Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 127

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 127
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 15% minimum rate, we do not anticipate that these rules will have a material effect on our tax provision or effective income tax rate; however, we continue to monitor evolving tax legislation in the jurisdictions in which we operate.

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Table of ContentsEMCOR Group, Inc. and SubsidiariesNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 11 - INCOME TAXES (Continued)Deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax bases of assets and liabilities. The deferred income tax assets and deferred income tax liabilities recorded as of December 31, 2024 and 2023 were as follows (in thousands):  December 31, 2024December 31, 2023Deferred income tax assets:  Excess of amounts expensed for financial statement purposes over amounts deducted for income tax purposes:Insurance liabilities$69,664 $59,667 Operating lease liabilities102,667 92,410 Deferred compensation76,042 54,313 Other (including liabilities and reserves)49,715 40,110 Total deferred income tax assets298,088 246,500 Valuation allowance for deferred tax assets(5,076)(4,385)Net deferred income tax assets293,012 242,115 Deferred income tax liabilities:  Costs capitalized for financial statement purposes and deducted for income tax purposes:  Goodwill and identifiable intangible assets(172,613)(165,073)Operating lease right-of-use assets(94,800)(85,883)Depreciation of property, plant, and equipment(33,284)(30,075)Pension asset(6,082)(4,660)Other(14,664)(13,063)Total deferred income tax liabilities(321,443)(298,754)Net deferred income tax liabilities$(28,431)$(56,639)Our net deferred income tax liabilities of $28.4 million and $56.6 million as of December 31, 2024 and 2023, respectively, were included in “Other long-term obligations” in the accompanying Consolidated Balance Sheet.Valuation allowances are established when necessary to reduce deferred income tax assets when it is more likely than not that a tax benefit will not be realized. As of December 31, 2024 and 2023, the total valuation allowance on deferred income tax assets, related to state and local net operating losses