Company: EME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000105634-25-000046
Chunk: 96

Company: EMCOR Group, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 96
---
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 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.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 half of 2025, we acquired three companies, for upfront consideration of $38.8 million, inclusive of customary working capital adjustments. Such acquisitions include: (a) a company in the Midwestern region of the United States that provides building automation controls and solutions to commercial, institutional, and industrial customers, (b) a company that adds capabilities to our national fire protection offerings, and (c) a provider of mechanical construction and maintenance services in the Western region of the United States. The results of their operations have been included within our United States mechanical construction and facilities services segment. In connection with these acquisitions, we acquired working capital of $5.0 million and other net assets of $2.4 million, and have preliminarily ascribed $16.1 million to goodwill and $15.3 million to identifiable intangible assets. We expect that all of the goodwill and identifiable intangible assets acquired in connection with the acquisitions we completed during the first half of 2025 will be deductible for tax purposes. The purchase price allocations for the businesses acquired in 2025 are preliminary and subject to change during their respective measurement periods 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.

During calendar year 2024,