Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule Of Assets And Liabilities Carried At Fair Value Measured On A Recurring Basis

The following tables summarize the assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2025 and December 31, 2024 (in thousands):


	Assets at Fair Value as of September 30, 2025
Asset Category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents (1)	$	655,104	$	—	$	—	$	655,104
Deferred compensation plan assets (2)	72,993		—		—		72,993
Restricted cash (3)	1,213		—		—		1,213
Total	$	729,310	$	—	$	—	$	729,310


	Assets at Fair Value as of December 31, 2024
Asset Category	Level 1		Level 2		Level 3		Total
Cash and cash equivalents (1)	$	1,339,550	$	—	$	—	$	1,339,550
Deferred compensation plan assets (2)	61,242		—		—		61,242
Restricted cash (3)	845		—		—		845
Total	$	1,401,637	$	—	$	—	$	1,401,637

_________________________

(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. At September 30, 2025 and December 31, 2024, we had $464.6 million and $1,088.0 million, respectively, in money market funds. From time to time, we have cash balances in certain of our domestic bank accounts that exceed federally insured limits.

(2)Deferred compensation plan assets are classified as “Other assets” in the Consolidated Balance Sheets.

(3)Restricted cash is classified as “Assets held for sale” in the Consolidated Balance Sheet as of September 30, 2025 and as “Prepaid expenses and other” in the Consolidated Balance Sheet as of December 31, 2024. Restricted cash represents cash held in account for use on customer contracts.

EMCOR Group, Inc. 10-Q