Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Summarized Financial Information

The following table shows segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.

Three Months Ended March 31, 2025	Electric			Underground and Infrastructure (1)			Total
Revenues	$	4,944,391		$	1,288,943		$	6,233,334
Segment operating expense (excluding segment depreciation expense)	4,482,845			1,186,007			5,668,852
Segment depreciation expense	66,311			26,069			92,380
Segment operating expenses	4,549,156			1,212,076			5,761,232
Equity in earnings on integral unconsolidated affiliates	12,929			—			12,929
Segment operating income	$	408,164		$	76,867		$	485,031
Segment operating margin	8.3		%	6.0		%
Corporate and non-allocated costs (2)							(245,950)
Total consolidated operating income							$	239,081

Three Months Ended March 31, 2024	Electric			Underground and Infrastructure (3)			Total
Revenues	$	3,911,124		$	1,120,695		$	5,031,819
Segment operating expense (excluding segment depreciation expense)	3,562,345			1,048,821			4,611,166
Segment depreciation expense	58,242			24,986			83,228
Segment operating expenses	3,620,587			1,073,807			4,694,394
Equity in earnings on integral unconsolidated affiliates	12,334			—			12,334
Segment operating income	$	302,871		$	46,888		$	349,759
Segment operating margin	7.7		%	4.2		%
Corporate and non-allocated costs (2)							(194,405)
Total consolidated operating income							$	155,354

(1)    Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the three months ended March 31, 2025 was $4.2 million that, pursuant to an acquisition purchase agreement, was withheld from the sellers’ proceeds, to be paid to certain employees upon satisfaction of post-closing service obligations.

(2)    Corporate and non-allocated costs included amortization expense of $109.6 million and $77.5 million and non-cash stock-based compensation of $38.2 million and $35.3 million for the three months ended March 31, 2025 and 2024.

(3)    Included in operating expenses (excluding segment depreciation expense) for the Underground and Infrastructure segment during the three months ended March 31, 2024 was a loss of $10.7 million related to the disposition of a non-core business.