v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reconciliation of Profit (Loss) by Segment 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 June 30, 2026
E&MT&DCorporate and OtherEliminationsConsolidated Total
(In thousands)
Operating revenues
$1,010,236 $221,311 $— $— $1,231,547 
Intersegment revenues
89 6,086 1,714 (7,889)— 
Segment revenues
1,010,325 227,397 1,714 (7,889)1,231,547 
Cost of sales
863,848 191,492 1,173 (7,889)1,048,624 
Gross profit
146,477 35,905 541 — 182,923 
Selling, general and administrative expenses45,994 10,167 14,991 — 71,152 
Operating income$100,483 $25,738 $(14,450)$— 111,771 
Interest income1,327 
Interest expense
4,627 
Other income, net
1,504 
Total consolidated income before income taxes and income from equity method investments
$109,975 
Six months ended June 30, 2026
E&MT&DCorporate and Other
Eliminations
Consolidated Total
(In thousands)
Operating revenues
$1,845,327 $423,173 $— $— $2,268,500 
Intersegment revenues
122 8,687 3,408 (12,217)— 
Segment revenues
1,845,449 431,860 3,408 (12,217)2,268,500 
Cost of sales
1,598,917 365,814 2,334 (12,217)1,954,848 
Gross profit
246,532 66,046 1,074 — 313,652 
Selling, general and administrative expenses75,476 19,960 28,761 — 124,197 
Operating income$171,056 $46,086 $(27,687)$— 189,455 
Interest income3,651 
Interest expense
9,247 
Other income, net
2,056 
Total consolidated income before income taxes and income from equity method investments
$185,915 
Old CODM basis:
Three months ended June 30, 2026
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,015,381 $228,695 $— $1,244,076 
Eliminations
(5,145)(7,384)— (12,529)
Total segment operating revenues
1,010,236 221,311 — 1,231,547 
Cost of sales
863,759 185,405 (540)1,048,624 
Gross profit
146,477 35,906 540 182,923 
Selling, general and administrative expenses45,994 10,167 14,991 71,152 
Operating income$100,483 $25,739 $(14,451)111,771 
Interest income
1,327 
Interest expense
4,627 
Other income, net
1,504 
Total consolidated income before income taxes and income from equity method investments
$109,975 
Three months ended June 30, 2025
E&MT&DCorporate and OtherConsolidated Total
(In thousands)
Segment operating revenues
$713,600 $212,384 $— $925,984 
Eliminations
(1,986)(2,532)— (4,518)
Total segment operating revenues
711,614 209,852 — 921,466 
Cost of sales
626,121 175,646 (170)801,597 
Gross profit
85,493 34,206 170 119,869 
Selling, general and administrative expenses26,225 10,554 10,583 47,362 
Operating income$59,268 $23,652 $(10,413)72,507 
Interest income
552 
Interest expense
5,365 
Other income, net
1,908 
Total consolidated income before income taxes and income from equity method investments
$69,602 
Six months ended June 30, 2026
E&MT&DCorporate and OtherConsolidated Total
(In thousands)
Segment operating revenues
$1,853,043 $434,619 $— $2,287,662 
Eliminations
(7,716)(11,446)— (19,162)
Total segment operating revenues
1,845,327 423,173 — 2,268,500 
Cost of sales
1,598,795 357,127 (1,074)1,954,848 
Gross profit
246,532 66,046 1,074 313,652 
Selling, general and administrative expenses75,476 19,960 28,761 124,197 
Operating income$171,056 $46,086 $(27,687)189,455 
Interest income
3,651 
Interest expense
9,247 
Other income, net
2,056 
Total consolidated income before income taxes and income from equity method investments
$185,915 
Old CODM basis (continued from previous page):
Six months ended June 30, 2025
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,361,827 $397,399 $— $1,759,226 
Eliminations
(6,222)(4,909)— (11,131)
Total segment operating revenues
1,355,605 392,490 — 1,748,095 
Cost of sales
1,201,227 334,842 (336)1,535,733 
Gross profit
154,378 57,648 336 212,362 
Selling, general and administrative expenses50,841 19,525 18,505 88,871 
Operating income$103,537 $38,123 $(18,169)123,491 
Interest income1,489 
Interest expense
10,996 
Other income, net
2,475 
Total consolidated income before income taxes and income from equity method investments
$116,459 
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,
June 30, 2026June 30, 2025
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$5,185 $6,881 $1,371 $5,796 
Interest expense, net1
(2,471)654 (1,474)998 
Income tax expense
25,983 6,210 16,470 5,812 
Capital expenditures2
$5,937 $14,105 $805 $12,103 
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 June 30, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.
Six months ended,
June 30, 2026June 30, 2025
E&M
T&D
E&M
T&D
(In thousands)
Depreciation and amortization expense
$6,759 $13,427 $2,853 $11,245 
Interest expense, net1
(4,529)1,221 (3,297)1,698 
Income tax expense
45,066 11,175 29,737 9,254 
Capital expenditures2
$10,282 $25,296 $10,124 $21,923 
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 six months ended June 30, 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:
June 30, 2026December 31, 2025
(In thousands)
E&M segment assets
$1,368,238 $1,047,626 
T&D segment assets
482,854 455,875 
Total reportable segment assets1,851,092 1,503,501 
Other assets233,598 267,577 
Eliminations
(27,019)(42,347)
Total consolidated assets $2,057,671 $1,728,731