Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 110

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 110
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31, 2023Costs incurred on uncompleted construction contracts$18,093,285 $15,100,829 Estimated earnings, thereon3,562,012 2,381,049  21,655,297 17,481,878 Less: billings to date23,346,291 18,742,934  $(1,690,994)$(1,261,056)

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

NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)Contract assets and contract liabilities increased by approximately $2.3 million and $24.3 million, respectively, as a result of acquisitions made by us in 2024. Excluding the impact of acquisitions, net contract liabilities increased by approximately $415.2 million for the year ended December 31, 2024, primarily due to an increase in net contract liabilities on our uncompleted construction projects, partially as a result of the timing of invoicing to our customers as we continue to effectively manage our working capital. There was no significant impairment of contract assets recognized during the periods presented.Contract RetentionsAs of December 31, 2024 and 2023, accounts receivable included $703.2 million and $555.9 million, respectively, of retainage billed under terms of our contracts. These retainage amounts represent amounts which have been contractually invoiced to customers where payments have been partially withheld pending the completion of the project. We estimate that approximately 86% of the retainage outstanding as of December 31, 2024 will be collected during 2025.As of December 31, 2024 and 2023, accounts payable included $121.5 million and $93.6 million, respectively, of retainage withheld under terms of our subcontracts. These retainage amounts represent amounts invoiced to the Company by our subcontractors where payments have been partially withheld pending the completion of their scope of work. We estimate that approximately 89% of the retainage outstanding as of December 31, 2024 will be paid during 2025.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 December 31, 202