Company: EME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000105634-25-000046
Chunk: 95

Company: EMCOR Group, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 95
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,494,383 United Kingdom building services167,478 38,760 Total operations$9,381,245 $2,533,143 

NOTE 4 - Acquisitions of Businesses

Acquisitions are accounted for utilizing the acquisition method of accounting and the prices paid for them are allocated to their respective assets and liabilities based upon the estimated fair value of such assets and liabilities at the dates of their respective acquisition by us.On February 3, 2025, we completed the acquisition of Miller Electric Company (“Miller Electric”), a leading electrical contractor that operates predominantly across the Southeastern United States. Under the terms of the transaction, we acquired 100% of Miller Electric's capital stock for total cash consideration of approximately $868.6 million. This acquisition complements our existing electrical construction capabilities in high-growth end markets and expands our geographic presence. The results of operations of Miller Electric have been included within our United States electrical construction and facilities services segment. For the period from February 3, 2025 to June 30, 2025, such acquisition contributed revenues of $500.4 million and operating income of $21.8 million, net of amortization expense attributable to identifiable intangible assets of $18.4 million. During the first quarter of 2025, we incurred $9.4 million of transaction related costs in connection with this acquisition. These expenses were included in "Selling, general and administrative expenses" in the accompanying Consolidated Statement of Operations. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):Assets:Cash and cash equivalents$18,394 Accounts receivable (1)222,355 Contract assets23,120 Inventories329 Prepaid expenses and other7,284 Property, plant, and equipment10,462 Operating lease right-of-use assets30,345 Goodwill317,354 Identifiable intangible assets475,000 Other assets302 Total assets acquired$1,104,945  _________________________(1)The fair value of accounts receivable acquired was $222.4 million, with the gross contractual amount being $224.4 million. We expect $2.0 million to be uncollectible.

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Table of ContentsEMCOR Group, Inc. and SubsidiariesNotes to Consolidated Financial Statements (Unaudited)

NOTE 4 - Acquisitions of Businesses (Continued)Liabilities: