.
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the six months ended June 30,
2025% of
Total		2024% of
Total
United States building services:
Mechanical services$1,178,002 77 %$1,095,883 70 %
Commercial site-based services276,869 18 %370,501 24 %
Government site-based services81,011 5 %95,884 6 %
Total segment revenues$1,535,882 $1,562,268 
For the six months ended June 30,
2025% of
Total		2024% of
Total
United States industrial services:
Field services$559,597 87 %$585,672 86 %
Shop services80,477 13 %92,428 14 %
Total segment revenues$640,074 $678,100 
Total United States operations$7,931,907 $6,887,919 
For the six months ended June 30,
2025% of
Total		2024% of
Total
United Kingdom building services:
Service work$117,692 49 %$101,004 48 %
Project work122,173 51 %110,250 52 %
Total segment revenues$239,865 $211,254 
Consolidated revenues
$8,171,772 $7,099,173 
Accounts Receivable, Allowance for Credit Losses
The change in the allowance for credit losses for the six months ended June 30, 2025 was as follows (in thousands):
Balance at December 31, 2024
$34,957 
Provision for credit losses9,029 
Amounts written off against the allowance, net of recoveries(16,465)
Balance at June 30, 2025
$27,521 
Contract Assets and Contract Liabilities
Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2025 and December 31, 2024 (in thousands):
June 30,
2025		December 31, 2024
Contract assets, current$348,048 $284,791 
Contract assets, non-current— — 
Contract liabilities, current(2,133,872)(2,047,540)
Contract liabilities, non-current(3,202)(1,526)
Net contract liabilities$(1,789,026)$(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 June 30, 2025 (in thousands, except for percentages):
June 30,
2025		% of Total
Remaining performance obligations:
United States electrical construction and facilities services$4,198,244 35 %
United States mechanical construction and facilities services5,975,201 50 %
United States building services1,313,603 11 %
United States industrial services221,102 2 %
Total United States operations11,708,150 98 %
United Kingdom building services206,238 2 %
Total operations$11,914,388 100 %
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$3,165,326 $1,032,918 
United States mechanical construction and facilities services4,634,816 1,340,385 
United States building services1,194,137 119,466 
United States industrial services219,488 1,614 
Total United States operations9,213,767 2,494,383 
United Kingdom building services167,478 38,760 
Total operations$9,381,245 $2,533,143