Company: EME
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000105634-25-000015
Chunk: 125

Company: EMCOR Group, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 125
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 2022 consisted of the following (in thousands):  202420232022Current provision:   Federal$299,203 $187,463 $100,707 State and local94,647 62,316 36,547 Foreign5,502 6,396 4,891  399,352 256,175 142,145 Deferred (benefit) provision(29,115)(16,651)10,483  $370,237 $239,524 $152,628 

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

NOTE 11 - INCOME TAXES (Continued)For the year ended December 31, 2024, our income tax provision was $370.2 million compared to $239.5 million for the year ended December 31, 2023 and $152.6 million for the year ended December 31, 2022. The increase in the income tax provision year-over-year was primarily due to increased income before income taxes. The income tax rates on income before income taxes for the years ended December 31, 2024, 2023, and 2022 were 26.9%, 27.5%, and 27.3%, respectively.Items accounting for the differences between income taxes computed at the federal statutory rate and the income tax provision for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):  202420232022Federal income taxes at the statutory rate$289,250 $183,230 $117,338 State and local income taxes, net of federal tax benefits69,202 46,752 29,519 Permanent differences12,221 9,513 5,261 Foreign income taxes (including UK statutory rate changes)1,032 640 (155)Other(1,468)(611)665  $370,237 $239,524 $152,628 As of December 31, 2024, we had undistributed foreign earnings from certain foreign subsidiaries of approximately $188.3 million. Based on our evaluation, and given that a significant portion of such earnings were subject to tax in prior periods, or are indefinitely reinvested, we have concluded that any taxes associated with the repatriation of such foreign earnings would be imm