Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 70

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 70
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 the United States dollar.

Our corporate administration expenses were $144.4 million for 2024 compared to $127.2 million in 2023. The increase in corporate expenses was primarily due to: (a) greater employment compensation and related costs, including salaries and benefits, incentive compensation, and share-based compensation, (b) certain severance expenses which were recorded during the first quarter of the year, and (c) higher computer hardware and software costs, due to various information technology and cybersecurity initiatives currently in process.

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Other items 

Interest expense was $3.8 million and $17.2 million for the years ended December 31, 2024 and 2023, respectively. The year-over-year decrease in interest expense was a result of the repayment, in December of 2023, of all previously outstanding direct borrowings under our credit facility. Interest income was $35.4 million and $15.4 million for the years ended December 31, 2024 and 2023, respectively. The increase in annual interest income resulted from greater returns on our invested cash, due to an increase in our average daily invested cash balance.

Our income tax provision for the year ended December 31, 2024 was $370.2 million, based on an income tax rate of 26.9%, compared to an income tax provision and an income tax rate of $239.5 million and 27.5%, respectively, for the year ended December 31, 2023. Refer to Note 11 - Income Taxes of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for further discussion regarding our income tax provision and effective income tax rate.

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 percentage of total remaining performance obligations (in thousands, except for percentages):

December 31, 2024% of TotalDecember 31, 2023% of TotalRemaining performance obligations:United States electrical construction and facilities services$3,068,396 31 %$2,387,844 27 %United States mechanical construction and facilities services5,463,096 54 %4,940,519 56 %United States building services1,246,642 12 %1,264,818 14 %United States industrial services138,599 1 %113,291 1