4 unchanged sentences
(In thousands, except share and per share data)
+Added: September 30,
(Unaudited) December 31,
44 unchanged sentences
(In thousands, except per share data)(Unaudited)
−Removed: Three months ended June 30, Six months ended June 30,
+Added: Three months ended September 30, Nine months ended September 30,
2020 2019 2020 2019
5 unchanged sentences
Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets — — 232,750 —
−Removed: Operating (loss) income ( 122,638 ) 119,959 ( 16,643 ) 222,269
+Added: Operating income 135,855 115,749 119,212 338,018
Net periodic pension (cost) income 751 381 2,211 1,187
Interest expense, net ( 1,484 ) ( 2,678 ) ( 6,082 ) ( 8,732 )
−Removed: (Loss) income before income taxes ( 124,030 ) 117,128 ( 19,781 ) 217,021
−Removed: Income tax (benefit) provision ( 40,341 ) 33,156 ( 11,757 ) 60,639
−Removed: Net (loss) income $ ( 83,689 ) $ 83,972 $ ( 8,024 ) $ 156,382
−Removed: Basic (loss) earnings per common share $ ( 1.52 ) $ 1.49 $ ( 0.14 ) $ 2.78
−Removed: Diluted (loss) earnings per common share $ ( 1.52 ) $ 1.49 $ ( 0.14 ) $ 2.77
+Added: Income before income taxes 135,122 113,452 115,341 330,473
+Added: Income tax provision 73,936 31,618 62,179 92,257
+Added: Net income $ 61,186 $ 81,834 $ 53,162 $ 238,216
+Added: Basic earnings per common share $ 1.11 $ 1.46 $ 0.96 $ 4.24
+Added: Diluted earnings per common share $ 1.11 $ 1.45 $ 0.96 $ 4.22
Dividends declared per common share $ 0.08 $ 0.08 $ 0.24 $ 0.24
2 unchanged sentences
and Subsidiaries
−Removed: CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
+Added: CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)(Unaudited)
−Removed: Three months ended June 30, Six months ended June 30,
+Added: Three months ended September 30, Nine months ended September 30,
2020 2019 2020 2019
−Removed: Net (loss) income $ ( 83,689 ) $ 83,972 $ ( 8,024 ) $ 156,382
+Added: Net income $ 61,186 $ 81,834 $ 53,162 $ 238,216
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments 2,148 ( 983 ) ( 832 ) ( 1,280 )
−Removed: Post retirement plans, amortization of actuarial loss included in net (loss) income (1)
+Added: Post retirement plans, amortization of actuarial loss included in net income (1)
540 509 1,636 1,572
Other comprehensive income (loss) 2,688 ( 474 ) 804 292
−Removed: Comprehensive (loss) income $ ( 83,139 ) $ 83,592 $ ( 9,908 ) $ 157,148
−Removed: (1) Net of tax of $ 0.1 million for each of the three months ended June 30, 2020 and 2019, and net of tax of $ 0.3 million for each of the six months ended June 30, 2020 and 2019.
+Added: Comprehensive income $ 63,874 $ 81,360 $ 53,966 $ 238,508
+Added: (1) Net of tax of $ 0.2 million and $ 0.1 million for the three months ended September 30, 2020 and 2019, respectively, and net of tax of $ 0.4 million for each of the nine months ended September 30, 2020 and 2019.
See Notes to Consolidated Financial Statements.
3 unchanged sentences
(In thousands)(Unaudited)
−Removed: Six months ended June 30,
+Added: Nine months ended September 30,
Cash flows - operating activities:
−Removed: Net (loss) income $ ( 8,024 ) $ 156,382
−Removed: Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
+Added: Net income $ 53,162 $ 238,216
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 34,881 32,412
7 unchanged sentences
Changes in operating assets and liabilities, excluding the effect of businesses acquired 196,292 ( 140,850 )
−Removed: Net cash provided by (used in) operating activities 276,743 ( 42,198 )
+Added: Net cash provided by operating activities 546,834 176,921
Cash flows - investing activities:
19 unchanged sentences
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 1,304 ) ( 2,047 )
−Removed: Increase (decrease) in cash, cash equivalents, and restricted cash 122,420 ( 150,446 )
+Added: Increase in cash, cash equivalents, and restricted cash 320,717 3,593
Cash, cash equivalents, and restricted cash at beginning of year (1)
3 unchanged sentences
(1) Includes $ 1.1 million and $ 2.3 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of December 31, 2019 and 2018, respectively.
−Removed: (2) Includes $ 0.9 million and $ 2.4 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of June 30, 2020 and 2019, respectively.
+Added: (2) Includes $ 1.3 million and $ 1.7 million of restricted cash classified as “Prepaid expenses and other” in the Consolidated Balance Sheets as of September 30, 2020 and 2019, respectively.
See Notes to Consolidated Financial Statements.
2 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
−Removed: For the three months ended June 30, 2019 and 2020
+Added: For the three months ended September 30, 2019 and 2020
(In thousands)(Unaudited)
4 unchanged sentences
stock Noncontrolling
−Removed: Balance, March 31, 2019 $ 1,811,622 602 22,291 ( 86,516 ) 2,128,326 ( 253,937 ) 856
+Added: Balance, June 30, 2019 $ 1,894,831 $ 603 $ 26,640 $ ( 86,896 ) $ 2,207,775 $ ( 253,937 ) $ 646
Net income 81,834 — — — 81,834 — —
Other comprehensive loss ( 474 ) — — ( 474 ) — — —
−Removed: Common stock issued under share-based compensation plans — 1 ( 1 ) — — — —
+Added: Tax withholding for common stock issued under share-based compensation plans ( 36 ) — ( 36 ) — — — —
Common stock issued under employee stock purchase plan 1,532 — 1,532 — — — —
Common stock dividends ( 4,491 ) — 35 — ( 4,526 ) — —
−Removed: Distributions to noncontrolling interests ( 210 ) — — — — — ( 210 )
Share-based compensation expense 2,615 — 2,615 — — — —
+Added: Balance, September 30, 2019 $ 1,975,811 $ 603 $ 30,786 $ ( 87,370 ) $ 2,285,083 $ ( 253,937 ) $ 646
Balance, June 30, 2020 $ 1,944,198 $ 605 $ 38,975 $ ( 91,172 ) $ 2,348,199 $ ( 352,985 ) $ 576
−Removed: Balance, March 31, 2020 $ 2,027,594 $ 605 $ 34,745 $ ( 91,722 ) $ 2,436,305 $ ( 352,985 ) $ 646
−Removed: Net loss ( 83,689 ) — — — ( 83,689 ) — —
+Added: Net income 61,186 — — — 61,186 — —
Other comprehensive income 2,688 — — 2,688 — — —
2 unchanged sentences
Common stock dividends ( 4,392 ) — 29 — ( 4,421 ) — —
−Removed: Distributions to noncontrolling interests ( 70 ) — — — — — ( 70 )
Share-based compensation expense 2,550 — 2,550 — — — —
−Removed: Balance, June 30, 2020 $ 1,944,198 $ 605 $ 38,975 $ ( 91,172 ) $ 2,348,199 $ ( 352,985 ) $ 576
+Added: Balance, September 30, 2020 $ 2,007,865 $ 605 $ 43,189 $ ( 88,484 ) $ 2,404,964 $ ( 352,985 ) $ 576
(1) Represents cumulative foreign currency translation adjustments and post retirement liability adjustments.
3 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
−Removed: For the six months ended June 30, 2019 and 2020
+Added: For the nine months ended September 30, 2019 and 2020
(In thousands)(Unaudited)
13 unchanged sentences
Share-based compensation expense 8,840 — 8,840 — — — —
−Removed: Balance, June 30, 2019 $ 1,894,831 $ 603 $ 26,640 $ ( 86,896 ) $ 2,207,775 $ ( 253,937 ) $ 646
+Added: Balance, September 30, 2019 $ 1,975,811 $ 603 $ 30,786 $ ( 87,370 ) $ 2,285,083 $ ( 253,937 ) $ 646
Balance, December 31, 2019 $ 2,057,780 $ 604 $ 32,274 $ ( 89,288 ) $ 2,367,481 $ ( 253,937 ) $ 646
−Removed: Net loss ( 8,024 ) — — — ( 8,024 ) — —
−Removed: Other comprehensive loss ( 1,884 ) — — ( 1,884 ) — — —
+Added: Net income 53,162 — — — 53,162 — —
+Added: Other comprehensive income 804 — — 804 — — —
Cumulative-effect adjustment (2)
7 unchanged sentences
Share-based compensation expense 8,510 — 8,510 — — — —
−Removed: Balance, June 30, 2020 $ 1,944,198 $ 605 $ 38,975 $ ( 91,172 ) $ 2,348,199 $ ( 352,985 ) $ 576
+Added: Balance, September 30, 2020 $ 2,007,865 $ 605 $ 43,189 $ ( 88,484 ) $ 2,404,964 $ ( 352,985 ) $ 576
(1) Represents cumulative foreign currency translation adjustments and post retirement liability adjustments.
11 unchanged sentences
In our opinion, the accompanying unaudited consolidated financial statements contain all adjustments (consisting only of those of a normal recurring nature) necessary to present fairly our financial position and the results of our operations.
−Removed: The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.
+Added: The results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.
NOTE 2 New Accounting Pronouncements
8 unchanged sentences
In addition to monitoring delinquent accounts, management reviews the credit quality of its receivables by, among other things, obtaining credit ratings of significant customers, assessing economic and market conditions, and evaluating material changes to a customer’s business, cash flows, and financial condition.
−Removed: At June 30, 2020 and December 31, 2019, our allowance for credit losses was $ 21.0 million and $ 14.5 million, respectively.
+Added: At September 30, 2020 and December 31, 2019, our allowance for credit losses was $ 19.3 million and $ 14.5 million, respectively.
Due to the economic disruption caused by COVID-19, our allowance for credit losses increased based on our evaluation of:
1 unchanged sentence
Allowances for credit losses are based on the best facts available and are reassessed and adjusted on a regular basis as additional information is received.
−Removed: Should anticipated collections fail to materialize, or if future economic conditions differ from our forecasts, we could experience an increase in our credit losses.
−Removed: The change in the allowance for credit losses for the six months ended June 30, 2020 was as follows (in thousands):
+Added: Should anticipated collections fail to materialize, or if future economic conditions compare unfavorably to our forecasts, we could experience an increase in our credit losses.
+Added: The change in the allowance for credit losses for the nine months ended September 30, 2020 was as follows (in thousands):
Balance at December 31, 2019 $ 14,466
1 unchanged sentence
Provision for credit losses 3,409
−Removed: Amounts written off against the allowance ( 1,597 )
−Removed: Balance at June 30, 2020 $ 20,976
+Added: Amounts written off against the allowance, net of recoveries ( 1,681 )
+Added: Balance at September 30, 2020 $ 19,344
In December 2019, an accounting pronouncement was issued by the FASB that simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in ASC 740 related to intraperiod tax allocations and the methodology for calculating income taxes in an interim period.
58 unchanged sentences
Such changes in estimates may also result in the reversal of previously recognized revenue if the ultimate outcome differs from the Company’s previous estimate.
−Removed: For the three and six months ended June 30, 2020 and 2019, there were no significant amounts of revenue recognized during the period related to performance obligations satisfied in prior periods.
−Removed: In addition, for the three and six months ended June 30, 2020 and 2019, there were no significant reversals of revenue recognized associated with the revision of transaction prices.
+Added: For the three and nine months ended September 30, 2020, we recognized revenue of $ 4.4 million and $ 6.1 million, respectively, associated with the final settlement of contract value for two projects within our United States electrical construction and facilities services segment that were completed or substantially completed in prior periods.
+Added: There were no significant amounts of revenue recognized during the three and nine months ended September 30, 2019 related to performance obligations satisfied in prior periods.
+Added: In addition, for the three and nine months ended September 30, 2020 and 2019, there were no significant reversals of revenue recognized associated with the revision of transaction prices.
(4) Allocate the transaction price to performance obligations in the contract
1 unchanged sentence
The Company determines the standalone selling price based on the price at which the performance obligation would have been sold separately in similar circumstances to similar customers.
−Removed: If the standalone selling price is not observable, the Company estimates the standalone selling price taking into account all available information such as market conditions and internal pricing guidelines.
−Removed: In certain circumstances, the standalone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation.
+Added: If the standalone selling price is not observable, the Company estimates the standalone selling price taking into account all
EMCOR Group, Inc.
2 unchanged sentences
NOTE 3 Revenue from Contracts with Customers - (Continued)
+Added: available information such as market conditions and internal pricing guidelines.
+Added: In certain circumstances, the standalone selling price is determined using an expected profit margin on anticipated costs related to the performance obligation.
(5) Recognize revenue as performance obligations are satisfied
21 unchanged sentences
When the current estimate of total costs for a performance obligation indicate a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident.
−Removed: For the three and six months ended June 30, 2020 and 2019, there were no changes in total estimated costs that had a significant impact on our operating results.
−Removed: In addition, there were no significant losses recognized during the three and six months ended June 30, 2020 and 2019.
+Added: For the three and nine months ended September 30, 2020 and 2019, there were no changes in total estimated costs that had a significant impact on our operating results.
+Added: In addition, there were no significant losses recognized during the three and nine months ended September 30, 2020 and 2019.
EMCOR Group, Inc.
6 unchanged sentences
Refer to Note 15 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment, as well as a more complete description of our business.
−Removed: The following tables provide further disaggregation of our revenues by categories we use to evaluate our financial performance within each of our reportable segments for the three and six months ended June 30, 2020 and 2019 (in thousands):
−Removed: For the three months ended June 30,
+Added: The following tables provide further disaggregation of our revenues by categories we use to evaluate our financial performance within each of our reportable segments for the three and nine months ended September 30, 2020 and 2019 (in thousands):
+Added: For the three months ended September 30,
Total 2019 % of
13 unchanged sentences
Total segment revenues $ 508,863 $ 554,637
−Removed: For the three months ended June 30,
+Added: For the three months ended September 30,
Total 2019 % of
18 unchanged sentences
NOTE 3 Revenue from Contracts with Customers - (Continued)
−Removed: For the three months ended June 30,
+Added: For the three months ended September 30,
Total 2019 % of
5 unchanged sentences
Total segment revenues $ 551,555 $ 532,122
−Removed: For the three months ended June 30,
+Added: For the three months ended September 30,
Total 2019 % of
4 unchanged sentences
Total United States operations $ 2,091,639 $ 2,190,113
−Removed: For the three months ended June 30,
+Added: For the three months ended September 30,
Total 2019 % of
4 unchanged sentences
Total worldwide operations $ 2,201,714 $ 2,287,741
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Total 2019 % of
18 unchanged sentences
NOTE 3 Revenue from Contracts with Customers - (Continued)
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Total 2019 % of
14 unchanged sentences
(1) Represents those projects which generally are completed within three months or less.
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Total 2019 % of
5 unchanged sentences
Total segment revenues $ 1,542,054 $ 1,567,899
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Total 2019 % of
4 unchanged sentences
Total United States operations $ 6,199,998 $ 6,452,962
−Removed: For the six months ended June 30,
+Added: For the nine months ended September 30,
Total 2019 % of
23 unchanged sentences
The long-term portion of contract liabilities is included in “Other long-term obligations” in the Consolidated Balance Sheets.
−Removed: Net contract liabilities consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands):
−Removed: June 30, 2020 December 31, 2019
+Added: Net contract liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands):
+Added: September 30, 2020 December 31, 2019
Contract assets, current $ 187,313 $ 177,830
3 unchanged sentences
Net contract liabilities $ ( 529,534 ) $ ( 447,954 )
−Removed: The $ 38.0 million increase in net contract liabilities for the six months ended June 30, 2020 was primarily attributable to an increase in net contract liabilities on our uncompleted long-term construction contracts, partially as a result of the timing of invoicing to our customers, which included advanced billings on several projects in the earlier stages of completion.
−Removed: The acquisition completed in the first quarter of 2020 did not have a significant impact on our contract assets and contract liabilities.
+Added: The $ 81.6 million increase in net contract liabilities for the nine months ended September 30, 2020 was primarily attributable to an increase in net contract liabilities on our uncompleted long-term construction contracts, partially as a result of the timing of invoicing to our customers, which included advanced billings on several projects in the earlier stages of completion.
+Added: Contract assets and contract liabilities increased by approximately $ 1.0 million and $ 10.9 million, respectively, as a result of acquisitions made by us in 2020.
There was no significant impairment of contract assets recognized during either period presented.
4 unchanged sentences
Transaction Price Allocated to Remaining Unsatisfied Performance Obligations
−Removed: The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of June 30, 2020 (in thousands, except for percentages):
−Removed: June 30, 2020 % of Total
+Added: The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations as of September 30, 2020 (in thousands, except for percentages):
+Added: September 30, 2020 % of Total
Remaining performance obligations:
6 unchanged sentences
Total worldwide operations $ 4,530,151 100 %
−Removed: Our remaining performance obligations at June 30, 2020 were $ 4.59 billion.
+Added: Our remaining performance obligations at September 30, 2020 were $ 4.53 billion.
Remaining performance obligations increase with awards of new contracts and decrease as we perform work and recognize revenue on existing contracts.
25 unchanged sentences
These include the duration and extent of the pandemic;
−Removed: the duration and extent of imposed or recommended quarantines, containment and other mitigation measures, and whether there is a significant resumption of shelter-in-place orders;
+Added: limitations on the ability of our employees to perform their work due to illness caused by the pandemic or local, state, or federal orders requiring employees to quarantine;
+Added: whether there is a significant resumption of shelter-in-place orders;
the near-term impact of the pandemic on broader economic activity, including on construction projects and the oil and gas and related industrial markets;
3 unchanged sentences
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 on the estimated fair value of such assets and liabilities at the dates of their respective acquisition by us.
−Removed: In January 2020, we acquired a company for an immaterial amount.
−Removed: This company provides building automation and controls solutions within the Northeastern region of the United States, and its results of operations have been included within our United States building services segment.
+Added: During the first nine months of 2020, we acquired two companies for total consideration of $ 43.2 million.
+Added: One company provides building automation and controls solutions within the Northeastern region of the United States, and the other company is a full service provider of mechanical services within the Washington, D.C.
+Added: The results of operations for both companies have been included within our United States building services segment.
+Added: In connection with these acquisitions, we acquired working capital of $ 2.4 million and other net liabilities of $ 4.0 million and have preliminarily ascribed $ 8.1 million to goodwill and $ 36.7 million to identifiable intangible assets.
On November 1, 2019, we completed the acquisition of Batchelor & Kimball, Inc.
8 unchanged sentences
(a) a company which provides electrical contracting services in central Iowa, the results of operations of which have been included within our United States electrical construction and facilities services segment, (b) a company which provides mechanical contracting services in south-central and eastern Texas, the results of operations of which have been included within our United States mechanical construction and facilities services segment, and (c) four companies within our United States building services segment which bolster our presence in geographies where we have existing operations and provide either mobile mechanical services or building automation and controls solutions.
−Removed: In connection with these acquisitions, we acquired working capital of $ 25.3 million and other net assets of $ 1.3 million and have preliminarily ascribed $ 29.2 million to goodwill and $ 29.6 million to identifiable intangible assets.
+Added: In connection with these acquisitions, we acquired working capital of $ 25.3 million and other net assets of $ 1.3 million and have ascribed $ 29.2 million to goodwill and $ 29.6 million to identifiable intangible assets.
EMCOR Group, Inc.
3 unchanged sentences
We expect that all of the goodwill acquired in connection with these acquisitions will be deductible for tax purposes.
−Removed: The purchase price allocations for the business acquired in 2020, BKI, and one of the other businesses acquired in 2019 are preliminary and subject to change during their respective measurement periods.
+Added: The purchase price allocations for the businesses acquired in 2020 and BKI are preliminary and subject to change during their respective measurement periods.
As we finalize such purchase price allocations, adjustments may be recorded relating to finalization of intangible asset valuations, tax matters, or other items.
2 unchanged sentences
NOTE 5 Earnings Per Share
−Removed: Calculation of Basic and Diluted (Loss) Earnings per Common Share
−Removed: The following tables summarize our calculation of Basic and Diluted (Loss) Earnings per Common Share (“EPS”) for the three and six months ended June 30, 2020 and 2019 (in thousands, except share and per share data):
+Added: Calculation of Basic and Diluted Earnings per Common Share
+Added: The following tables summarize our calculation of Basic and Diluted Earnings per Common Share (“EPS”) for the three and nine months ended September 30, 2020 and 2019 (in thousands, except share and per share data):
For the three months ended
−Removed: Net (loss) income available to common stockholders $ ( 83,689 ) $ 83,972
−Removed: Weighted average shares outstanding used to compute basic (loss) earnings per common share 54,937,038 56,181,864
+Added: September 30,
+Added: Net income available to common stockholders $ 61,186 $ 81,834
+Added: Weighted average shares outstanding used to compute basic earnings per common share 54,979,310 56,216,840
Effect of dilutive securities—Share-based awards 220,935 341,610
−Removed: Shares used to compute diluted (loss) earnings per common share 54,937,038 56,499,514
−Removed: Basic (loss) earnings per common share $ ( 1.52 ) $ 1.49
−Removed: Diluted (loss) earnings per common share $ ( 1.52 ) $ 1.49
−Removed: For the six months ended
−Removed: Net (loss) income available to common stockholders $ ( 8,024 ) $ 156,382
−Removed: Weighted average shares outstanding used to compute basic (loss) earnings per common share 55,467,799 56,175,219
+Added: Shares used to compute diluted earnings per common share 55,200,245 56,558,450
+Added: Basic earnings per common share $ 1.11 $ 1.46
+Added: Diluted earnings per common share $ 1.11 $ 1.45
+Added: For the nine months ended
+Added: September 30,
+Added: Net income available to common stockholders $ 53,162 $ 238,216
+Added: Weighted average shares outstanding used to compute basic earnings per common share 55,302,385 56,189,388
Effect of dilutive securities—Share-based awards 207,337 305,042
−Removed: Shares used to compute diluted (loss) earnings per common share 55,467,799 56,461,977
−Removed: Basic (loss) earnings per common share $ ( 0.14 ) $ 2.78
−Removed: Diluted (loss) earnings per common share $ ( 0.14 ) $ 2.77
−Removed: The effect of 197,470 and 200,538 share-based awards has been excluded from the calculation of diluted EPS for the three and six months ended June 30, 2020, respectively, due to the net loss recognized for each period.
−Removed: Assuming dilution, the number of outstanding share-based awards excluded from the computation of diluted EPS for both the three and six months ended June 30, 2020 because they would be anti-dilutive were 94,355 .
−Removed: The number of outstanding share-based awards that were excluded from the computation of diluted EPS for the six months ended June 30, 2019 because they would be anti-dilutive were 25,061 .There were no anti-dilutive share based awards for the three months ended June 30, 2019.
+Added: Shares used to compute diluted earnings per common share 55,509,722 56,494,430
+Added: Basic earnings per common share $ 0.96 $ 4.24
+Added: Diluted earnings per common share $ 0.96 $ 4.22
+Added: The number of outstanding share-based awards excluded from the computation of diluted EPS for the three and nine months ended September 30, 2020 because they would be anti-dilutive were 19,450 and 94,155 , respectively.
+Added: There were no anti-dilutive share-based awards for the three and nine months ended September 30, 2019.
EMCOR Group, Inc.
2 unchanged sentences
NOTE 6 Inventories
−Removed: Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2020 and December 31, 2019 (in thousands):
+Added: Inventories in the accompanying Consolidated Balance Sheets consisted of the following amounts as of September 30, 2020 and December 31, 2019 (in thousands):
+Added: September 30,
2020 December 31,
7 unchanged sentences
Absent any earlier identified impairment indicators, we perform our annual goodwill impairment assessment on October 1 each fiscal year.
−Removed: Qualitative indicators that may trigger the need for interim quantitative impairment testing include, among others, deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of a reporting unit.
+Added: Qualitative indicators that may trigger the need for interim quantitative impairment testing include, among others, a deterioration in macroeconomic conditions, declining financial performance, deterioration in the operational environment, or an expectation of selling or disposing of a portion of a reporting unit.
Additionally, an interim impairment test may be triggered by a significant change in business climate, a loss of a significant customer, increased competition, or a sustained decrease in share price.
2 unchanged sentences
However, if the carrying amount of the reporting unit exceeds the fair value, the goodwill of the reporting unit is impaired and an impairment loss in the amount of the excess is recognized and charged to operations.
−Removed: During the second quarter of 2020, our operations were negatively impacted by the COVID-19 pandemic.
−Removed: In addition, the demand for oil significantly deteriorated as a result of the pandemic and the corresponding preventative measures taken around the world to mitigate the spread of the virus, including various local, state, and national jurisdictional “shelter-in-place” orders.
−Removed: Further, other macroeconomic events, such as geopolitical tensions between the Organization of Petroleum Exporting Countries (OPEC) and Russia, resulted in a significant drop in the price of crude oil.
+Added: Our operations were significantly impacted by the COVID-19 pandemic starting with the second quarter of 2020.
+Added: During the same period, the demand for oil significantly deteriorated as a result of the pandemic and the corresponding preventative measures taken around the world to mitigate the spread of the virus, including various local, state, and national jurisdictional “shelter-in-place” orders.
+Added: Further, other macroeconomic events, including the escalation of geopolitical tensions between the Organization of Petroleum Exporting Countries (OPEC) and Russia, resulted in a significant drop in the price of crude oil.
These negative factors created significant volatility and uncertainty in the markets in which our United States industrial services segment operates, resulting in a significant decrease in the demand for our service offerings.
−Removed: Consequently, we revised our near-term revenue and operating margin expectations for our United States industrial services segment.
+Added: Consequently, in the second quarter of 2020, we revised our near-term revenue and operating margin expectations for our United States industrial services segment.
As a result of such developments, we concluded that a triggering event had occurred which indicated it was more likely than not that the fair value of our United States industrial services segment was less than its carrying amount.
−Removed: Accordingly, we performed a quantitative impairment test and determined that the carrying amount of our United States industrial services segment exceeded its fair value, which resulted in the recognition of a non-cash goodwill impairment charge during the quarter ended June 30, 2020 of $ 225.5 million.
−Removed: We determined the fair value of our United States industrial services segment using an income approach whereby fair value was calculated utilizing discounted estimated future cash flows, assuming a risk-adjusted industry weighted average cost of capital of 12.0 %.
+Added: Accordingly, during the second quarter of 2020, we performed a quantitative impairment test and determined that the carrying amount of our United States industrial services segment exceeded its fair value, resulting in the recognition of a non-cash goodwill impairment charge of $ 225.5 million, which is included within our results of operations for the nine months ended September 30, 2020.
+Added: We did not identify any impairment indicators or record any additional impairment of goodwill during the three months ended September 30, 2020.
+Added: As part of our second quarter impairment test, we determined the fair value of our United States industrial services segment using an income approach whereby fair value was calculated utilizing discounted estimated future cash flows, assuming a risk-adjusted industry weighted average cost of capital of 12.0 %.
Such weighted average cost of capital was developed with the assistance of an independent third-party valuation specialist and reflects the overall level of inherent risk within the business and the rate of return a market participant would expect to earn.
10 unchanged sentences
In addition, keeping all other assumptions constant, a 50 basis point reduction in the perpetual growth rate would cause the estimated fair value of our United States industrial services segment to decrease by approximately $ 9.0 million.
−Removed: Upon completion of our interim goodwill impairment assessment and the recognition of the aforementioned impairment charge, the carrying value of our United States industrial services segment equals its fair value whereas our other reporting units still maintain headroom that is substantially in excess of their carrying values.
+Added: Upon completion of our second quarter goodwill impairment assessment and the recognition of the aforementioned impairment charge, the carrying value of our United States industrial services segment equals its fair value whereas the fair values of our other reporting units are substantially in excess of their carrying values.
Significant adverse changes to external market conditions or our internal forecasts, if any, could result in future goodwill impairment charges.
It is not possible at this time to determine if any future impairment charge will result or, if it does, whether such a charge would be material to our results of operations.
−Removed: The changes in the carrying amount of goodwill by reportable segments were as follows during the six months ended June 30, 2020 (in thousands):
+Added: The changes in the carrying amount of goodwill by reportable segments were as follows during the nine months ended September 30, 2020 (in thousands):
United States
8 unchanged sentences
Impairments — — — ( 225,500 ) ( 225,500 )
−Removed: Balance at June 30, 2020 $ 142,545 $ 299,639 $ 290,100 $ 107,488 $ 839,772
+Added: Balance at September 30, 2020 $ 142,545 $ 299,618 $ 297,257 $ 107,488 $ 846,908
Identifiable Intangible Assets and Other Long-Lived Assets
10 unchanged sentences
If the assets are impaired, the assets are written down to their fair values, generally determined based on their discounted estimated future cash flows.
−Removed: In connection with the negative market conditions disclosed above, we also evaluated certain of our identifiable intangible assets and other long-lived assets for impairment.
+Added: In connection with the negative market conditions disclosed above, we also evaluated certain of our identifiable intangible assets and other long-lived assets for impairment during the second quarter of 2020.
Such assets included those associated with the businesses in our United States industrial services segment and certain businesses within our United States electrical construction and facilities services segment whose results are also highly dependent on the strength of the oil and gas industry.
−Removed: As a result of these assessments, during the quarter ended June 30, 2020, we recorded non-cash impairment charges of $ 7.3 million.
+Added: As a result of these assessments, we recorded non-cash impairment charges of $ 7.3 million, which have been included within our results of operations for the nine months ended September 30, 2020.
Of this amount, $ 4.8 million related to our United States industrial services segment and was comprised of:
1 unchanged sentence
The remaining $ 2.5 million represented a subsidiary trade name impairment within our United States electrical construction and facilities services segment.
+Added: For the three months ended September 30, 2020, no impairment of our identifiable intangible assets or other long-lived assets was recognized.
EMCOR Group, Inc.
2 unchanged sentences
NOTE 7 Goodwill, Identifiable Intangible Assets, and Other Long-Lived Assets - (Continued)
−Removed: Identifiable intangible assets consist of the following as of June 30, 2020 and December 31, 2019 (in thousands):
−Removed: June 30, 2020
+Added: Identifiable intangible assets consist of the following as of September 30, 2020 and December 31, 2019 (in thousands):
+Added: September 30, 2020
Amount Accumulated
16 unchanged sentences
Identifiable intangible assets are amortized on a straight-line basis, as it best approximates the pattern in which the economic benefits of those assets are consumed.
−Removed: Amortization expense related to identifiable intangible assets with finite lives was $ 14.7 million and $ 11.6 million for the three months ended June 30, 2020 and 2019, respectively, and $ 29.4 million and $ 23.2 million for the six months ended June 30, 2020 and 2019, respectively.
+Added: Amortization expense related to identifiable intangible assets with finite lives was $ 15.4 million and $ 11.3 million for the three months ended September 30, 2020 and 2019, respectively, and $ 44.8 million and $ 34.5 million for the nine months ended September 30, 2020 and 2019, respectively.
EMCOR Group, Inc.
1 unchanged sentence
Notes to Consolidated Financial Statements (Unaudited)
−Removed: Debt in the accompanying Consolidated Balance Sheets consisted of the following amounts as of June 30, 2020 and December 31, 2019 (in thousands):
+Added: Debt in the accompanying Consolidated Balance Sheets consisted of the following amounts as of September 30, 2020 and December 31, 2019 (in thousands):
+Added: September 30,
2020 December 31,
2 unchanged sentences
Unamortized debt issuance costs ( 4,239 ) ( 1,879 )
−Removed: Finance lease obligations 8,840 9,679
+Added: Finance lease liabilities 8,675 9,679
Total debt 281,936 312,231
6 unchanged sentences
We may allocate up to $ 400.0 million of available capacity under the 2020 Revolving Credit Facility to letters of credit for our account or for the account of any of our subsidiaries.
−Removed: Obligations under the 2020 Credit Agreement are guaranteed by most of our direct and indirect subsidiaries and are secured by substantially all of our assets.
−Removed: The 2020 Credit Agreement contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, common stock repurchases, investments, acquisitions, indebtedness, and capital expenditures.
−Removed: We were in compliance with all such covenants as of June 30, 2020 with respect to the 2020 Credit Agreement and, as of December 31, 2019, with respect to the 2016 Credit Agreement.
−Removed: A commitment fee is payable on the average daily unused amount of the 2020 Revolving Credit Facility, which ranges from 0.10 % to 0.25 %, based on certain financial tests.
−Removed: The fee was 0.10 % of the unused amount as of June 30, 2020.
At the Company’s election, borrowings under the 2020 Credit Agreement bear interest at either:
−Removed: (1) a base rate plus a margin of 0.00 % to 0.75 %, based on certain financial tests, or (2) United States dollar LIBOR ( 0.18 % at June 30, 2020) plus 1.00 % to 1.75 %, based on certain financial tests.
−Removed: The base rate is determined by the greater of (a) the prime commercial lending rate announced by Bank of Montreal from time to time ( 3.25 % at June 30, 2020), (b) the federal funds effective rate, plus ½ of 1.00%, (c) the daily one month LIBOR rate, plus 1.00 %, or (d) 0.00 %.
−Removed: The interest rate in effect at June 30, 2020 was 1.18 %.
+Added: (1) a base rate plus a margin of 0.00 % to 0.75 %, based on certain financial tests, or (2) United States dollar LIBOR ( 0.15 % at September 30, 2020) plus 1.00 % to 1.75 %, based on certain financial tests.
+Added: The base rate is determined by the greater of (a) the prime commercial lending rate announced by Bank of Montreal from time to time ( 3.25 % at September 30, 2020), (b) the federal funds effective rate, plus ½ of 1.00%, (c) the daily one month LIBOR rate, plus 1.00 %, or (d) 0.00 %.
+Added: The interest rate in effect at September 30, 2020 was 1.15 %.
+Added: A commitment fee is payable on the average daily unused amount of the 2020 Revolving Credit Facility, which ranges from 0.10 % to 0.25 %, based on certain financial tests.
+Added: The fee was 0.10 % of the unused amount as of September 30, 2020.
Fees for letters of credit issued under the 2020 Revolving Credit Facility range from 0.75 % to 1.75 % of the respective face amounts of outstanding letters of credit, depending on the nature of the letter of credit, and are computed based on certain financial tests.
+Added: As of September 30, 2020 and December 31, 2019, the balance of the 2020 Term Loan and the 2016 Term Loan was $ 277.5 million and $ 254.4 million, respectively.
+Added: As of September 30, 2020, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility;
+Added: however, we had $ 78.8 million of letters of credit outstanding, which reduce the available capacity under such facility.
+Added: As of December 31, 2019, we had $ 50.0 million in direct borrowings outstanding and $ 109.0 million of letters of credit outstanding under the 2016 Revolving Credit Facility.
We capitalized an additional $ 3.1 million of debt issuance costs associated with the 2020 Credit Agreement.
Debt issuance costs are amortized over the life of the agreement and are included as part of interest expense.
−Removed: We are required to make annual installment payments on the 2020 Term Loan, with a principal payment of $ 7.5 million on December 31, 2020 and principal payments on December 31 of each subsequent year in the amount of $ 15.0 million.
+Added: Obligations under the 2020 Credit Agreement are guaranteed by most of our direct and indirect subsidiaries and are secured by substantially all of our assets.
+Added: The 2020 Credit Agreement contains various covenants providing for, among other things, the maintenance of certain financial ratios and certain limitations on the payment of dividends, common stock repurchases, investments, acquisitions, indebtedness, and capital expenditures.
+Added: We were in compliance with all such covenants as of September 30, 2020 with respect to the 2020 Credit Agreement and, as of December 31, 2019, with respect to the 2016 Credit Agreement.
+Added: We are required to make annual principal payments on the 2020 Term Loan.
+Added: On September 30, 2020, we made a voluntary prepayment of $ 22.5 million, which was applied against our scheduled payments on a ratable basis.
+Added: A principal payment of $ 6.9 million is due on December 31, 2020 and principal payments of $ 13.9 million are due on December 31 of each subsequent year.
All unpaid principal and interest is due on March 2, 2025.
−Removed: As of June 30, 2020 and December 31, 2019, the balance of the 2020 Term Loan and the 2016 Term Loan was $ 300.0 million and $ 254.4 million, respectively.
−Removed: As of June 30, 2020, there were no direct borrowings outstanding under the 2020 Revolving Credit Facility, however, we had $ 79.0 million of letters of credit outstanding which reduce the available capacity under such facility.
−Removed: As of December 31, 2019, we had $ 50.0 million in direct borrowings outstanding and $ 109.0 million of letters of credit outstanding under the 2016 Revolving Credit Facility.
EMCOR Group, Inc.
10 unchanged sentences
Recurring Fair Value Measurements
−Removed: The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of June 30, 2020 and December 31, 2019 (in thousands):
−Removed: Assets at Fair Value as of June 30, 2020
+Added: The following tables provide the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2020 and December 31, 2019 (in thousands):
+Added: Assets at Fair Value as of September 30, 2020
Asset Category Level 1 Level 2 Level 3 Total
2 unchanged sentences
Restricted cash (2)
+Added: 1,295 — — 1,295
Deferred compensation plan assets (3)
11 unchanged sentences
(1) Cash and cash equivalents consist of deposit accounts and money market funds with original maturity dates of three months or less, which are Level 1 assets.
−Removed: At June 30, 2020 and December 31, 2019, we had $ 193.3 million and $ 164.0 million, respectively, in money market funds.
+Added: At September 30, 2020 and December 31, 2019, we had $ 294.0 million and $ 164.0 million, respectively, in money market funds.
(2) Restricted cash is classified as “Prepaid expenses and other” in the Consolidated Balance Sheets.
14 unchanged sentences
NOTE 10 Income Taxes
−Removed: The following table presents our income tax (benefit) provision and our effective income tax rate for the three and six months ended June 30, 2020 and 2019 (in thousands, except percentages):
+Added: The following table presents our income tax provision and our effective income tax rate for the three and nine months ended September 30, 2020 and 2019 (in thousands, except percentages):
For the three months ended
−Removed: June 30, For the six months ended
+Added: September 30, For the nine months ended
+Added: September 30,
2020 2019 2020 2019
−Removed: Income tax (benefit) provision ( 40,341 ) 33,156 ( 11,757 ) 60,639
+Added: Income tax provision $ 73,936 $ 31,618 $ 62,179 $ 92,257
Effective income tax rate 54.7 % 27.9 % 53.9 % 27.9 %
−Removed: Our income tax benefit for the three and six months ended June 30, 2020 was impacted by the tax-effect of the $ 232.8 million of non-cash goodwill, identifiable intangible asset, and other long-lived asset impairment charges recorded during the quarter, the majority of which were non-deductible for tax purposes.
+Added: Our income tax rate and income tax provision for both the three and nine months ended September 30, 2020 were impacted by the tax-effect of the $ 232.8 million of non-cash goodwill, identifiable intangible asset, and other long-lived asset impairment charges recorded during the second quarter, the majority of which is non-deductible for tax purposes.
The difference between the U.S.
−Removed: statutory tax rate of 21 % and our effective income tax rates for the three and six months ended June 30, 2020 was primarily related to:
+Added: statutory tax rate of 21 % and our effective income tax rates for the three and nine months ended September 30, 2020 was primarily related to:
(a) the impact of the non-deductible impairment charges previously referenced, (b) state and local income taxes, and (c) other permanent book to tax differences.
−Removed: As of June 30, 2020 and December 31, 2019, we had no unrecognized income tax benefits.
+Added: As of September 30, 2020 and December 31, 2019, we had no unrecognized income tax benefits.
We file a consolidated federal income tax return including all of our U.S.
6 unchanged sentences
NOTE 11 Common Stock
−Removed: As of June 30, 2020 and December 31, 2019, there were 54,897,926 and 56,219,831 shares of our common stock outstanding, respectively.
−Removed: During the three months ended June 30, 2020 and 2019, we issued 60,155 and 44,514 shares of common stock, respectively.
−Removed: During the six months ended June 30, 2020 and 2019, we issued 161,850 and 145,461 shares of common stock, respectively.
−Removed: These shares were issued primarily upon:
−Removed: (a) the satisfaction of required conditions under certain of our share-based compensation plans, (b) the purchase of common stock pursuant to our employee stock purchase plan, and (c) the exercise of stock options.
+Added: As of September 30, 2020 and December 31, 2019, there were 54,922,620 and 56,219,831 shares of our common stock outstanding, respectively.
+Added: During the three months ended September 30, 2020 and 2019, we issued 24,694 and 18,651 shares of common stock, respectively.
+Added: During the nine months ended September 30, 2020 and 2019, we issued 186,544 and 164,112 shares of common stock, respectively.
+Added: These shares were issued upon the occurrence of one of the following:
+Added: (a) the satisfaction of required conditions under certain of our share-based compensation plans, (b) the purchase of common stock pursuant to our employee stock purchase plan, or (c) the exercise of stock options.
We have paid quarterly dividends since October 25, 2011.
3 unchanged sentences
Since the inception of the repurchase program, the Board has authorized us to repurchase up to $ 1.15 billion of our outstanding common stock.
−Removed: During the first half of 2020, we repurchased approximately 1.5 million shares of our common stock for approximately $ 99.0 million.
−Removed: Since the inception of the repurchase program through June 30, 2020, we have repurchased approximately 17.4 million shares of our common stock for approximately $ 890.5 million.
−Removed: As of June 30, 2020, there remained authorization for us to repurchase approximately $ 259.5 million of our shares.
+Added: During the nine months ended September 30, 2020, we repurchased approximately 1.5 million shares of our common stock for approximately $ 99.0 million.
+Added: During the second and third quarters of 2020, we did not repurchase any shares of our common stock.
+Added: Since the inception of the repurchase program through September 30, 2020, we have repurchased approximately 17.4 million shares of our common stock for approximately $ 890.5 million.
+Added: As of September 30, 2020, there remained authorization for us to repurchase approximately $ 259.5 million of our shares.
The repurchase program has no expiration date, does not obligate the Company to acquire any particular amount of common stock, and may be suspended, recommenced, or discontinued at any time or from time to time without prior notice.
10 unchanged sentences
Components of Net Periodic Pension Cost
−Removed: The components of net periodic pension cost (income) of the UK Plan for the three and six months ended June 30, 2020 and 2019 were as follows (in thousands):
+Added: The components of net periodic pension cost (income) of the UK Plan for the three and nine months ended September 30, 2020 and 2019 were as follows (in thousands):
For the three months ended
−Removed: June 30, For the six months ended
+Added: September 30, For the nine months ended
+Added: September 30,
2020 2019 2020 2019
3 unchanged sentences
Net periodic pension cost (income) $ ( 815 ) $ ( 450 ) $ ( 2,406 ) $ ( 1,397 )
−Removed: The net periodic pension cost associated with the domestic plans was approximately $0.1 million for each of the three and six months ended June 30, 2020 and 2019.
+Added: The net periodic pension cost associated with the domestic plans was approximately $0.1 million for each of the three months ended September 30, 2020 and 2019 and $0.2 million for each of the nine months ended September 30, 2020 and 2019.
Employer Contributions
−Removed: For the six months ended June 30, 2020, our United Kingdom subsidiary contributed approximately $ 2.1 million to the UK Plan and anticipates contributing an additional $ 2.4 million during the remainder of 2020.
−Removed: Contributions to the domestic plans were approximately $ 0.1 million for the six months ended June 30, 2020.
+Added: For the nine months ended September 30, 2020, our United Kingdom subsidiary contributed approximately $ 3.4 million to the UK Plan and anticipates contributing an additional $ 1.3 million during the remainder of 2020.
+Added: Contributions to the domestic plans were approximately $ 0.1 million for the nine months ended September 30, 2020.
NOTE 13 Commitments and Contingencies
25 unchanged sentences
Restructuring expenses
−Removed: The table below summarizes restructuring activity by reportable segment during the six months ended June 30, 2020 and 2019 (in thousands):
+Added: The table below summarizes restructuring activity by reportable segment during the nine months ended September 30, 2020 and 2019 (in thousands):
United States
and facilities
+Added: services segment United States
+Added: and facilities
services segment United States building services segment Corporate administration Total
2 unchanged sentences
Payments ( 30 ) — ( 708 ) ( 723 ) ( 1,461 )
−Removed: Balance at June 30, 2019 $ — $ 40 $ 701 $ 741
+Added: Balance at September 30, 2019 $ — $ — $ 35 $ 701 $ 736
Balance at December 31, 2019 $ 445 $ — $ 412 $ 701 $ 1,558
1 unchanged sentence
Payments ( 189 ) — ( 481 ) ( 355 ) ( 1,025 )
−Removed: Balance at June 30, 2020 $ 306 $ — $ 346 $ 652
−Removed: As of June 30, 2020, the balance of restructuring obligations yet to be paid was approximately $ 0.7 million.
−Removed: Such remaining amounts will be paid pursuant to our contractual obligations throughout 2020 and 2021.
−Removed: Based on current plans in place, no material expenses in connection with restructuring are expected to be incurred during the remainder of 2020.
+Added: Balance at September 30, 2020 $ 524 $ 268 $ — $ 346 $ 1,138
+Added: As of September 30, 2020, the balance of restructuring obligations yet to be paid was approximately $ 1.1 million.
+Added: Such remaining amounts will be paid pursuant to our contractual obligations through 2022.
NOTE 14 Additional Cash Flow Information
−Removed: The following table presents additional cash flow information for the six months ended June 30, 2020 and 2019 (in thousands):
−Removed: For the six months ended
+Added: The following table presents additional cash flow information for the nine months ended September 30, 2020 and 2019 (in thousands):
+Added: For the nine months ended
+Added: September 30,
Cash paid for:
51 unchanged sentences
and design, manufacturing, repair, and hydro blast cleaning of shell and tube heat exchangers and related equipment.
−Removed: The following tables present financial information for each of our reportable segments for the three and six months ended June 30, 2020 and 2019 (in thousands):
+Added: The following tables present financial information for each of our reportable segments for the three and nine months ended September 30, 2020 and 2019 (in thousands):
For the three months ended
+Added: September 30,
Revenues from unrelated entities:
19 unchanged sentences
NOTE 15 Segment Information - (Continued)
−Removed: For the six months ended
+Added: For the nine months ended
+Added: September 30,
Revenues from unrelated entities:
16 unchanged sentences
For the three months ended
+Added: September 30,
Operating income (loss):
7 unchanged sentences
Restructuring expenses ( 536 ) ( 119 )
−Removed: Impairment loss on goodwill, identifiable intangible assets, and other long-lived assets ( 232,750 ) —
Total worldwide operations 135,855 115,749
2 unchanged sentences
Interest expense, net ( 1,484 ) ( 2,678 )
−Removed: (Loss) income before income taxes $ ( 124,030 ) $ 117,128
+Added: Income before income taxes $ 135,122 $ 113,452
EMCOR Group, Inc.
2 unchanged sentences
NOTE 15 Segment Information - (Continued)
−Removed: For the six months ended
+Added: For the nine months ended
+Added: September 30,
Operating income (loss):
12 unchanged sentences
Interest expense, net ( 6,082 ) ( 8,732 )
−Removed: (Loss) income before income taxes $ ( 19,781 ) $ 217,021
+Added: Income before income taxes $ 115,341 $ 330,473
+Added: September 30,
2020 December 31,
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.