Company: EME
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000105634-25-000029
Chunk: 80

Company: EMCOR Group, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 Customers (Continued)Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of March 31, 2025 and December 31, 2024 (in thousands):March 31,2025December 31, 2024Contract assets, current$329,343 $284,791 Contract assets, non-current— — Contract liabilities, current(2,062,425)(2,047,540)Contract liabilities, non-current(1,589)(1,526)Net contract liabilities$(1,734,671)$(1,764,275)Contract assets and contract liabilities increased by approximately $22.4 million and $91.8 million, respectively, as a result of acquisitions made by us in 2025. Excluding the impact of acquisitions, net contract liabilities decreased by approximately $99.0 million during the three months ended March 31, 2025, as we recognized revenue on a number of construction projects for which we were previously billed ahead. There was no significant impairment of contract assets recognized during the periods presented.Transaction Price Allocated to Remaining Unsatisfied 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 March 31, 2025 (in thousands, except for percentages):March 31,2025% of TotalRemaining performance obligations:United States electrical construction and facilities services$4,284,106 36 %United States mechanical construction and facilities services5,751,004 49 %United States building services1,289,585 11 %United States industrial services224,832 2 %Total United States operations11,549,527 98 %United Kingdom building services200,526 2 %Total operations$11,750,053 100 %Our remaining performance obligations at March 31, 2025 were approximately $11.75 billion. Remaining performance obligations increase with awards of new contracts and decrease as we perform work and recognize revenue on existing contracts. We include a project within our remaining performance obligations at such time the project is awarded and agreement on contract terms has been reached. Our remaining performance obligations include amounts related to contracts for which a fixed price contract value is not assigned when a reasonable estimate of the total transaction price can be made.Remaining performance obligations include unrecognized revenues to be realized from uncompleted construction contracts.