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Segment Information
 9 Months Ended
Sep. 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 the 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 nine months ended September 30, 2025 and 2024 (in thousands): 
 
For the three months ended
September 30,
 20252024
Revenues from unrelated entities:
United States electrical construction and facilities services$1,285,269 $845,030 
United States mechanical construction and facilities services1,779,279 1,662,211 
United States building services813,879 796,923 
United States industrial services286,914 286,410 
Total United States operations4,165,341 3,590,574 
United Kingdom building services136,188 106,350 
Consolidated revenues
$4,301,529 $3,696,924 
Total revenues:
United States electrical construction and facilities services$1,290,797 $850,587 
United States mechanical construction and facilities services1,794,666 1,676,341 
United States building services827,715 806,448 
United States industrial services288,334 286,611 
Less intersegment revenues(36,171)(29,413)
Total United States operations4,165,341 3,590,574 
United Kingdom building services136,188 106,350 
Consolidated revenues
$4,301,529 $3,696,924 
NOTE 14 - Segment Information (Continued)
 
For the nine months ended
September 30,
 20252024
Revenues from unrelated entities:
United States electrical construction and facilities services$3,713,360 $2,409,735 
United States mechanical construction and facilities services5,107,139 4,745,057 
United States building services2,349,761 2,359,191 
United States industrial services926,988 964,510 
Total United States operations12,097,248 10,478,493 
United Kingdom building services376,053 317,604 
Consolidated revenues
$12,473,301 $10,796,097 
Total revenues:
United States electrical construction and facilities services$3,769,150 $2,420,210 
United States mechanical construction and facilities services5,159,651 4,783,056 
United States building services2,385,302 2,402,598 
United States industrial services940,077 971,098 
Less intersegment revenues(156,932)(98,469)
Total United States operations12,097,248 10,478,493 
United Kingdom building services376,053 317,604 
Consolidated revenues
$12,473,301 $10,796,097 

For the three months ended
September 30,
20252024
Operating income (loss):
United States electrical construction and facilities services$145,200 $119,118 
United States mechanical construction and facilities services229,296 214,831 
United States building services59,390 55,562 
United States industrial services6,292 3,292 
Total United States operations440,178 392,803 
United Kingdom building services7,563 5,497 
Corporate administration(42,045)(34,762)
Consolidated operating income
405,696 363,538 
Other items:
Net periodic pension income
56 227 
Interest income, net
1,838 8,312 
Income before income taxes$407,590 $372,077 
NOTE 14 - Segment Information (Continued)
For the nine months ended
September 30,
20252024
Operating income (loss):
United States electrical construction and facilities services$438,901 $299,284 
United States mechanical construction and facilities services654,780 578,991 
United States building services145,858 135,860 
United States industrial services12,633 34,004 
Total United States operations1,252,172 1,048,139 
United Kingdom building services20,975 16,651 
Corporate administration(133,483)(108,491)
Consolidated operating income
1,139,664 956,299 
Other items:
Net periodic pension income
165 670 
Interest income, net
3,985 21,959 
Income before income taxes$1,143,814 $978,928 

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 nine months ended September 30, 2025 and 2024 (in thousands): 
For the three months ended
September 30,
20252024
Cost of sales:
United States electrical construction and facilities services$1,032,602 $663,053 
United States mechanical construction and facilities services1,418,153 1,324,978 
United States building services645,903 632,824 
United States industrial services248,704 246,786 
Total United States operations3,345,362 2,867,641 
United Kingdom building services120,854 94,557 
Consolidated cost of sales
$3,466,216 $2,962,198 

For the nine months ended
September 30,
20252024
Cost of sales:
United States electrical construction and facilities services$2,989,033 $1,943,088 
United States mechanical construction and facilities services4,079,382 3,833,025 
United States building services1,882,102 1,910,264 
United States industrial services799,042 821,207 
Total United States operations9,749,559 8,507,584 
United Kingdom building services331,940 280,477 
Consolidated cost of sales
$10,081,499 $8,788,061 
NOTE 14 - Segment Information (Continued)
For the three months ended
September 30,
20252024
Selling, general and administrative expenses:
United States electrical construction and facilities services$107,467 $62,859 
United States mechanical construction and facilities services131,830 122,402 
United States building services108,586 108,537 
United States industrial services31,918 36,332 
Total United States operations379,801 330,130 
United Kingdom building services7,771 6,296 
Corporate administration
42,045 34,762 
Consolidated selling, general and administrative expenses$429,617 $371,188 

For the nine months ended
September 30,
20252024
Selling, general and administrative expenses:
United States electrical construction and facilities services$285,426 $167,363 
United States mechanical construction and facilities services372,977 333,041 
United States building services321,801 313,067 
United States industrial services115,313 109,299 
Total United States operations1,095,517 922,770 
United Kingdom building services23,138 20,476 
Corporate administration
133,483 108,491 
Consolidated selling, general and administrative expenses$1,252,138 $1,051,737 
The following tables present other financial information for each of our reportable segments for the three and nine months ended September 30, 2025 and 2024 (in thousands): 
For the three months ended
September 30,
20252024
Depreciation and amortization of property, plant, and equipment:
United States electrical construction and facilities services$2,564 $1,954 
United States mechanical construction and facilities services5,796 4,192 
United States building services4,095 3,967 
United States industrial services3,344 3,147 
Total United States operations15,799 13,260 
United Kingdom building services1,118 909 
Corporate administration
370 222 
Total depreciation and amortization of property, plant, and equipment$17,287 $14,391 
NOTE 14 - Segment Information (Continued)
For the nine months ended
September 30,
20252024
Depreciation and amortization of property, plant, and equipment:
United States electrical construction and facilities services$7,333 $5,875 
United States mechanical construction and facilities services16,037 11,616 
United States building services12,178 11,775 
United States industrial services9,813 9,047 
Total United States operations45,361 38,313 
United Kingdom building services3,118 2,811 
Corporate administration
947 675 
Total depreciation and amortization of property, plant, and equipment$49,426 $41,799 

For the three months ended
September 30,
20252024
Amortization of identifiable intangible assets:
United States electrical construction and facilities services$12,951 $1,521 
United States mechanical construction and facilities services6,321 7,164 
United States building services5,323 5,539 
United States industrial services5,920 5,923 
Total United States operations30,515 20,147 
United Kingdom building services— — 
Total amortization of identifiable intangible assets$30,515 $20,147 

For the nine months ended
September 30,
20252024
Amortization of identifiable intangible assets:
United States electrical construction and facilities services$35,381 $4,854 
United States mechanical construction and facilities services17,696 18,156 
United States building services16,128 16,167 
United States industrial services17,762 17,382 
Total United States operations86,967 56,559 
United Kingdom building services— — 
Total amortization of identifiable intangible assets$86,967 $56,559 
NOTE 14 - Segment Information (Continued)
For the three months ended
September 30,
20252024
Capital expenditures:
United States electrical construction and facilities services$6,102 $4,495 
United States mechanical construction and facilities services10,839 6,750 
United States building services3,373 3,579 
United States industrial services3,666 1,858 
Total United States operations23,980 16,682 
United Kingdom building services1,140 754 
Corporate administration
1,537 279 
Total capital expenditures$26,657 $17,715 
For the nine months ended
September 30,
20252024
Capital expenditures:
United States electrical construction and facilities services$14,911 $7,599 
United States mechanical construction and facilities services34,185 23,303 
United States building services11,486 13,571 
United States industrial services10,192 7,162 
Total United States operations70,774 51,635 
United Kingdom building services5,524 4,604 
Corporate administration
4,533 1,005 
Total capital expenditures$80,831 $57,244 
The following table presents the total assets for each of our reportable segments as of September 30, 2025 and December 31, 2024 (in thousands): 
September 30,
2025		December 31,
2024
Total assets:
United States electrical construction and facilities services$2,604,550 $1,314,577 
United States mechanical construction and facilities services2,879,369 2,659,184 
United States building services1,474,531 1,396,236 
United States industrial services575,769 606,861 
Total United States operations7,534,219 5,976,858 
United Kingdom building services332,719 283,897 
Corporate administration773,332 1,455,718 
Total assets$8,640,270 $7,716,473