Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 130

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 130
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 31, 2024, 2023, and 2022, respectively. We have approximately $15.9 million of compensation expense, net of income taxes, which will be recognized over the remaining vesting periods of up to 3 years. 

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

NOTE 13 - SHARE-BASED COMPENSATION PLANS (Continued)The income tax benefit derived in 2024, 2023, and 2022 as a result of share-based compensation was approximately $5.7 million, $3.3 million, and $3.9 million, respectively, of which approximately $4.0 million, $1.7 million, and $1.7 million, respectively, represented excess tax benefits.

NOTE 14 - RETIREMENT PLANS

Defined Benefit Plans The funded status of our defined benefit plans, which represents the difference between the fair value of plan assets and the projected benefit obligations, is recognized in the Consolidated Balance Sheets with a corresponding adjustment to accumulated other comprehensive income (loss). Gains and losses for the differences between actuarial assumptions and actual results are recognized through accumulated other comprehensive income (loss). These amounts will be subsequently recognized as net periodic pension (income) cost within the Consolidated Statement of Operations, as described further below.United Kingdom Retirement PlanOur United Kingdom subsidiary has a defined benefit pension plan covering all eligible employees (the “UK Plan”); however, no individual joining the company after October 31, 2001 may participate in the UK Plan. On May 31, 2010, we curtailed the future accrual of benefits for active employees under such plan.The change in benefit obligations and assets of the UK Plan for the years ended December 31, 2024 and 2023 consisted of the following components (in thousands):  20242023Change in pension benefit obligation  Benefit obligation at beginning of year$204,097 $193,956 Interest cost9,569 9,722 Actuarial (gain) loss(19,602)651 Benefits paid(11,522)(10,411)Foreign currency exchange rate changes(3,075)10,179 Benefit obligation at end of year179,467 204,097 Change in pension plan assets  Fair value of plan assets at beginning of year223,077 210,284 Actual (