0000700923-22-000040 | 10-Q | XBRL Viewer

Lease Obligations

6 Months Ended

Jun. 30, 2022

From time-to-time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from one to seven years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At June 30, 2022, the Company had several leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company may exercise some of these purchase options when the need for equipment is on-going and the purchase option price is attractive. Leases are accounted for as operating or finance leases, depending on the terms of the lease.

The following is a summary of the lease-related assets and liabilities recorded:


		June 30, 2022		December 31, 2021
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	32,675	$	20,971
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,965		—
Total right-of-use lease assets		$	37,640	$	20,971

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,405	$	7,765
Finance lease obligations	Current portion of finance lease obligations	1,318		—
Total current obligations		10,723		7,765
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	23,272		13,230
Finance lease obligations	Finance lease obligations, net of current maturities	3,026		—
Total non-current obligations		26,298		13,230
Total lease obligations		$	37,021	$	20,995

The following is a summary of the lease terms and discount rates:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - finance leases	2.2 years		0.0 years
Weighted-average remaining lease term - operating leases	3.9 years		2.9 years
Weighted-average discount rate - finance leases	2.5	%	—	%
Weighted-average discount rate - operating leases	3.9	%	3.9	%

The following is a summary of certain information related to the lease costs for finance and operating leases:


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	218	$	186	$	656	$	375
Interest on lease liabilities	47		1		75		3
Operating lease cost	3,265		2,469		6,388		4,955

Variable lease costs	102		78		211		156
Total lease cost	$	3,632	$	2,734	$	7,330	$	5,489

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:


	Six months ended June 30,
(in thousands)	2022		2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,355	$	5,069
Right-of-use asset obtained in exchange for new operating lease obligations	$	17,647	$	4,387
Right-of-use asset obtained in exchange for new finance lease obligations	$	543	$	—

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of June 30, 2022 were as follows:


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2022	$	781	$	6,378	$	7,159
2023	1,274		11,122		12,396
2024	2,145		8,124		10,269
2025	331		6,064		6,395
2026	—		4,779		4,779
2027	—		1,363		1,363
Thereafter	—		2,116		2,116
Total minimum lease payments	4,531		39,946		44,477
Financing component	(187)		(7,269)		(7,456)
Net present value of minimum lease payments	4,344		32,677		37,021
Less: current portion of finance and operating lease obligations	(1,318)		(9,405)		(10,723)
Long-term finance and operating lease obligations	$	3,026	$	23,272	$	26,298

The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.

Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at or below market rental rates. As of June 30, 2022, the minimum lease payments required under these leases totaled $7.9 million, which are due over the next 4.5 years.

Lease Obligations

The following is a summary of the lease-related assets and liabilities recorded:


		June 30, 2022		December 31, 2021
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	32,675	$	20,971
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,965		—
Total right-of-use lease assets		$	37,640	$	20,971

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,405	$	7,765
Finance lease obligations	Current portion of finance lease obligations	1,318		—
Total current obligations		10,723		7,765
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	23,272		13,230
Finance lease obligations	Finance lease obligations, net of current maturities	3,026		—
Total non-current obligations		26,298		13,230
Total lease obligations		$	37,021	$	20,995

The following is a summary of the lease terms and discount rates:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - finance leases	2.2 years		0.0 years
Weighted-average remaining lease term - operating leases	3.9 years		2.9 years
Weighted-average discount rate - finance leases	2.5	%	—	%
Weighted-average discount rate - operating leases	3.9	%	3.9	%

The following is a summary of certain information related to the lease costs for finance and operating leases:


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	218	$	186	$	656	$	375
Interest on lease liabilities	47		1		75		3
Operating lease cost	3,265		2,469		6,388		4,955

Variable lease costs	102		78		211		156
Total lease cost	$	3,632	$	2,734	$	7,330	$	5,489

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:


	Six months ended June 30,
(in thousands)	2022		2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,355	$	5,069
Right-of-use asset obtained in exchange for new operating lease obligations	$	17,647	$	4,387
Right-of-use asset obtained in exchange for new finance lease obligations	$	543	$	—


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2022	$	781	$	6,378	$	7,159
2023	1,274		11,122		12,396
2024	2,145		8,124		10,269
2025	331		6,064		6,395
2026	—		4,779		4,779
2027	—		1,363		1,363
Thereafter	—		2,116		2,116
Total minimum lease payments	4,531		39,946		44,477
Financing component	(187)		(7,269)		(7,456)
Net present value of minimum lease payments	4,344		32,677		37,021
Less: current portion of finance and operating lease obligations	(1,318)		(9,405)		(10,723)
Long-term finance and operating lease obligations	$	3,026	$	23,272	$	26,298

The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	19,684	$	21,219	$	40,372	$	41,147

Denominator:
Weighted average common shares outstanding	16,894		16,854		16,904		16,807
Weighted average dilutive securities	176		271		237		286
Weighted average common shares outstanding, diluted	17,070		17,125		17,141		17,093

Income per common share:
Basic	$	1.17	$	1.26	$	2.39	$	2.45
Diluted	$	1.15	$	1.24	$	2.36	$	2.41

For the three and six months ended June 30, 2022 and 2021, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would either have been anti-dilutive or, for stock options, the exercise prices of those stock options were greater than the average market price of the Company’s common stock for the period. All of the Company’s unvested time-vested stock awards were included in the computation of weighted average dilutive securities.

The following table summarizes the shares of common stock underlying the Company’s unvested time-vested stock awards and performance awards that were excluded from the calculation of dilutive securities:


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2022	2021	2022	2021
Time-vested stock awards	35	—	35	—
Performance awards	32	17	32	17

Share Repurchases

On May 4, 2022, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program"). The Repurchase Program was authorized by the Board of Directors on

May 3, 2022 and became effective on May 5, 2022. The Repurchase Program will expire on November 7, 2022, or when the

authorized funds are exhausted, whichever is earlier.

During the six months ended June 30, 2022, the Company repurchased 280,907 shares of its common stock under the Repurchase Program at a weighted-average price of $83.54 per share. Additionally, during the six months ended June 30, 2022 the Company repurchased 68,675 shares of stock, for approximately $6.8 million, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired. The shares repurchased resulted in no change to authorized shares and an increase to unissued shares. As of June 30, 2022, the Company had $51.5 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.

Revenue Recognition - Schedule of revenue by market type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Contract revenues	$ 708,114	$ 649,573	$ 1,344,738	$ 1,242,059
Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 415,235	$ 326,831	$ 780,091	$ 641,739
T&D \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D \| Transmission
Disaggregation of Revenue [Line Items]
Contract revenues	$ 250,078	$ 210,946	$ 471,685	$ 422,173
T&D \| Transmission \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	35.30%	32.50%	35.10%	34.00%
T&D \| Distribution
Disaggregation of Revenue [Line Items]
Contract revenues	$ 165,157	$ 115,885	$ 308,406	$ 219,566
T&D \| Distribution \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	23.30%	17.80%	22.90%	17.70%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 292,879	$ 322,742	$ 564,647	$ 600,320
C&I \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
C&I \| Electrical construction
Disaggregation of Revenue [Line Items]
Contract revenues	$ 292,879	$ 322,742	$ 564,647	$ 600,320
C&I \| Electrical construction \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	41.40%	49.70%	42.00%	48.30%

Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of segment's internal financial reports

The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Contract revenues:
T&D	$	415,235	$	326,831	$	780,091	$	641,739
C&I	292,879		322,742		564,647		600,320
	$	708,114	$	649,573	$	1,344,738	$	1,242,059
Income from operations:
T&D	$	32,810	$	32,764	$	63,240	$	61,437
C&I	9,512		14,523		19,602		28,796
General Corporate	(16,077)		(17,622)		(31,695)		(33,157)
	$	26,245	$	29,665	$	51,147	$	57,076

Contract Assets and Liabilities - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Allowance for doubtful accounts associated with contract assets	$ 452		$ 452		$ 385
Revenues recognized during period	$ 25,800	$ 22,300	$ 58,600	$ 73,900

Debt - Schedule of remaining principal payments for long term obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total future principal payments	$ 55,446	$ 4,503
Less: current portion of equipment notes	(1,065)	(1,039)
Long-term principal obligations	54,381	3,464
Notes payable to banks
Debt Instrument [Line Items]
Total future principal payments	4,051	$ 4,503
Master Loan Agreement \| Notes payable to banks
Debt Instrument [Line Items]
Remainder of 2022	529
2023	1,080
2024	2,409
2025	14
2026	14
2027	5
Total future principal payments	4,051
Less: current portion of equipment notes	(1,065)
Long-term principal obligations	$ 2,986

Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract Assets and Liabilities

Contracts with customers usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Therefore, contract assets and liabilities are created when the timing of costs incurred on work performed does not coincide with the billing terms, which frequently include retention provisions contained in each contract.

The Company’s consolidated balance sheets present contract assets, which contain unbilled revenue and contract retainages associated with contract work that has been completed and billed but not paid by customers, pursuant to retainage provisions, that are generally due once the job is completed and approved. The allowance for doubtful accounts associated with contract assets was $0.5 million as of June 30, 2022 and $0.4 million as of December 31, 2021.

Contract assets consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Unbilled revenue, net	$	165,839	$	134,187	$	31,652
Contract retainages, net	114,879		90,888		23,991
Contract assets, net	$	280,718	$	225,075	$	55,643

The Company’s consolidated balance sheets present contract liabilities which contain deferred revenue and an accrual for contracts in a loss provision.

Contract liabilities consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Deferred revenue	$	200,929	$	165,699	$	35,230
Accrued loss provision	2,234		2,232		2
Contract liabilities	$	203,163	$	167,931	$	35,232

The following table provides information about contract assets and contract liabilities from contracts with customers:


(in thousands)	June 30, 2022		December 31, 2021		Change
Contract assets, net	$	280,718	$	225,075	$	55,643
Contract liabilities	(203,163)		(167,931)		(35,232)
Net contract assets (liabilities)	$	77,555	$	57,144	$	20,411

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $25.8 million and $58.6 million for the three and six months ended June 30, 2022, respectively. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $22.3 million and $73.9 million for the three and six months ended June 30, 2021, respectively.

The net asset position for contracts in process consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Costs and estimated earnings on uncompleted contracts	$	4,492,937	$	4,130,621
Less: billings to date	4,528,027		4,162,133
	$	(35,090)	$	(31,512)

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:


(in thousands)	June 30, 2022		December 31, 2021
Unbilled revenue	$	165,839	$	134,187
Deferred revenue	(200,929)		(165,699)
	$	(35,090)	$	(31,512)

- Definition

The entire disclosure for long-term contracts or programs.

+ References

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+ Details

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of weighted average number of common shares used to compute basic and dilute earnings per share

Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2022		2021		2022		2021
Numerator:
Net income	$	19,684	$	21,219	$	40,372	$	41,147

Denominator:
Weighted average common shares outstanding	16,894		16,854		16,904		16,807
Weighted average dilutive securities	176		271		237		286
Weighted average common shares outstanding, diluted	17,070		17,125		17,141		17,093

Income per common share:
Basic	$	1.17	$	1.26	$	2.39	$	2.45
Diluted	$	1.15	$	1.24	$	2.36	$	2.41

Schedule of shared excluded from calculation of dilute securities


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2022	2021	2022	2021
Time-vested stock awards	35	—	35	—
Performance awards	32	17	32	17

Contract Assets and Liabilities - Summary of contract assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Contractors [Line Items]
Unbilled revenue, net	$ 165,839		$ 134,187
Contract retainages, net	114,879		90,888
Contract assets, net	280,718		$ 225,075
Changes in contract assets, net, Change	43,413	$ 10,855
Change
Contractors [Line Items]
Unbilled revenue, net, Change	31,652
Contract retainages, net, Change	23,991
Changes in contract assets, net, Change	$ 55,643

Contract Assets and Liabilities - Summary of net asset position for contracts in process (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Unbilled revenue	$ 165,839	$ 134,187
Deferred revenue	(200,929)	(165,699)
Net asset position for contracts in process	$ (35,090)	$ (31,512)

Lease Obligations - Summary of the lease terms and discount rates (Details)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term - finance leases	2 years 2 months 12 days	0 years
Weighted-average remaining lease term - operating leases	3 years 10 months 24 days	2 years 10 months 24 days
Weighted-average discount rate - finance leases	2.50%	0.00%
Weighted-average discount rate - operating leases	3.90%	3.90%

Organization, Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) segment $ / shares	Jun. 30, 2021 USD ($) $ / shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of business segments (segment) \| segment			2
Foreign currency gains (losses)			$ 0	$ (100)
Revenue recognized, related to change orders and claims included as contract price adjustments			12,500	6,000
Increase (decrease) in operating income	$ 26,245	$ 29,665	51,147	57,076
Increase (decrease) in net income	$ 19,684	$ 21,219	$ 40,372	$ 41,147
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ 1.15	$ 1.24	$ 2.36	$ 2.41
Contracts Accounted for under Percentage of Completion
Organization Consolidation and Presentation of Financial Statements [Line Items]
Increase (decrease) in consolidated gross margin	(0.10%)	0.80%	0.30%	0.30%
Increase (decrease) in operating income	$ (500)	$ 5,100	$ 3,700	$ 3,900
Increase (decrease) in net income	$ (300)	$ 3,600	$ 2,500	$ 2,700
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ (0.02)	$ 0.21	$ 0.15	$ 0.16

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of revenue by contract and market type

The components of the Company’s revenue by contract type for the three months ended June 30, 2022 and 2021 were as follows:


	Three months ended June 30, 2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	192,934	46.5	%	$	243,682	83.2	%	$	436,616	61.7	%
Unit price	117,609		28.3		17,932		6.1		135,541		19.1
T&E	104,692		25.2		31,265		10.7		135,957		19.2

	$	415,235	100.0	%	$	292,879	100.0	%	$	708,114	100.0	%


	Three months ended June 30, 2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	157,421	48.2	%	$	259,213	80.3	%	$	416,634	64.1	%
Unit price	89,944		27.5		18,483		5.7		108,427		16.7
T&E	79,466		24.3		45,046		14.0		124,512		19.2

	$	326,831	100.0	%	$	322,742	100.0	%	$	649,573	100.0	%

The components of the Company’s revenue by contract type for the six months ended June 30, 2022 and 2021 were as follows:


	Six months ended June 30, 2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	343,838	44.1	%	$	462,259	81.9	%	$	806,097	59.9	%
Unit price	221,930		28.4		32,735		5.8		254,665		19.0
T&E	214,323		27.5		69,653		12.3		283,976		21.1

	$	780,091	100.0	%	$	564,647	100.0	%	$	1,344,738	100.0	%


	Six months ended June 30, 2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	309,488	48.2	%	$	486,883	81.1	%	$	796,371	64.1	%
Unit price	175,289		27.3		36,910		6.2		212,199		17.1
T&E	156,962		24.5		76,527		12.7		233,489		18.8

	$	641,739	100.0	%	$	600,320	100.0	%	$	1,242,059	100.0	%

The components of the Company’s revenue by market type for the three months ended June 30, 2022 and 2021 were as follows:


	Three months ended June 30, 2022					Three months ended June 30, 2021
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	250,078	35.3	%	T&D	$	210,946	32.5	%	T&D
Distribution	165,157		23.3		T&D	115,885		17.8		T&D
Electrical construction	292,879		41.4		C&I	322,742		49.7		C&I
Total revenue	$	708,114	100.0	%		$	649,573	100.0	%

The components of the Company’s revenue by market type for the six months ended June 30, 2022 and 2021 were as follows:


	Six months ended June 30, 2022					Six months ended June 30, 2021
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	471,685	35.1	%	T&D	$	422,173	34.0	%	T&D
Distribution	308,406		22.9		T&D	219,566		17.7		T&D
Electrical construction	564,647		42.0		C&I	600,320		48.3		C&I
Total revenue	$	1,344,738	100.0	%		$	1,242,059	100.0	%

Schedule of amount of the remaining performance obligations that the company reasonably estimates will not be recognized within the next twelve months

The following table summarizes the amount of remaining performance obligations as of June 30, 2022 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will not be recognized within the next twelve months.


	Remaining Performance Obligations at June 30, 2022
(in thousands)	Total		Amount estimated to not be recognized within 12 months		Total at December 31, 2021
T&D	$	940,866	$	136,308	$	572,032
C&I	1,371,718		490,386		1,105,866
Total	$	2,312,584	$	626,694	$	1,677,898

Debt - Summary of total debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total future principal payments	$ 55,446	$ 4,503
Less: current portion of long-term debt	(1,065)	(1,039)
Long-term debt	54,381	3,464
Notes payable to banks
Debt Instrument [Line Items]
Total future principal payments	$ 4,051	4,503
Notes payable to banks \| Equipment Note 8
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	2.75%
Term (years)	5 years
Total future principal payments	$ 3,987	4,503
Notes payable to banks \| Other equipment note
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.55%
Term (years)	5 years
Total future principal payments	$ 64	0
Revolving loans
Debt Instrument [Line Items]
Term (years)	5 years
Total future principal payments	$ 51,395	$ 0

Lease Obligations - Summary of other and supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 6,355	$ 5,069
Right-of-use asset obtained in exchange for new operating lease obligations	17,647	4,387
Right-of-use asset obtained in exchange for new finance lease obligations	$ 543	$ 0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%
Effective tax rate	29.40%	27.00%	22.80%	26.60%
Unrecognized tax benefits	$ 0.4		$ 0.4		$ 0.4
Interest and penalties of unrecognized tax benefits	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Contract Assets and Liabilities - Contracts in process (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Costs and estimated earnings on uncompleted contracts	$ 4,492,937	$ 4,130,621
Less: billings to date	4,528,027	4,162,133
Net asset position for contracts in process	$ (35,090)	$ (31,512)

Revenue Recognition - Schedule of revenue by contract type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Contract revenues	$ 708,114	$ 649,573	$ 1,344,738	$ 1,242,059
Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 436,616	$ 416,634	$ 806,097	$ 796,371
Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	61.70%	64.10%	59.90%	64.10%
Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 135,541	$ 108,427	$ 254,665	$ 212,199
Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	19.10%	16.70%	19.00%	17.10%
T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 135,957	$ 124,512	$ 283,976	$ 233,489
T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	19.20%	19.20%	21.10%	18.80%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 415,235	$ 326,831	$ 780,091	$ 641,739
T&D \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 192,934	$ 157,421	$ 343,838	$ 309,488
T&D \| Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	46.50%	48.20%	44.10%	48.20%
T&D \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 117,609	$ 89,944	$ 221,930	$ 175,289
T&D \| Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	28.30%	27.50%	28.40%	27.30%
T&D \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 104,692	$ 79,466	$ 214,323	$ 156,962
T&D \| T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	25.20%	24.30%	27.50%	24.50%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 292,879	$ 322,742	$ 564,647	$ 600,320
C&I \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
C&I \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 243,682	$ 259,213	$ 462,259	$ 486,883
C&I \| Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	83.20%	80.30%	81.90%	81.10%
C&I \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 17,932	$ 18,483	$ 32,735	$ 36,910
C&I \| Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	6.10%	5.70%	5.80%	6.20%
C&I \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 31,265	$ 45,046	$ 69,653	$ 76,527
C&I \| T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	10.70%	14.00%	12.30%	12.70%

Organization, Business and Basis of Presentation	6 Months Ended
Organization, Business and Basis of Presentation	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Basis of Presentation	Organization, Business and Basis of Presentation Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers and is currently conducting operations through wholly owned subsidiaries. The Company performs construction services in two business segments: Transmission and Distribution (“T&D”), and Commercial and Industrial (“C&I”). T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. T&D provides a broad range of services on electric transmission, distribution networks, substation facilities and clean energy projects include design, engineering, procurement, construction, upgrade, maintenance and repair services. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. C&I provides a broad range of services, which include the design, installation, maintenance and repair of commercial and industrial wiring. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting and signalization. Basis of Presentation Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income, stockholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. Certain reclassifications were made to prior year amounts to conform to the current year presentation. The consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 23, 2022 (the "2021 Annual Report"). Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets. For joint ventures in which the Company does not have a controlling interest, the Company’s share of any profits and assets and its share of any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the joint venture, and are normally recorded by the Company one month in arrears. The investments in joint ventures are recorded at cost and the carrying amounts are adjusted to recognize the Company’s proportionate share of cumulative income or loss, additional contributions made and dividends and capital distributions received. The Company records the effect of any impairment or any other-than-temporary decrease in the value of the joint venture investment as incurred, which may or may not be one month in arrears, depending on when the Company obtains the joint venture activity information. Additionally, the Company continually assesses the fair value of its investment in unconsolidated joint ventures despite using information that is one month in arrears for regular reporting purposes. The Company includes only its percentage ownership of each joint venture in its backlog. Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Equity accounts are translated at historical rates. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and ineffective long-term monetary assets and liabilities are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency losses, recorded in other income, net, for the six months ended June 30, 2022 were not significant. Foreign currency losses, recorded in other income, net, for the six months ended June 30, 2021 were $0.1 million. Effective foreign currency transaction gains and losses, arising primarily from long-term monetary assets and liabilities, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of June 30, 2022 and 2021, the Company had recognized revenues of $12.5 million and $6.0 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended June 30, 2022, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.1%, which resulted in decreases in operating income of $0.5 million, net income of $0.3 million and diluted earnings per common share of $0.02. During the six months ended June 30, 2022, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.3%, which resulted in increases in operating income of $3.7 million, net income of $2.5 million and diluted earnings per common share of $0.15. During the three months ended June 30, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.8%, which resulted in increases in operating income of $5.1 million, net income of $3.6 million and diluted earnings per common share of $0.21. During the six months ended June 30, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.3%, which resulted in increases in operating income of $3.9 million, net income of $2.7 million and diluted earnings per common share of $0.16. Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or adoption will have minimal impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. Under the new guidance the acquirer is required to recognize contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if the acquirer had originated the contracts. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in an interim period, for any period for which financial statements have not yet been issued. However, adoption in an interim period other than the first fiscal quarter requires an entity to apply the new guidance to all prior business combinations that have occurred since the beginning of the annual period in which the new guidance is adopted. The Company is currently evaluating the adoption date and impact, if any, this update will have on its financial position and results of operations.

Segment Information - Summary of segment's internal financial reports (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Contract revenues:	$ 708,114	$ 649,573	$ 1,344,738	$ 1,242,059
Income from operations:	26,245	29,665	51,147	57,076
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Income from operations:	(16,077)	(17,622)	(31,695)	(33,157)
T&D
Segment Reporting Information [Line Items]
Contract revenues:	415,235	326,831	780,091	641,739
T&D \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations:	32,810	32,764	63,240	61,437
C&I
Segment Reporting Information [Line Items]
Contract revenues:	292,879	322,742	564,647	600,320
C&I \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations:	$ 9,512	$ 14,523	$ 19,602	$ 28,796

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Summary of the lease-related assets and liabilities

The following is a summary of the lease-related assets and liabilities recorded:


		June 30, 2022		December 31, 2021
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	32,675	$	20,971
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,965		—
Total right-of-use lease assets		$	37,640	$	20,971

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,405	$	7,765
Finance lease obligations	Current portion of finance lease obligations	1,318		—
Total current obligations		10,723		7,765
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	23,272		13,230
Finance lease obligations	Finance lease obligations, net of current maturities	3,026		—
Total non-current obligations		26,298		13,230
Total lease obligations		$	37,021	$	20,995

Summary of the lease terms and discount rates

The following is a summary of the lease terms and discount rates:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term - finance leases	2.2 years		0.0 years
Weighted-average remaining lease term - operating leases	3.9 years		2.9 years
Weighted-average discount rate - finance leases	2.5	%	—	%
Weighted-average discount rate - operating leases	3.9	%	3.9	%

Schedule of lease costs

The following is a summary of certain information related to the lease costs for finance and operating leases:


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	218	$	186	$	656	$	375
Interest on lease liabilities	47		1		75		3
Operating lease cost	3,265		2,469		6,388		4,955

Variable lease costs	102		78		211		156
Total lease cost	$	3,632	$	2,734	$	7,330	$	5,489

Summary of supplemental cash flow information

The following is a summary of other information and supplemental cash flow information related to finance and operating leases:


	Six months ended June 30,
(in thousands)	2022		2021
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	6,355	$	5,069
Right-of-use asset obtained in exchange for new operating lease obligations	$	17,647	$	4,387
Right-of-use asset obtained in exchange for new finance lease obligations	$	543	$	—

Schedule of future minimum operating lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2022	$	781	$	6,378	$	7,159
2023	1,274		11,122		12,396
2024	2,145		8,124		10,269
2025	331		6,064		6,395
2026	—		4,779		4,779
2027	—		1,363		1,363
Thereafter	—		2,116		2,116
Total minimum lease payments	4,531		39,946		44,477
Financing component	(187)		(7,269)		(7,456)
Net present value of minimum lease payments	4,344		32,677		37,021
Less: current portion of finance and operating lease obligations	(1,318)		(9,405)		(10,723)
Long-term finance and operating lease obligations	$	3,026	$	23,272	$	26,298

Schedule of future minimum finance lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2022	$	781	$	6,378	$	7,159
2023	1,274		11,122		12,396
2024	2,145		8,124		10,269
2025	331		6,064		6,395
2026	—		4,779		4,779
2027	—		1,363		1,363
Thereafter	—		2,116		2,116
Total minimum lease payments	4,531		39,946		44,477
Financing component	(187)		(7,269)		(7,456)
Net present value of minimum lease payments	4,344		32,677		37,021
Less: current portion of finance and operating lease obligations	(1,318)		(9,405)		(10,723)
Long-term finance and operating lease obligations	$	3,026	$	23,272	$	26,298

Acquisition (Tables)

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of acquisition

The following table summarizes the allocation of the opening balance sheet as of the date of the Powerline Plus Companies acquisition through June 30, 2022:


(in thousands)	(as of acquisition date) January 4, 2022		Measurement Period Adjustments		Acquisition Allocation June 30, 2022
Cash paid	$	114,429	$	—	$	114,429
Contingent consideration - fair value at acquisition date	10,608		—		10,608
Preliminary estimated net asset adjustments	563		(564)		(1)
Total consideration, net of estimated net asset adjustments	125,600		(564)		125,036
Less: Acquired cash	(3,853)		—		(3,853)
Total consideration less cash acquired, net of estimated net asset adjustments	$	121,747	$	(564)	$	121,183

Cash and cash equivalents	$	3,853	$	—	$	3,853
Accounts receivable, net	12,131		(52)		12,079
Contract assets, net	12,443		148		12,591
Refundable income taxes	394		280		674
Prepaid expenses and other current assets	1,233		(121)		1,112
Property and equipment	10,366		—		10,366
Operating lease right-of-use assets	6,631		—		6,631
Accounts payable	(8,095)		(466)		(8,561)
Contract liabilities	(1,597)		(95)		(1,692)
Accrued income taxes	(686)		(37)		(723)
Current portion of operating lease obligations	(1,224)		—		(1,224)
Current portion of finance lease obligations	(1,492)		—		(1,492)
Deferred income tax liabilities	(672)		(221)		(893)
Operating lease obligations, net of current maturities	(4,897)		—		(4,897)
Finance lease obligations, net of current maturities	(3,243)		—		(3,243)
Net identifiable assets and liabilities	25,145		(564)		24,581
Unallocated intangible assets	56,650		791		57,441
Total acquired assets and liabilities	81,795		227		82,022
Goodwill	$	43,805	$	(791)	$	43,014

Stock-Based Compensation (Details) - Long-Term Incentive Plan	6 Months Ended
	Jun. 30, 2022 plan $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity compensation plans (plan) \| plan	2
Time Vested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	45,992
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 76.93
Shares vested (in shares) \| shares	73,373
Shares vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 42.47
Time Vested Stock Awards \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Service period	3 years
Time Vested Stock Awards \| Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Performance Awards \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	31,603
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 118.82
Service period	2 years 9 months 18 days
Performance Awards \| Employees \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	0.00%
Performance Awards \| Employees \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	200.00%
Stock Options \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares exercised (in shares) \| shares	236
Shares exercised, weighted average exercise price (in dollars per share) \| $ / shares	$ 17.48

Segment Information - Additional information (Details)	6 Months Ended
Segment Information - Additional information (Details)	Jun. 30, 2022 segment
Segment Reporting [Abstract]
Number of business segments (segment)	2

Earnings Per Share - Summary of shares excluded from calculation of diluted securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Time Vested Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	35	0	35	0
Performance Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	32	17	32	17

Acquisition

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisition

Powerline Plus Ltd

On January 4, 2022, the Company acquired all issued and outstanding shares of capital stock of Powerline Plus Ltd. and its affiliate PLP Redimix Ltd. (collectively, the “Powerline Plus Companies"), a full-service electrical distribution construction company based in Toronto, Ontario. Consideration paid, funded through a combination of cash on hand and borrowings under the Facility (as defined below), was $110.6 million, net of cash acquired, and is subject to working capital and net asset adjustments. Additionally, the acquisition includes contingent earn-out consideration that may be payable if the Powerline Plus Companies achieve certain performance targets over a three-year post-acquisition period. As of the acquisition date, the fair value of the contingent earn-out consideration was $10.6 million. The future payout of the contingent earn-out consideration, if any, is unlimited and could be significantly higher than the acquisition date fair value. If the minimum thresholds of the performance targets are achieved the contingent earn-out consideration payment will be approximately $17.7 million. There were no changes in contingent earn-out consideration, subsequent to the acquisition, for the three and six months ended June 30, 2022. The results of the Powerline Plus Companies is included in the Company’s consolidated financial statements beginning on the transaction date. Approximately $0.2 million of acquisition-related costs associated with this acquisition were expensed by the Company during the three and six months ended June 30, 2022.

The purchase agreement also includes contingent consideration provisions for down-side margin guarantee adjustments based upon certain contract performance subsequent to the acquisition. The contracts were valued at fair value at the acquisition date, causing no margin guarantee estimate or adjustments for fair value. Unfavorable changes in contract estimates, such as modified costs to complete or change order recognition, will result in changes to these margin guarantee estimates. Changes in margin guarantee adjustments on contracts, subsequent to the acquisition, were recorded in other income and were not significant for the three and six months ended June 30, 2022. Future margin guarantee adjustments, if any, are expected to be recognized through 2022 and possibly in early 2023.

The following table summarizes the allocation of the opening balance sheet as of the date of the Powerline Plus Companies acquisition through June 30, 2022:


(in thousands)	(as of acquisition date) January 4, 2022		Measurement Period Adjustments		Acquisition Allocation June 30, 2022
Cash paid	$	114,429	$	—	$	114,429
Contingent consideration - fair value at acquisition date	10,608		—		10,608
Preliminary estimated net asset adjustments	563		(564)		(1)
Total consideration, net of estimated net asset adjustments	125,600		(564)		125,036
Less: Acquired cash	(3,853)		—		(3,853)
Total consideration less cash acquired, net of estimated net asset adjustments	$	121,747	$	(564)	$	121,183

Cash and cash equivalents	$	3,853	$	—	$	3,853
Accounts receivable, net	12,131		(52)		12,079
Contract assets, net	12,443		148		12,591
Refundable income taxes	394		280		674
Prepaid expenses and other current assets	1,233		(121)		1,112
Property and equipment	10,366		—		10,366
Operating lease right-of-use assets	6,631		—		6,631
Accounts payable	(8,095)		(466)		(8,561)
Contract liabilities	(1,597)		(95)		(1,692)
Accrued income taxes	(686)		(37)		(723)
Current portion of operating lease obligations	(1,224)		—		(1,224)
Current portion of finance lease obligations	(1,492)		—		(1,492)
Deferred income tax liabilities	(672)		(221)		(893)
Operating lease obligations, net of current maturities	(4,897)		—		(4,897)
Finance lease obligations, net of current maturities	(3,243)		—		(3,243)
Net identifiable assets and liabilities	25,145		(564)		24,581
Unallocated intangible assets	56,650		791		57,441
Total acquired assets and liabilities	81,795		227		82,022
Goodwill	$	43,805	$	(791)	$	43,014

The Company has developed preliminary estimates of fair value of the assets acquired and liabilities assumed for the purposes of allocating the purchase price. During the three months ended June 30, 2022, the Company recorded certain measurement period adjustments related to various working capital and deferred tax accounts determined during our purchase price allocation procedures. The goodwill to be recognized, which represents the excess of the purchase price over the net amount of the fair values assigned to assets acquired and liabilities assumed, is primarily attributable to the value of an assembled workforce and other non-identifiable assets. No synergies were anticipated in the acquisition as the Powerline Plus Companies will function as an individual business within the Company’s operating structure. Further adjustments are expected to the allocation as third party valuations of contingent earn-out consideration, acquired right-of-use assets and lease liabilities and identifiable intangible assets, including backlog, customer relationships, trade name and off-market component, are determined, and as net asset adjustments are finalized. Additionally, the Company is currently performing an analysis of the purchase price allocation and will make appropriate adjustments based on the analysis. A portion of the goodwill and identifiable intangible assets are expected to be tax deductible per applicable Canadian Revenue Authority regulations.

Revenue Recognition

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of Revenue

A majority of the Company’s revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to perform a defined scope of a project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts require the Company to include a guaranteed not-to-exceed maximum price.

Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. The Company also provides services under master service agreements (“MSAs”) and other variable-term service agreements. MSAs normally cover maintenance, upgrade and extension services, as well as new construction. Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis. MSAs are typically one to three years in duration; however, most of the Company’s contracts, including MSAs, may be terminated by the customer on short notice, typically 30 to 90 days, even if the Company is not in default under the contract. Under MSAs, customers generally agree to use the Company for certain services in a specified geographic region. Most MSAs include no obligation for the contract counterparty to assign specific volumes of work to the Company and do not require the counterparty to use the Company exclusively, although in some cases the MSA contract gives the Company a right of first refusal for certain work. Additional information related to the Company’s market types is provided in Note 11–Segment Information.

The components of the Company’s revenue by contract type for the three months ended June 30, 2022 and 2021 were as follows:


	Three months ended June 30, 2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	192,934	46.5	%	$	243,682	83.2	%	$	436,616	61.7	%
Unit price	117,609		28.3		17,932		6.1		135,541		19.1
T&E	104,692		25.2		31,265		10.7		135,957		19.2

	$	415,235	100.0	%	$	292,879	100.0	%	$	708,114	100.0	%


	Three months ended June 30, 2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	157,421	48.2	%	$	259,213	80.3	%	$	416,634	64.1	%
Unit price	89,944		27.5		18,483		5.7		108,427		16.7
T&E	79,466		24.3		45,046		14.0		124,512		19.2

	$	326,831	100.0	%	$	322,742	100.0	%	$	649,573	100.0	%

The components of the Company’s revenue by contract type for the six months ended June 30, 2022 and 2021 were as follows:


	Six months ended June 30, 2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	343,838	44.1	%	$	462,259	81.9	%	$	806,097	59.9	%
Unit price	221,930		28.4		32,735		5.8		254,665		19.0
T&E	214,323		27.5		69,653		12.3		283,976		21.1

	$	780,091	100.0	%	$	564,647	100.0	%	$	1,344,738	100.0	%


	Six months ended June 30, 2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	309,488	48.2	%	$	486,883	81.1	%	$	796,371	64.1	%
Unit price	175,289		27.3		36,910		6.2		212,199		17.1
T&E	156,962		24.5		76,527		12.7		233,489		18.8

	$	641,739	100.0	%	$	600,320	100.0	%	$	1,242,059	100.0	%

The components of the Company’s revenue by market type for the three months ended June 30, 2022 and 2021 were as follows:


	Three months ended June 30, 2022					Three months ended June 30, 2021
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	250,078	35.3	%	T&D	$	210,946	32.5	%	T&D
Distribution	165,157		23.3		T&D	115,885		17.8		T&D
Electrical construction	292,879		41.4		C&I	322,742		49.7		C&I
Total revenue	$	708,114	100.0	%		$	649,573	100.0	%

The components of the Company’s revenue by market type for the six months ended June 30, 2022 and 2021 were as follows:


	Six months ended June 30, 2022					Six months ended June 30, 2021
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	471,685	35.1	%	T&D	$	422,173	34.0	%	T&D
Distribution	308,406		22.9		T&D	219,566		17.7		T&D
Electrical construction	564,647		42.0		C&I	600,320		48.3		C&I
Total revenue	$	1,344,738	100.0	%		$	1,242,059	100.0	%

Remaining Performance Obligations

As of June 30, 2022, the Company had $2.31 billion of remaining performance obligations. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions.


	Remaining Performance Obligations at June 30, 2022
(in thousands)	Total		Amount estimated to not be recognized within 12 months		Total at December 31, 2021
T&D	$	940,866	$	136,308	$	572,032
C&I	1,371,718		490,386		1,105,866
Total	$	2,312,584	$	626,694	$	1,677,898

The Company expects the vast majority of the remaining performance obligations to be recognized within twenty-four months, although the timing of the Company’s performance is not always under its control. Additionally, the difference between the remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s MSAs under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer. Additional information related to backlog is provided in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of June 30, 2022 and December 31, 2021, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of June 30, 2022 and December 31, 2021, the fair values of the Company’s long-term debt and finance lease obligations were based on Level 2 inputs. The Company’s long-term debt was based on variable and fixed interest rates at June 30, 2022 and December 31, 2021, for new issues with similar remaining maturities, and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying values of the Company’s finance lease obligations also approximated fair value. As of June 30, 2022, the fair values of the Company’s contingent earn-out consideration liability associated with the acquisition of the Powerline Plus Companies was based on Level 3 inputs. The contingent earn-out consideration recorded represent the estimated fair values of future amounts potentially payable to the former owners of the acquired Powerline Plus Companies and was initially determined using a Monte Carlo simulation valuation methodology based on probability-weighted performance projections and other inputs, including a discount rate and an expected volatility factor. The fair value of this contingent earn-out consideration liability will be evaluated on an ongoing basis by management. Accordingly, the level of inputs used for these fair value measurements is the lowest level (Level 3). Significant changes in any of these assumptions could result in a significantly higher or lower potential liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	May 04, 2022
Earnings Per Share [Abstract]
Repurchase program authorized amount			$ 75,000,000
Shares repurchased (in shares)	280,907
Shares repurchased, weighted average price per share (in dollars per share)	$ 83.54
Shares repurchased related to tax withholding for stock-based compensation (in shares)	68,675
Payments related to tax withholding for stock-based compensation	$ (6,791,000)	$ (3,352,000)
Remaining availability to repurchase shares	$ 51,500,000

Organization, Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Consolidated Financial Information	Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income, stockholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. Certain reclassifications were made to prior year amounts to conform to the current year presentation. The consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 23, 2022 (the "2021 Annual Report").
Joint Ventures and Noncontrolling Interests	Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets. For joint ventures in which the Company does not have a controlling interest, the Company’s share of any profits and assets and its share of any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the joint venture, and are normally recorded by the Company one month in arrears. The investments in joint ventures are recorded at cost and the carrying amounts are adjusted to recognize the Company’s proportionate share of cumulative income or loss, additional contributions made and dividends and capital distributions received. The Company records the effect of any impairment or any other-than-temporary decrease in the value of the joint venture investment as incurred, which may or may not be one month in arrears, depending on when the Company obtains the joint venture activity information. Additionally, the Company continually assesses the fair value of its investment in unconsolidated joint ventures despite using information that is one month in arrears for regular reporting purposes. The Company includes only its percentage ownership of each joint venture in its backlog.
Foreign Currency	Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Equity accounts are translated at historical rates. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and ineffective long-term monetary assets and liabilities are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency losses, recorded in other income, net, for the six months ended June 30, 2022 were not significant. Foreign currency losses, recorded in other income, net, for the six months ended June 30, 2021 were $0.1 million. Effective foreign currency transaction gains and losses, arising primarily from long-term monetary assets and liabilities, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of June 30, 2022 and 2021, the Company had recognized revenues of $12.5 million and $6.0 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended June 30, 2022, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.1%, which resulted in decreases in operating income of $0.5 million, net income of $0.3 million and diluted earnings per common share of $0.02. During the six months ended June 30, 2022, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.3%, which resulted in increases in operating income of $3.7 million, net income of $2.5 million and diluted earnings per common share of $0.15. During the three months ended June 30, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.8%, which resulted in increases in operating income of $5.1 million, net income of $3.6 million and diluted earnings per common share of $0.21. During the six months ended June 30, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.3%, which resulted in increases in operating income of $3.9 million, net income of $2.7 million and diluted earnings per common share of $0.16.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or adoption will have minimal impact on its consolidated financial statements. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which is intended to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to the recognition of an acquired contract liability and payment terms and their effect on subsequent revenue recognized by the acquirer. Under the new guidance the acquirer is required to recognize contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 as if the acquirer had originated the contracts. The update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in an interim period, for any period for which financial statements have not yet been issued. However, adoption in an interim period other than the first fiscal quarter requires an entity to apply the new guidance to all prior business combinations that have occurred since the beginning of the annual period in which the new guidance is adopted. The Company is currently evaluating the adoption date and impact, if any, this update will have on its financial position and results of operations.
Fair Value Measurements	Fair Value MeasurementsThe Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Earnings Per Share	Earnings Per ShareThe Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income available to stockholders by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Contract Assets and Liabilities - Summary of contract assets and liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Contractors [Line Items]
Contract assets, net	$ 280,718		$ 225,075
Contract liabilities	(203,163)		(167,931)
Net contract assets (liabilities)	77,555		$ 57,144
Contract assets, net, Change	43,413	$ 10,855
Change
Contractors [Line Items]
Contract assets, net, Change	55,643
Contract liabilities, Change	(35,232)
Net contract assets (liabilities), Change	$ 20,411

Revenue Recognition - Summary of remaining performance obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,310,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 1,677,898
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 572,032
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 \| C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 1,105,866
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 2,312,584
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 \| T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 940,866
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 \| C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 1,371,718
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 626,694
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 \| T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 136,308
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 \| C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 490,386

Contract Assets and Liabilities - Summary of contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Contractors [Line Items]
Deferred revenue	$ 200,929		$ 165,699
Accrued loss provision	2,234		2,232
Contract liabilities	203,163		$ 167,931
Contract liabilities, Change	33,619	$ (21,433)
Change
Contractors [Line Items]
Deferred revenue, Change	35,230
Accrued loss provision, Change	2
Contract liabilities, Change	$ 35,232

Revenue Recognition - Additional information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2,310
Minimum
Disaggregation of Revenue [Line Items]
Term of master service agreements	1 year
Short termination notice of master service agreements	30 days
Maximum
Disaggregation of Revenue [Line Items]
Term of master service agreements	3 years
Short termination notice of master service agreements	90 days

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	MYR Group Inc. Stockholders' Equity	Noncontrolling Interest
Balance, beginning of period at Dec. 31, 2020	$ 429,292	$ 0	$ 167	$ 158,618	$ 23	$ 270,480	$ 429,288	$ 4
Balance, beginning of period (in shares) at Dec. 31, 2020			16,734,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,928					19,928	19,928
Stock issued under compensation plans, net	110		$ 1	109			110
Stock issued under compensation plans, net (in shares)			123,000
Stock-based compensation expense	1,487			1,487			1,487
Shares repurchased related to tax withholding for stock-based compensation	(2,618)			(2,231)		(387)	(2,618)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(41,000)
Other comprehensive income (loss)	253				253		253
Stock issued - other	12			12			12
Stock issued - other (in shares)			1,000
Balance, end of period at Mar. 31, 2021	448,464	0	$ 168	157,995	276	290,021	448,460	4
Balance, end of period (in shares) at Mar. 31, 2021			16,817,000
Balance, beginning of period at Dec. 31, 2020	429,292	0	$ 167	158,618	23	270,480	429,288	4
Balance, beginning of period (in shares) at Dec. 31, 2020			16,734,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,147
Other comprehensive income (loss)	666
Balance, end of period at Jun. 30, 2021	471,629	0	$ 168	159,624	689	311,144	471,625	4
Balance, end of period (in shares) at Jun. 30, 2021			16,867,000
Balance, beginning of period at Mar. 31, 2021	448,464	0	$ 168	157,995	276	290,021	448,460	4
Balance, beginning of period (in shares) at Mar. 31, 2021			16,817,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,219					21,219	21,219
Stock issued under compensation plans, net	319		$ 1	318			319
Stock issued under compensation plans, net (in shares)			60,000
Stock-based compensation expense	1,948			1,948			1,948
Shares repurchased related to tax withholding for stock-based compensation	(734)		$ (1)	(637)		(96)	(734)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(10,000)
Other comprehensive income (loss)	413				413		413
Balance, end of period at Jun. 30, 2021	471,629	0	$ 168	159,624	689	311,144	471,625	4
Balance, end of period (in shares) at Jun. 30, 2021			16,867,000
Balance, beginning of period at Dec. 31, 2021	519,102	0	$ 168	163,754	173	355,007	519,102	0
Balance, beginning of period (in shares) at Dec. 31, 2021			16,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,688					20,688	20,688
Stock issued under compensation plans, net	4		$ 2	2			4
Stock issued under compensation plans, net (in shares)			193,000
Stock-based compensation expense	1,624			1,624			1,624
Shares repurchased related to tax withholding for stock-based compensation	(6,791)			(6,124)		(667)	(6,791)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(69,000)
Other comprehensive income (loss)	1,651				1,651		1,651
Balance, end of period at Mar. 31, 2022	536,278	0	$ 170	159,256	1,824	375,028	536,278	0
Balance, end of period (in shares) at Mar. 31, 2022			16,995,000
Balance, beginning of period at Dec. 31, 2021	519,102	0	$ 168	163,754	173	355,007	519,102	0
Balance, beginning of period (in shares) at Dec. 31, 2021			16,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 40,372
Settlement of stock repurchase program (in shares)	(280,907)
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(68,675)
Other comprehensive income (loss)	$ (1,826)
Balance, end of period at Jun. 30, 2022	531,082	0	$ 167	158,691	(1,653)	373,877	531,082	0
Balance, end of period (in shares) at Jun. 30, 2022			16,724,000
Balance, beginning of period at Mar. 31, 2022	536,278	0	$ 170	159,256	1,824	375,028	536,278	0
Balance, beginning of period (in shares) at Mar. 31, 2022			16,995,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,684					19,684	19,684
Stock issued under compensation plans, net (in shares)			9,000
Stock-based compensation expense	2,064			2,064			2,064
Settlement of stock repurchase program	(23,467)		$ (3)	(2,629)		(20,835)	(23,467)
Settlement of stock repurchase program (in shares)			(280,000)
Other comprehensive income (loss)	(3,477)				(3,477)		(3,477)
Balance, end of period at Jun. 30, 2022	$ 531,082	$ 0	$ 167	$ 158,691	$ (1,653)	$ 373,877	$ 531,082	$ 0
Balance, end of period (in shares) at Jun. 30, 2022			16,724,000

Acquisition - Summary of acquisition by acquisition (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 04, 2022	Jun. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 108,405	$ 66,065
Powerline Plus Companies
Business Acquisition [Line Items]
Cash paid	$ 114,429	114,429
Measurement Period Adjustments, Cash paid		0
Contingent consideration - fair value at acquisition date	10,608	10,608
Measurement Period Adjustments, Contingent consideration - fair value at acquisition date		0
Preliminary estimated net asset adjustments	563	(1)
Measurement Period Adjustments, Preliminary estimated net asset adjustments		(564)
Total consideration, net of estimated net asset adjustments	125,600	125,036
Measurement Period Adjustments, Total consideration		(564)
Less: Acquired cash	(3,853)	(3,853)
Measurement Period Adjustments, Cash acquired		0
Total consideration less cash acquired, net of estimated net asset adjustments	121,747	121,183
Measurement Period Adjustments, Total consideration less cash acquired, net of estimated net asset adjustments		(564)
Cash and cash equivalents	3,853	3,853
Measurement Period Adjustments, Cash and cash equivalents		0
Accounts receivable, net	12,131	12,079
Measurement Period Adjustment, Accounts receivable, net		(52)
Contract assets, net	12,443	12,591
Measurement period adjustment, Contract assets		148
Refundable income taxes	394	674
Measurement Period Adjustments, Refundable income taxes		280
Prepaid expenses and other current assets	1,233	1,112
Measurement Period Adjustments, Prepaid expenses and other assets		(121)
Property and equipment	10,366	10,366
Measurement Period Adjustments, Property and equipment		0
Operating lease right-of-use assets	6,631	6,631
Measurement Period Adjustments, Operating lease right-of-use assets		0
Accounts payable	(8,095)	(8,561)
Measurement Period Adjustments, Accounts payable		(466)
Contract liabilities	(1,597)	(1,692)
Measurement Period Adjustments, Contract liabilities		(95)
Accrued income taxes	(686)	(723)
Measurement Period Adjustments, Accrued income taxes		(37)
Current portion of operating lease obligations	(1,224)	(1,224)
Measurement Period Adjustments, Current portion of operating lease obligations		0
Current portion of finance lease obligations	(1,492)	(1,492)
Measurement Period Adjustments, Current portion of finance lease obligations		0
Deferred income tax liabilities	(672)	(893)
Measurement Period Adjustments, Deferred income tax liabilities		(221)
Operating lease obligations, net of current maturities	(4,897)	(4,897)
Measurement Period Adjustments, Operating lease obligations, net of current maturities		0
Finance lease obligations, net of current maturities	(3,243)	(3,243)
Measurement Period Adjustments, Finance lease obligations, net of current maturities		0
Net identifiable assets and liabilities	25,145	24,581
Measurement Period Adjustments, Net identifiable assets and liabilities		(564)
Unallocated intangible assets	56,650	57,441
Measurement Period Adjustments, Unallocated intangible assets		791
Total acquired assets and liabilities	81,795	82,022
Measurement Period Adjustments, Total acquired assets and liabilities		227
Goodwill	$ 43,805	43,014
Measurement Period Adjustments, Goodwill		$ (791)

Acquisition - Additional Information (Details) - USD ($)		3 Months Ended	6 Months Ended
	Jan. 04, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Business Acquisition [Line Items]
Cash paid for acquired business, net of cash acquired			$ 110,576,000	$ 0
Powerline Plus Companies
Business Acquisition [Line Items]
Cash paid for acquired business, net of cash acquired	$ 110,600,000
Contingent consideration - fair value at acquisition date	$ 10,608,000	$ 10,608,000	10,608,000
Acquisition related costs		200,000	200,000
Powerline Plus Companies \| Certain Performance Targets
Business Acquisition [Line Items]
Contingent earn-out consideration, post acquisition term	3 years
Contingent consideration - fair value at acquisition date	$ 10,600,000
Contingent earn-out consideration payment	$ 17,700,000
Change in contingent consideration		0	0
Powerline Plus Companies \| Margin Guarantee
Business Acquisition [Line Items]
Change in contingent consideration		$ 0	$ 0

Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of total debt

The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of June 30, 2022		Outstanding Balance as of December 31, 2021
Credit Agreement
Revolving loans	9/13/2019	Variable	Variable	5	$	51,395	$	—

Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	3,987		4,503
Other equipment note	4/11/2022	4.55%	Monthly	5	64		—
					4,051		4,503
Total debt					55,446		4,503
Less: current portion of long-term debt					(1,065)		(1,039)
Long-term debt					$	54,381	$	3,464

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of June 30, 2022:


(in thousands)	Future Equipment Notes Principal Payments
Remainder of 2022	$	529
2023	1,080
2024	2,409
2025	14
2026	14
2027	5

Total future principal payments	4,051
Less: current portion of equipment notes	(1,065)
Long-term principal obligations	$	2,986

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Contract revenues	$ 708,114	$ 649,573	$ 1,344,738	$ 1,242,059
Contract costs	627,252	568,551	1,183,391	1,084,084
Gross profit	80,862	81,022	161,347	157,975
Selling, general and administrative expenses	52,016	51,890	105,580	101,537
Amortization of intangible assets	3,253	578	6,020	1,156
Gain on sale of property and equipment	(652)	(1,111)	(1,400)	(1,794)
Income from operations	26,245	29,665	51,147	57,076
Other income (expense):
Interest income	6	15	14	28
Interest expense	(650)	(678)	(1,101)	(1,153)
Other income, net	2,277	80	2,262	121
Income before provision for income taxes	27,878	29,082	52,322	56,072
Income tax expense	8,194	7,863	11,950	14,925
Net income	$ 19,684	$ 21,219	$ 40,372	$ 41,147
Income per common share:
Basic (in dollars per share)	$ 1.17	$ 1.26	$ 2.39	$ 2.45
Diluted (in dollars per share)	$ 1.15	$ 1.24	$ 2.36	$ 2.41
Weighted average number of common shares and potential common shares outstanding:
Basic (in shares)	16,894	16,854	16,904	16,807
Diluted (in shares)	17,070	17,125	17,141	17,093
Net income	$ 19,684	$ 21,219	$ 40,372	$ 41,147
Other comprehensive income (loss):
Foreign currency translation adjustment	(3,477)	413	(1,826)	666
Other comprehensive income (loss)	(3,477)	413	(1,826)	666
Total comprehensive income	$ 16,207	$ 21,632	$ 38,546	$ 41,813

Lease Obligations - Schedule of future minimum lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finance Lease Obligations
Remainder of 2022	$ 781
2023	1,274
2024	2,145
2025	331
2026	0
2027	0
Thereafter	0
Total minimum lease payments	4,531
Financing component	(187)
Net present value of minimum lease payments	4,344
Current portion of finance lease obligations	(1,318)	$ 0
Finance lease obligations, net of current maturities	3,026	0
Operating Lease Obligations
Remainder of 2022	6,378
2023	11,122
2024	8,124
2025	6,064
2026	4,779
2027	1,363
Thereafter	2,116
Total minimum lease payments	39,946
Financing component	(7,269)
Net present value of minimum lease payments	32,677
Less: current portion of finance and operating lease obligations	(9,405)	(7,765)
Operating lease obligations, net of current maturities	23,272	$ 13,230
Total Lease Obligations
Remainder of 2022	7,159
2023	12,396
2024	10,269
2025	6,395
2026	4,779
2027	1,363
Thereafter	2,116
Total minimum lease payments	44,477
Financing component	(7,456)
Net present value of minimum lease payments	37,021
Less: current portion of finance and operating lease obligations	(10,723)
Long-term finance and operating lease obligations	$ 26,298

Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

MYR Group is a holding company of specialty contractors serving electrical utility infrastructure and commercial construction markets in the United States and Canada. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Performance measurement and resource allocation for the reporting segments are based on many factors. The primary financial measures used to evaluate the segment information are contract revenues and income from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which include safety costs, professional fees, IT expenses and management fees. The accounting policies of the segments are the same as those described in the Note 1–Organization, Business and Significant Accounting Policies to the 2021 Annual Report.

Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems and clean energy projects. The T&D segment also provides emergency restoration services in response to hurricane, ice or other storm-related damage. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.

Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting and signalization. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities and transportation control and management systems. The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners. The C&I segment has a diverse customer base with many long-standing relationships.

The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2022		2021		2022		2021
Contract revenues:
T&D	$	415,235	$	326,831	$	780,091	$	641,739
C&I	292,879		322,742		564,647		600,320
	$	708,114	$	649,573	$	1,344,738	$	1,242,059
Income from operations:
T&D	$	32,810	$	32,764	$	63,240	$	61,437
C&I	9,512		14,523		19,602		28,796
General Corporate	(16,077)		(17,622)		(31,695)		(33,157)
	$	26,245	$	29,665	$	51,147	$	57,076

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Topic 280
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-Subparagraph (b)
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The U.S. federal statutory tax rate was 21% for each of the three and six months ended June 30, 2022 and 2021. The Company’s effective tax rate for the three and six months ended June 30, 2022 was 29.4% and 22.8%, respectively, of pretax income compared to the effective tax rate for the three and six months ended June 30, 2021 of 27.0% and 26.6%, respectively. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three months ended June 30, 2022, was primarily due to state income taxes, foreign earnings and other permanent difference items. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the six months ended June 30, 2022, was primarily due to state income taxes, foreign earnings and other permanent difference items partially offset by a favorable impact from stock compensation excess tax benefits. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three and six months ended June 30, 2021, was primarily due to state income taxes and foreign earnings and the associated impact of the global intangible low tax income ("GILTI") and other permanent difference items, partially offset by a favorable impact from stock compensation excess tax benefits. The Company had unrecognized tax benefits of approximately $0.4 million as of June 30, 2022 and December 31, 2021, which were included in other liabilities in the accompanying consolidated balance sheets. The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was not significant for the three and six months ended June 30, 2022 and 2021. The Company is subject to taxation in various jurisdictions. The Company’s 2018 through 2020 tax returns are subject to examination by U.S. federal authorities. The Company’s tax returns are subject to examination by various state authorities for the years 2017 through 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 22,057	$ 82,092
Accounts receivable, net of allowances of $2,337 and $2,441, respectively	409,497	375,353
Contract assets, net of allowances of $452 and $385, respectively	280,718	225,075
Current portion of receivable for insurance claims in excess of deductibles	9,755	11,078
Refundable income taxes	9,650	9,228
Prepaid expenses and other current assets	52,733	45,564
Total current assets	784,410	748,390
Property and equipment, net of accumulated depreciation of $336,347 and $322,128, respectively	212,055	196,092
Operating lease right-of-use assets	32,675	20,971
Goodwill	108,405	66,065
Intangible assets, net of accumulated amortization of $22,729 and $16,779, respectively	98,746	49,054
Receivable for insurance claims in excess of deductibles	21,262	32,443
Investment in joint ventures	3,155	3,978
Other assets	3,661	4,099
Total assets	1,264,369	1,121,092
Current liabilities:
Current portion of long-term debt	1,065	1,039
Current portion of operating lease obligations	9,405	7,765
Current portion of finance lease obligations	1,318	0
Accounts payable	251,646	200,744
Contract liabilities	203,163	167,931
Current portion of accrued self-insurance	23,526	24,242
Accrued income taxes	2,669	2,021
Other current liabilities	72,614	94,857
Total current liabilities	565,406	498,599
Deferred income tax liabilities	24,613	24,620
Long-term debt	54,381	3,464
Accrued self-insurance	39,666	50,816
Operating lease obligations, net of current maturities	23,272	13,230
Finance lease obligations, net of current maturities	3,026	0
Other liabilities	22,923	11,261
Total liabilities	733,287	601,990
Commitments and contingencies
Stockholders’ equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at June 30, 2022 and December 31, 2021	0	0
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,723,583 and 16,870,636 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	167	168
Additional paid-in capital	158,691	163,754
Accumulated other comprehensive income (loss)	(1,653)	173
Retained earnings	373,877	355,007
Total stockholders’ equity	531,082	519,102
Total liabilities and stockholders’ equity	$ 1,264,369	$ 1,121,092

Commitments and Contingencies (Details)	6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2022 USD ($)
Other Commitments [Line Items]
Purchase orders outstanding	$ 14,300,000
Purchase orders outstanding, term	7 months
Performance Guarantee
Other Commitments [Line Items]
Bonds outstanding	$ 1,740,000,000
Estimated remaining costs for bonded projects	742,300,000
Contingencies Excluding Wildfire and Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	1,000,000
Wildfire
Other Commitments [Line Items]
Insurance coverage deductible	2,000,000
Contingency Umbrella Exposure Limit
Other Commitments [Line Items]
Insurance coverage deductible	3,800,000
Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	$ 200,000

Earnings Per Share - Summary of weighted average number of shares outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 19,684	$ 21,219	$ 40,372	$ 41,147
Denominator:
Weighted average common shares outstanding (in shares)	16,894	16,854	16,904	16,807
Weighted average dilutive securities (in shares)	176	271	237	286
Weighted average common shares outstanding, diluted (in shares)	17,070	17,125	17,141	17,093
Income per common share:
Basic (in dollars per share)	$ 1.17	$ 1.26	$ 2.39	$ 2.45
Diluted (in dollars per share)	$ 1.15	$ 1.24	$ 2.36	$ 2.41

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Debt - Additional information (Details)		6 Months Ended
Debt - Additional information (Details)	Sep. 13, 2019 USD ($)	Jun. 30, 2022 USD ($) equipment_note	Dec. 31, 2021 USD ($)
Revolving loans
Debt Instrument [Line Items]
Debt instrument term		5 years
Secured Debt \| Credit Agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 375,000,000
Option to increase borrowing capacity	$ 200,000,000
Percentage of capital stock from direct foreign subsidiaries	65.00%
Debt instrument covenant leveraged debt ratio restriction	2.50
Debt instrument restricted maximum liquidity	$ 50,000,000
Weighted average interest rate		1.67%
Leverage coverage ratio	3.0
Interest coverage ratio	3.0
Deferred debt issuance costs		$ 700,000
Secured Debt \| Credit Agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.15%
Secured Debt \| Credit Agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.25%
Secured Debt \| Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate margin	0.00%
Secured Debt \| Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate margin	0.75%
Secured Debt \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Minimum
Debt Instrument [Line Items]
Interest rate margin	1.00%
Secured Debt \| Credit Agreement \| London Interbank Offered Rate (LIBOR) \| Maximum
Debt Instrument [Line Items]
Interest rate margin	1.75%
Secured Debt \| Credit Agreement \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Secured Debt \| Credit Agreement \| Letter of credit \| Insurance program obligations
Debt Instrument [Line Items]
Letters of credit outstanding		13,300,000	$ 12,300,000
Secured Debt \| Credit Agreement \| Revolving loans and letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Secured Debt \| Credit Agreement \| Non-performance letters of credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.00%
Secured Debt \| Credit Agreement \| Non-performance letters of credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.75%
Secured Debt \| Credit Agreement \| Performance letters of credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	0.50%
Secured Debt \| Credit Agreement \| Performance letters of credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	0.875%
Secured Debt \| Credit Agreement \| Revolving loans
Debt Instrument [Line Items]
Debt outstanding under facility		$ 51,400,000	$ 0
Notes payable to banks \| Master Loan Agreement
Debt Instrument [Line Items]
Number of equipment notes (equipment note) \| equipment_note		1
Notes payable to banks \| Other equipment note
Debt Instrument [Line Items]
Debt instrument term		5 years
Number of equipment notes (equipment note) \| equipment_note		1

Lease Obligations - Additional information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Operating And Finance Leases [Line Items]
Option to extend lease term (up to)	5 years
Option to terminate leases, period	1 year
Minimum lease payments required	$ 39,946
Subsidiaries \| Employees
Operating And Finance Leases [Line Items]
Minimum lease payments required	$ 7,900
Lease amortization period	4 years 6 months
Minimum
Operating And Finance Leases [Line Items]
Remaining lease term	1 year
Maximum
Operating And Finance Leases [Line Items]
Remaining lease term	7 years

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 40,372	$ 41,147
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	24,043	22,172
Amortization of intangible assets	6,020	1,156
Stock-based compensation expense	3,688	3,435
Deferred income taxes	(1)	481
Gain on sale of property and equipment	(1,400)	(1,794)
Other non-cash items	581	1,370
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	(20,457)	(10,098)
Contract assets, net	(43,413)	(10,855)
Receivable for insurance claims in excess of deductibles	12,504	304
Other assets	(4,939)	10,389
Accounts payable	42,763	47,772
Contract liabilities	33,619	(21,433)
Accrued self-insurance	(11,861)	1,869
Other liabilities	(21,400)	2,647
Net cash flows provided by operating activities	60,119	88,562
Cash flows from investing activities:
Proceeds from sale of property and equipment	1,237	1,637
Cash paid for acquired business, net of cash acquired	(110,576)	0
Purchases of property and equipment	(30,421)	(20,997)
Net cash flows used in investing activities	(139,760)	(19,360)
Cash flows from financing activities:
Net borrowings under revolving lines of credit	51,395	0
Payment of principal obligations under equipment notes	(516)	(20,635)
Payment of principal obligations under finance leases	(880)	(376)
Proceeds from exercise of stock options	4	429
Repurchase of common stock	(23,467)	0
Payments related to tax withholding for stock-based compensation	(6,791)	(3,352)
Other financing activities	607	12
Net cash flows provided by (used in) financing activities	20,352	(23,922)
Effect of exchange rate changes on cash	(746)	374
Net increase (decrease) in cash and cash equivalents	(60,035)	45,654
Cash and cash equivalents:
Beginning of period	82,092	22,668
End of period	$ 22,057	$ 68,322

Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt

The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes:


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of June 30, 2022		Outstanding Balance as of December 31, 2021
Credit Agreement
Revolving loans	9/13/2019	Variable	Variable	5	$	51,395	$	—

Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	3,987		4,503
Other equipment note	4/11/2022	4.55%	Monthly	5	64		—
					4,051		4,503
Total debt					55,446		4,503
Less: current portion of long-term debt					(1,065)		(1,039)
Long-term debt					$	54,381	$	3,464

Credit Agreement

On September 13, 2019, the Company entered into a five-year amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A, that provides for a $375 million facility (the “Facility”), subject to certain financial covenants as defined in the Credit Agreement, that may be used for revolving loans of which $150 million may be used for letters of credit. The Facility also allows for revolving loans and letters of credit in Canadian dollars and other currencies, up to the U.S. dollar equivalent of $75 million. The Company has an expansion option to increase the commitments under the Facility or enter into incremental term loans, subject to certain conditions, by up to an additional $200 million upon receipt of additional commitments from new or existing lenders. Subject to certain exceptions, the Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. Additionally, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Facility may be accelerated and may become or be declared immediately due and payable. Borrowings under the Credit Agreement are used for refinancing existing indebtedness, working capital, capital expenditures, acquisitions, share repurchases, and other general corporate purposes.

Amounts borrowed under the Credit Agreement bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.00% to 0.75%; or (2) Adjusted LIBO Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.00% to 1.75%. The applicable margin is determined based on the Company’s consolidated leverage ratio (the “Leverage Ratio”) which is defined in the Credit Agreement as Consolidated Total Indebtedness (as defined in the Credit Agreement) divided by Consolidated EBITDA (as defined in the Credit Agreement). Letters of credit issued under the Facility are subject to a letter of credit fee of 1.00% to 1.75% for non-performance letters of credit or 0.50% to 0.875% for performance letters of credit, based on the Company’s consolidated Leverage Ratio. The Company is subject to a commitment fee of 0.15% to 0.25%, based on the Company’s consolidated Leverage Ratio, on any unused portion of the Facility. The Credit Agreement restricts certain types of payments when the Company’s consolidated Leverage Ratio exceeds 2.50 or the Company's consolidated Liquidity (as defined in the Credit Agreement) is less than $50 million. The weighted average interest rate on borrowings outstanding on the Facility for the six months ended June 30, 2022 was 1.67% per annum.

Under the Credit Agreement, the Company is subject to certain financial covenants and is limited to a maximum consolidated Leverage Ratio of 3.0 and a minimum interest coverage ratio of 3.0, which is defined in the Credit Agreement as Consolidated EBITDA (as defined in the Credit Agreement) divided by interest expense (as defined in the Credit Agreement). The Credit Agreement also contains covenants including limitations on asset sales, investments, indebtedness and liens. The Company was in compliance with all of its financial covenants under the Credit Agreement as of June 30, 2022.

As of June 30, 2022, the Company had $51.4 million of debt outstanding under the Facility and letters of credit outstanding under the Facility of approximately $13.3 million, which are almost entirely related to the Company's payment obligation under its insurance programs.

As of December 31, 2021, the Company had no debt outstanding under the Facility and letters of credit outstanding under the Facility of approximately $12.3 million, which are almost entirely related to the Company's payment obligation under its insurance programs.

The Company had remaining deferred debt issuance costs totaling $0.7 million as of June 30, 2022, related to the line of credit. As permitted, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the line of credit.

Equipment Notes

The Company has entered into Master Equipment Loan and Security Agreements (the “Master Loan Agreements”) with multiple finance companies. The Master Loan Agreements may be used for the financing of equipment between the Company and the lenders pursuant to one or more equipment notes ("Equipment Note"). Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses.

As of June 30, 2022, the Company had one Equipment Note outstanding under the Master Loan Agreements that is collateralized by equipment and vehicles owned by the Company. As of June 30, 2022, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company. The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of June 30, 2022:


(in thousands)	Future Equipment Notes Principal Payments
Remainder of 2022	$	529
2023	1,080
2024	2,409
2025	14
2026	14
2027	5

Total future principal payments	4,051
Less: current portion of equipment notes	(1,065)
Long-term principal obligations	$	2,986

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of June 30, 2022, the Company had approximately $14.3 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur over the next seven months. Insurance and Claims Accruals The Company carries insurance policies, which are subject to certain deductibles and limits, for workers’ compensation, general liability, automobile liability and other insurance coverage. The deductible per occurrence for each line of coverage is up to $1.0 million, except for wildfire coverage which has a deductible of $2.0 million. The Company also maintains excess umbrella coverage providing higher layers of insurance coverage for losses that exhaust the limits of underlying coverage. A layer of this umbrella coverage requires the Company to pay a portion of any loss within a certain loss range and our potential exposure for such losses is up to approximately $3.8 million. The Company’s health benefit plans are subject to stop-loss limits of up to $0.2 million for qualified individuals. Losses up to the deductible and stop-loss amounts are accrued based upon the Company’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the deductible, a corresponding receivable for amounts in excess of the deductible is included in current and long-term assets in the Company’s consolidated balance sheets. Performance and Payment Bonds and Parent Guarantees In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on certain contractual commitments. The Company has indemnified its sureties for any expenses paid out under these bonds. As of June 30, 2022, an aggregate of approximately $1.74 billion in original face amount of bonds issued by the Company’s sureties were outstanding. The Company estimated the remaining cost to complete these bonded projects was approximately $742.3 million as of June 30, 2022. From time to time, the Company guarantees the obligations of wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease agreements, and, in some states, obligations in connection with obtaining contractors’ licenses. Additionally, from time to time the Company is required to post letters of credit to guarantee the obligations of wholly owned subsidiaries, which reduces the borrowing availability under the Facility. Indemnities From time to time, pursuant to its service arrangements, the Company indemnifies its customers for claims related to the services it provides under those service arrangements. These indemnification obligations may subject the Company to indemnity claims and liabilities and related litigation. The Company is not aware of any material unrecorded liabilities for asserted claims in connection with these indemnification obligations. Collective Bargaining Agreements Most of the Company’s subsidiaries’ craft labor employees are covered by collective bargaining agreements. The agreements require the subsidiaries to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If a subsidiary withdraws from any of the multi-employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could incur liabilities for additional contributions related to these plans. Although the Company has been informed that the underfunding status of some of the multi-employer pension plans to which its subsidiaries contribute have been classified as “critical” status, the Company is not currently aware of any potential liabilities related to this issue. Litigation and Other Legal Matters The Company is from time-to-time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of our business, as well as in respect of our divested businesses. These claims, lawsuits and other proceedings include claims related to the Company’s current services and operations, as well as our historic operations. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (which was amended and restated as of April 23, 2020) (the “LTIP”) and the 2007 Long-Term Incentive Plan (as amended) (the “2007 Plan”). Upon the adoption of the original LTIP in 2017, awards were no longer granted under the 2007 Plan. The LTIP provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance share awards, (g) phantom stock units, (h) stock bonuses, (i) dividend equivalents, and (j) any combination of such grants. The Company has outstanding grants of non-qualified stock options, time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units. During the six months ended June 30, 2022, the Company granted time-vested stock awards covering 45,992 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $76.93. During the six months ended June 30, 2022, time-vested stock awards covering 73,373 shares of common stock vested at a weighted average grant date fair value of $42.47. During the six months ended June 30, 2022, the Company granted 31,603 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2024, at a weighted average grant date fair value of $118.82. The number of shares ultimately earned under a performance award may vary from zero to 200% of the target shares granted, based upon the Company’s performance compared to certain metrics. The metrics used were determined at the time of the grant by the Compensation Committee of the Board of Directors and were either based on internal measures, such as the Company’s financial performance compared to targets, or on a market-based metric, such as the Company’s stock performance compared to a peer group. Performance awards granted cliff vest following the performance period if the stated performance targets and minimum service requirements are attained and are paid in shares of the Company’s common stock. During the six months ended June 30, 2022, plan participants exercised options to purchase 236 shares of the Company’s common stock with a weighted average exercise price of $17.48. The Company recognizes stock-based compensation expense related to restricted stock units based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period, which is generally three years. For performance awards, the Company recognizes stock-based compensation expense based on the grant date fair value of the award. The fair value of internal metric-based performance awards is determined by the closing stock price of the Company’s common stock on the date of the grant. The fair value of market-based performance awards is computed using a Monte Carlo simulation. Performance awards are expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the shares expected to vest at each reporting date.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 2,337	$ 2,441
Contract assets, allowance	452	385
Property and equipment, accumulated depreciation	336,347	322,128
Intangible assets, accumulated amortization	$ 22,729	$ 16,779
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	16,723,583	16,870,636
Common stock, shares outstanding (in shares)	16,723,583	16,870,636

Lease Obligations - Summary of lease related costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lease cost:
Amortization of right-of-use assets	$ 218	$ 186	$ 656	$ 375
Interest on lease liabilities	47	1	75	3
Operating lease cost	3,265	2,469	6,388	4,955
Variable lease costs	102	78	211	156
Total lease cost	$ 3,632	$ 2,734	$ 7,330	$ 5,489

Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of contract assets and liabilities

Contract assets consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Unbilled revenue, net	$	165,839	$	134,187	$	31,652
Contract retainages, net	114,879		90,888		23,991
Contract assets, net	$	280,718	$	225,075	$	55,643

Contract liabilities consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021		Change
Deferred revenue	$	200,929	$	165,699	$	35,230
Accrued loss provision	2,234		2,232		2
Contract liabilities	$	203,163	$	167,931	$	35,232

The following table provides information about contract assets and contract liabilities from contracts with customers:


(in thousands)	June 30, 2022		December 31, 2021		Change
Contract assets, net	$	280,718	$	225,075	$	55,643
Contract liabilities	(203,163)		(167,931)		(35,232)
Net contract assets (liabilities)	$	77,555	$	57,144	$	20,411

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following:


(in thousands)	June 30, 2022		December 31, 2021
Costs and estimated earnings on uncompleted contracts	$	4,492,937	$	4,130,621
Less: billings to date	4,528,027		4,162,133
	$	(35,090)	$	(31,512)

The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows:


(in thousands)	June 30, 2022		December 31, 2021
Unbilled revenue	$	165,839	$	134,187
Deferred revenue	(200,929)		(165,699)
	$	(35,090)	$	(31,512)

Lease Obligations - Summary of lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Operating lease right-of-use assets	$ 32,675	$ 20,971
Finance lease right-of-use assets	$ 4,965	0
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $336,347 and $322,128, respectively
Total right-of-use lease assets	$ 37,640	20,971
Current
Operating lease obligations	9,405	7,765
Finance lease obligations	1,318	0
Total current obligations	10,723	7,765
Non-current
Operating lease obligations	23,272	13,230
Finance lease obligations, net of current maturities	3,026	0
Total non-current obligations	26,298	13,230
Total lease obligations	$ 37,021	$ 20,995