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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

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- References

No definition available.

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