Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 124

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 124
---
— 47,315 Total$837,065 $— $— $837,065 _________________(1)Cash and cash equivalents consist of deposit accounts and money market funds with original maturity dates of three months or less, which are Level 1 assets. At December 31, 2023, we had $497.3 million in money market funds. From time to time, we have cash balances in certain of our domestic bank accounts that exceed federally insured limits. (2)Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.Nonrecurring Fair Value MeasurementsWe have recorded goodwill and identifiable intangible assets in connection with our business acquisitions. Such assets are measured at fair value at the time of acquisition based on valuation techniques that appropriately represent the methods which would be used by other market participants in determining fair value. In addition, goodwill, intangible assets, and certain other long-lived assets are tested for impairment using similar valuation methodologies to determine the fair value of such assets. Periodically, we engage an independent third-party valuation specialist to assist with the valuation process, including the selection of appropriate methodologies and the development of market-based assumptions. The inputs used for these nonrecurring fair value measurements represent Level 3 inputs.Fair Value of Financial InstrumentsWe believe that the carrying values of our financial instruments, which include accounts receivable and other financing commitments, approximate their fair values due primarily to their short-term maturities and low risk of counterparty default. Although there were no outstanding direct borrowings under our 2023 Credit Agreement as of December 31, 2024 and 2023, the carrying value of any debt associated with this agreement would approximate its fair value due to the variable rate on such debt.

NOTE 11 - INCOME TAXES

For the years ended December 31, 2024, 2023, and 2022, our income tax provision was calculated based on income before income taxes as follows (in thousands):  202420232022United States$1,349,469 $844,002 $523,273 Foreign27,913 28,851 35,477  $1,377,382 $872,853 $558,750 Foreign income for each of the years ended December 31, 2024, 2023, and 2022 was predominantly earned in the United Kingdom.The income tax provision for the years ended December 31, 2024, 2023, and