Company: EME
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000105634-25-000029
Chunk: 34

Company: EMCOR Group, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 34
---
23,120 Inventories329 Prepaid expenses and other7,284 Property, plant, and equipment10,462 Operating lease right-of-use assets30,345 Goodwill317,354 Identifiable intangible assets475,000 Other assets302 Total assets acquired$1,104,945 

14

Table of ContentsEMCOR Group, Inc. and SubsidiariesNotes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions of Businesses (Continued)Liabilities:Accounts payable$68,147 Contract liabilities104,595 Accrued payroll and benefits9,838 Other accrued expenses and liabilities21,524 Operating lease liabilities, current2,573 Operating lease liabilities, long-term27,771 Other long-term obligations991 Total liabilities assumed235,439 Noncontrolling interests934 Net assets acquired$868,572  _________________________(1)The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.Goodwill is calculated as the excess of the consideration transferred over the fair value of the net assets acquired and represents the future economic benefits expected from this strategic acquisition. We are evaluating the tax deductibility of the goodwill and identifiable intangible assets acquired; however, we currently expect that all such amounts will be deductible. The purchase price allocation is preliminary and subject to change during its measurement period as we finalize asset valuations and certain tax matters, among other items. The finalization of these items may result in changes in the valuation of assets acquired or liabilities assumed.The following table summarizes the preliminary fair values of identifiable intangible assets (in thousands) and their estimated useful lives (in years). Refer to Note 8 - Fair Value Measurements of the notes to consolidated financial statements for additional information on the valuation methodologies utilized to determine fair value.Miller ElectricPreliminary Fair Value Estimated Useful LifeCustomer relationships$280,000 16.0Contract backlog40,000 1.5Total intangible assets subject to amortization320,000 14.2Trade name155,000 IndefiniteTotal identifiable intangible assets$475,000 In addition to Miller Electric, during the first quarter of 2025, we acquired a company for an immaterial amount. This company provides building automation controls and solutions to commercial, institutional, and industrial customers. Its results of operations