Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:

New CODM basis:


Three months ended March 31, 2026	E&M		T&D		Corporate and Other		Eliminations		Consolidated Total
	(In thousands)
Operating revenues	$	835,091	$	201,862	$	—	$	—	$	1,036,953
Intersegment revenues	33		2,601		1,694		(4,328)		—
Segment revenues	835,124		204,463		1,694		(4,328)		1,036,953
Cost of sales	735,069		174,322		1,161		(4,328)		906,224
Gross profit	100,055		30,141		533		—		130,729
Selling, general and administrative expenses	29,482		9,793		13,770		—		53,045
Operating income	$	70,573	$	20,348	$	(13,237)	$	—	77,684
Interest income									2,324
Interest expense									4,620
Other income, net									552
Total consolidated income before income taxes and income from equity method investments									$	75,940

Old CODM basis:


	E&M		T&D		Corporate and Other		Consolidated Total
	(In thousands)
Segment operating revenues	$	837,662	$	205,924	$	—	$	1,043,586
Eliminations	(2,571)		(4,062)		—		(6,633)
Total segment operating revenues	835,091		201,862		—		1,036,953
Cost of sales	735,036		171,722		(534)		906,224
Gross profit	100,055		30,140		534		130,729
Selling, general and administrative expenses	29,482		9,793		13,770		53,045
Operating income	$	70,573	$	20,347	$	(13,236)	77,684
Interest income							2,324
Interest expense							4,620
Other income, net							552
Total consolidated income before income taxes and income from equity method investments							$	75,940


Three months ended March 31, 2025	E&M		T&D		Corporate and Other		Consolidated Total
	(In thousands)
Segment operating revenues	$	648,227	$	185,015	$	—	$	833,242
Eliminations	(4,236)		(2,377)		—		(6,613)
Total segment operating revenues	643,991		182,638		—		826,629
Cost of sales	575,106		159,196		(166)		734,136
Gross profit	68,885		23,442		166		92,493
Selling, general and administrative expenses	24,616		8,971		7,922		41,509
Operating income	$	44,269	$	14,471	$	(7,756)	50,984
Interest income							937
Interest expense							5,631
Other income, net							567
Total consolidated income before income taxes and income from equity method investments							$	46,857

Schedule of Segment Reporting Information by Segment

Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:


	Three months ended,
	March 31, 2026				March 31, 2025
	E&M		T&D		E&M		T&D
	(In thousands)
Depreciation and amortization expense	$	1,574	$	6,546	$	1,482	$	5,449


Interest expense, net1	(2,058)		568		(1,823)		700
Income tax expense	19,083		4,964		13,267		3,442
Capital expenditures2	$	4,345	$	11,191	$	9,319	$	9,820

1.Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.

2.Capital expenditures for the three months ended March 31, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.

Reconciliation of Assets from Segments to Consolidated

Reconciliations of reportable segment assets to consolidated assets were as follows as of:


	March 31, 2026		December 31, 2025
	(In thousands)
E&M segment assets	$	1,072,018	$	1,047,626
T&D segment assets	448,278		455,875
Total reportable segment assets	1,520,296		1,503,501
Other assets	350,349		267,577
Eliminations	(22,898)		(42,347)
Total consolidated assets	$	1,847,747	$	1,728,731