0000700923-24-000008 | 10-K | XBRL Viewer

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Debt - Schedule of Remaining Principal Payments for Long Term Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 36,241	$ 40,553
Less: current portion of equipment notes	(7,053)	(5,074)
Long-term principal obligations	29,188	35,479
Notes Payable to Banks
Debt Instrument [Line Items]
Total debt	23,040	$ 27,638
Master Loan Agreement \| Notes Payable to Banks
Debt Instrument [Line Items]
2024	7,053
2025	4,364
2026	4,555
2027	7,068
2028	0
Thereafter	0
Total debt	23,040
Less: current portion of equipment notes	(7,053)
Long-term principal obligations	$ 15,987

Earnings Per Share - Summary of Weighted Average Number of Common Shares Used to Compute Basic and Dilute Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 90,990	$ 83,381	$ 85,006
Less: net loss attributable to noncontrolling interest	0	0	(4)
Net income attributable to MYR Group	$ 90,990	$ 83,381	$ 85,010
Denominator:
Weighted average common shares outstanding (in shares)	16,682	16,760	16,838
Weighted average dilutive securities (in shares)	155	220	323
Weighted average common shares outstanding, diluted (in shares)	16,837	16,980	17,161
Basic (in dollars per share)	$ 5.45	$ 4.98	$ 5.05
Diluted (in dollars per share)	$ 5.40	$ 4.91	$ 4.95

Contract Assets and Liabilities - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractors [Line Items]
Contract assets, net	$ 420,616	$ 300,615
Contract liabilities	(240,411)	(227,055)
Net contract assets	180,205	73,560
Changes in contract assets	119,246	$ 64,421	$ 39,266
Net Period Change
Contractors [Line Items]
Changes in contract assets	120,001
Changes in contract liabilities	(13,356)
Changes in net contract assets (liabilities)	$ 106,645

Lease Obligations

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lease Obligations

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 ten years, some of which may include options to extend the leases for up to six 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 December 31, 2023, 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 ongoing 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:


		December 31, 2023		December 31, 2022
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	35,012	$	30,544
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	2,363		3,238
Total right-of-use lease assets		$	37,375	$	33,782
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,237	$	9,711
Finance lease obligations	Current portion of finance lease obligations	2,039		1,127
Total current obligations		11,276		10,838
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	25,775		20,845
Finance lease obligations	Finance lease obligations, net of current maturities	314		2,313
Total non-current obligations		26,089		23,158
Total lease obligations		$	37,365	$	33,996

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


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term – finance leases	0.9 years		1.9 years
Weighted-average remaining lease term – operating leases	4.0 years		3.6 years
Weighted-average discount rate – finance leases	3.1	%	3.0	%
Weighted-average discount rate – operating leases	4.0	%	3.8	%

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


	Year ended December 31,
(in thousands)	2023		2022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	1,792	$	1,138
Interest on lease liabilities	83		128
Operating lease cost	14,302		13,428

Variable lease costs	353		415
Total lease cost	$	16,530	$	15,109

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


	Year ended December 31,
(in thousands)	2023		2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,519	$	13,287
Right-of-use asset obtained in exchange for new operating lease obligations	$	11,039	$	21,663
Right-of-use asset obtained in exchange for new finance lease obligations	$	—	$	517

Information on operating and financing lease right of use assets and corresponding lease obligations acquired with the Powerline Plus Companies is provided in Note 2–Acquisitions to the Financial Statements.

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under current portion of operating lease obligations and operating lease obligations, net of current maturities, as of December 31, 2023 were as follows:


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089

The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. 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 market rental rates. Lease expense associated with these leases was $2.7 million, $2.4 million and $0.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, the minimum lease payments required under these leases totaled $12.9 million, which are due over the next 5.7 years.

Lease Obligations

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


		December 31, 2023		December 31, 2022
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	35,012	$	30,544
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	2,363		3,238
Total right-of-use lease assets		$	37,375	$	33,782
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,237	$	9,711
Finance lease obligations	Current portion of finance lease obligations	2,039		1,127
Total current obligations		11,276		10,838
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	25,775		20,845
Finance lease obligations	Finance lease obligations, net of current maturities	314		2,313
Total non-current obligations		26,089		23,158
Total lease obligations		$	37,365	$	33,996

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


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term – finance leases	0.9 years		1.9 years
Weighted-average remaining lease term – operating leases	4.0 years		3.6 years
Weighted-average discount rate – finance leases	3.1	%	3.0	%
Weighted-average discount rate – operating leases	4.0	%	3.8	%

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


	Year ended December 31,
(in thousands)	2023		2022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	1,792	$	1,138
Interest on lease liabilities	83		128
Operating lease cost	14,302		13,428

Variable lease costs	353		415
Total lease cost	$	16,530	$	15,109

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


	Year ended December 31,
(in thousands)	2023		2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,519	$	13,287
Right-of-use asset obtained in exchange for new operating lease obligations	$	11,039	$	21,663
Right-of-use asset obtained in exchange for new finance lease obligations	$	—	$	517


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089

Acquisition - Summary of identifiable intangible assets (Details) - Powerline Plus Companies $ in Thousands	Jan. 04, 2022 USD ($)
Finite And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]
Total amortizable intangible assets	$ 44,275
Intangible asset amortization period	14 years 10 months 24 days
Total intangible assets	$ 50,246
Customer relationships
Finite And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]
Total amortizable intangible assets	$ 39,757
Intangible asset amortization period	15 years
Backlog
Finite And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]
Total amortizable intangible assets	$ 4,007
Intangible asset amortization period	1 year
Below market lease
Finite And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]
Total amortizable intangible assets	$ 511
Intangible asset amortization period	5 years
Trade names
Finite And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination [Line Items]
Total intangible assets	$ 5,971

Earnings Per Share - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 01, 2023	May 09, 2023
Earnings Per Share [Abstract]
Share repurchase program, authorized amount				$ 75,000,000	$ 75,000,000
Shares repurchased (in shares)	25,042
Weighted average price for stock repurchase (in dollars per share)	$ 114.55
Remaining availability under share repurchase program	$ 72,500,000
Shares repurchased related to tax withholding for stock-based compensation (in shares)	76,150	68,675
Shares repurchased related to tax withholding for stock-based compensation	$ 7,936,000	$ 6,791,000	$ 3,352,000

Stock-Based Compensation - Summary of Performance Share Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance awards
Shares
Outstanding, beginning of period (in shares)	73,508	121,327	150,339
Granted at target (in shares)	32,994	31,603	42,091
Vested (in shares)	(77,832)	(157,368)	(128,920)
Forfeited (in shares)	(8,468)	(738)	(644)
Outstanding, end of period (in shares)	59,118	73,508	121,327
Per Share Weighted-Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 96.75	$ 50.06	$ 36.54
Granted at target (in dollars per share)	136.54	118.82	80.11
Vested (in dollars per share)	80.07	34.10	39.26
Forfeited (in dollars per share)	108.24	45.71	39.25
Outstanding, end of period (in dollars per share)	$ 128.29	$ 96.75	$ 50.06
Earned for performance above target
Shares
Earned (forfeited) for performance above or below target (in shares)	38,916	78,684	58,461
Per Share Weighted-Average Grant Date Fair Value
Earned (forfeited) for performance above or below target (in dollars per share)	80.07	34.10	40.41

Contract Assets and Liabilities - Summary of Contract Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractors [Line Items]
Unbilled revenue, net	$ 217,083	$ 156,266
Contract retainages, net	203,533	144,349
Contract assets, net	420,616	300,615
Changes in contract assets, net	119,246	$ 64,421	$ 39,266
Net Period Change
Contractors [Line Items]
Changes in unbilled revenue, net	60,817
Changes in contract retainages, net	59,184
Changes in contract assets, net	$ 120,001

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Purchase orders outstanding	$ 32,500,000
Insurance expense	88,300,000	$ 77,100,000	$ 65,100,000
Performance Guarantee
Other Commitments [Line Items]
Bonds outstanding	2,440,000,000
Estimated remaining costs for bonded projects	726,100,000
Contingencies Excluding Wildfire and Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	1,000,000
Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	$ 200,000

Segment Information - Summary of Segment's Internal Financial Reports (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Contract revenues	$ 3,643,905	$ 3,008,542	$ 2,498,289
Income from operations	129,093	114,907	118,560
General Corporate
Segment Reporting Information [Line Items]
Income from operations	(66,499)	(67,138)	(68,596)
T&D
Segment Reporting Information [Line Items]
Contract revenues	2,089,196	1,745,792	1,301,587
T&D \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations	149,703	138,886	132,738
C&I
Segment Reporting Information [Line Items]
Contract revenues	1,554,709	1,262,750	1,196,702
C&I \| Operating Segments
Segment Reporting Information [Line Items]
Income from operations	$ 45,889	$ 43,159	$ 54,418

- 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
-Topic 924
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Accrued Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and incentive compensation	$ 39,986	$ 31,355
Union dues and benefits	26,107	21,500
Payroll, sales and other taxes	13,903	6,574
Profit sharing and thrift plan	8,592	9,119
Other	12,005	11,370
Total other current liabilities	$ 100,593	$ 79,918

Segment Information

12 Months Ended

Dec. 31, 2023

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 includes safety costs, professional fees, IT expenses and management fees.

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, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services in response to hurricane, wildfire, ice or other 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, signalization and electric vehicle charging infrastructure. 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 information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:


	For the Year ended December 31,
(in thousands)	2023		2022		2021
Contract revenues:
T&D	$	2,089,196	$	1,745,792	$	1,301,587
C&I	1,554,709		1,262,750		1,196,702
	$	3,643,905	$	3,008,542	$	2,498,289
Income from operations:
T&D	$	149,703	$	138,886	$	132,738
C&I	45,889		43,159		54,418
General Corporate	(66,499)		(67,138)		(68,596)
	$	129,093	$	114,907	$	118,560

The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31:


(in thousands)	2023		2022
T&D	$	632,788	$	500,568
C&I	502,451		473,101
General Corporate	443,507		425,189
	$	1,578,746	$	1,398,858

An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:


	For the Year ended December 31,
(in thousands)	2023		2022		2021
Depreciation and amortization
T&D	$	51,470	$	50,825	$	38,668
C&I	7,668		7,345		7,537
	$	59,138	$	58,170	$	46,205

As of December 31, 2023 and 2022, there were $169.0 million and $146.1 million, respectively, of identifiable assets attributable to Canadian operations.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
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-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Lease Obligations - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finance Lease Obligations
2024	$ 2,078
2025	320
2026	0
2027	0
2028	0
Thereafter	0
Total minimum lease payments	2,398
Financing component	(45)
Net present value of minimum lease payments	2,353
Less: current portion of operating lease obligations	(2,039)	$ (1,127)
Finance lease obligations, net of current maturities	314	2,313
Operating Lease Obligations
2024	13,148
2025	11,188
2026	9,099
2027	4,568
2028	3,503
Thereafter	2,956
Total minimum lease payments	44,462
Financing component	(9,450)
Net present value of minimum lease payments	35,012
Less: current portion of operating lease obligations	(9,237)	(9,711)
Long-term operating lease obligations	25,775	20,845
Total Lease Obligations
2024	15,226
2025	11,508
2026	9,099
2027	4,568
2028	3,503
Thereafter	2,956
Total minimum lease payments	46,860
Financing component	(9,495)
Net present value of minimum lease payments	37,365	33,996
Less: current portion of operating lease obligations	(11,276)	(10,838)
Total non-current obligations	$ 26,089	$ 23,158

Goodwill and Intangible Assets -Schedule of estimated future intangible asset amortization expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,954
2025	4,954
2026	4,954
2027	4,815
2028	4,805
Thereafter	24,857
Net Carrying Amount	$ 49,339

Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of business segments (segment) \| segment	2
Identifiable assets	$ 1,578,746	$ 1,398,858
Canada
Segment Reporting Information [Line Items]
Identifiable assets	$ 169,000	$ 146,100

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
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+ Details

Contract Assets and Liabilities - Summary of Net Asset Position for Contracts in Process (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Unbilled revenue, net	$ 217,083	$ 156,266
Deferred revenue	(231,604)	(223,654)
Net asset position for contracts in process	$ (14,521)	$ (67,388)

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Crowe LLP
Auditor Location	Oak Brook, Illinois
Auditor Firm ID	173

Accounts Receivable - Summary of Allowance for Doubtful Accounts Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 2,073	$ 2,441	$ 1,696
Less: reduction in (provision for) allowances	85	320	(764)
Less: write offs, net of recoveries	3	45	19
Change in foreign currency translation	2	(3)	0
Balance at end of period	$ 1,987	$ 2,073	$ 2,441

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of accrued short and long term insurance liabilities

The following table includes the Company’s accrued short- and long-term insurance liabilities at December 31:


(in thousands)	2023		2022
Balance at beginning of period	$	80,039	$	75,058
Net increases in accrued self-insurance	86,093		76,299
Net payments made	(86,067)		(71,318)
Balance at end of period	$	80,065	$	80,039

Income Taxes - Additional Information (Details) $ in Millions	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Reduction of unrecognized tax benefits	$ 0.2

Lease Obligations - Summary of Lease-Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 35,012	$ 30,544
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $380,465 and $351,753, respectively
Finance lease right-of-use assets	$ 2,363	3,238
Total right-of-use lease assets	37,375	33,782
Current
Operating lease obligations	9,237	9,711
Finance lease obligations	2,039	1,127
Total current obligations	11,276	10,838
Non-current
Operating lease obligations	25,775	20,845
Finance lease obligations	314	2,313
Total non-current obligations	26,089	23,158
Net present value of minimum lease payments	$ 37,365	$ 33,996

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of other current liabilities

Other current liabilities consisted of the following at December 31:


(in thousands)	2023		2022
Payroll and incentive compensation	$	39,986	$	31,355
Union dues and benefits	26,107		21,500
Payroll, sales and other taxes	13,903		6,574
Profit sharing and thrift plan	8,592		9,119


Other	12,005		11,370
	$	100,593	$	79,918

Contract Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Allowance for doubtful accounts	$ 610	$ 499
Revenues recognized during period	$ 130,700	$ 117,300

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 90,990	$ 83,381	$ 85,006
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	54,231	49,161	43,894
Amortization of intangible assets	4,907	9,009	2,311
Stock-based compensation expense	8,376	7,922	7,496
Deferred income taxes	2,056	9,573	6,281
Gain on sale of property and equipment	(4,214)	(2,378)	(3,098)
Other non-cash items	96	2,294	1,892
Changes in operating assets and liabilities:
Accounts receivable, net	(48,527)	(86,939)	10,659
Contract assets, net	(119,246)	(64,421)	(39,266)
Receivable for insurance claims in excess of deductibles	1,529	(14)	(4,619)
Prepaid expenses and other assets	560	1,640	(25,320)
Accounts payable	37,250	109,008	34,348
Contract liabilities	13,151	58,001	9,573
Accrued self-insurance	17	4,999	5,233
Other liabilities	29,840	(13,752)	2,838
Net cash flows provided by operating activities	71,016	167,484	137,228
Cash flows from investing activities:
Proceeds from sale of property and equipment	5,608	1,990	3,062
Cash paid for acquisitions, net of cash acquired	0	(110,660)	0
Purchases of property and equipment	(84,736)	(77,056)	(52,361)
Net cash flows used in investing activities	(79,128)	(185,726)	(49,299)
Cash flows from financing activities:
Borrowings under revolving lines of credit	562,901	198,697	0
Repayments under revolving lines of credit	(562,615)	(185,782)	0
Payment of principal obligations under equipment notes	(4,598)	(1,047)	(24,917)
Payment of principal obligations under finance leases	(1,143)	(1,592)	(336)
Borrowings under equipment notes	0	24,184	0
Proceeds from exercise of stock options	20	40	498
Debt refinancing costs	(2,129)	0	0
Repurchase of common stock	(2,868)	(36,981)	0
Payments related to tax withholding for stock-based compensation	(7,936)	(6,791)	(3,352)
Other financing activities	0	0	12
Net cash flows used in financing activities	(18,368)	(9,272)	(28,095)
Effect of exchange rate changes on cash	339	(3,538)	(410)
Net increase (decrease) in cash and cash equivalents	(26,141)	(31,052)	59,424
Cash and cash equivalents:
Beginning of period	51,040	82,092	22,668
End of period	24,899	51,040	82,092
Cash paid during the period for:
Income taxes payments	23,949	20,462	30,009
Interest payments	4,145	2,736	1,444
Noncash investing activities:
Acquisition of property and equipment for which payment is pending	$ 8,474	$ 2,218	$ 4,120

Acquisition - Additional Information (Details) - USD ($)		12 Months Ended
	Jan. 04, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Cash consideration paid, net of cash acquired		$ 0	$ 110,660,000		$ 0
Powerline Plus Companies
Business Acquisition [Line Items]
Net asset and other adjustments	$ 563,000			$ 84,000
Cash consideration paid, net of cash acquired				110,700,000
Contingent consideration - fair value at acquisition date	$ 10,608,000		865,000	865,000
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	$ 900,000	0	200,000	$ 200,000
Contingent earn-out consideration payment	$ 17,000,000
Change in contingent consideration		200,000	700,000
Powerline Plus Companies \| Margin Guarantee
Business Acquisition [Line Items]
Change in contingent consideration		$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income attributable to MYR Group	$ 90,990	$ 83,381	$ 85,010

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 944
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-Topic 470
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+ Details

Organization, Business and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Significant Accounting Policies	Organization, Business and Significant Accounting Policies Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers 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, clean energy projects and electric vehicle charging infrastructure. T&D services 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 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, signalization and electric vehicle charging infrastructure. Significant Accounting Policies Consolidation The accompanying Financial Statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. Certain reclassifications were made to prior year amounts to conform to the current year presentation. Revenue Recognition The Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services provided. Revenue associated with contracts with customers is recognized over time as the Company’s performance creates or enhances customer-controlled assets or creates or enhances an asset with no alternative use, for which the Company has an enforceable right to receive compensation as defined under the contract. To determine the amount of revenue to recognize over time, the Company estimates profit by determining the difference between total estimated revenue and total estimated cost of a contract. In addition, the Company estimates a cost accrual every quarter that represents unbilled invoicing activity for services performed by subcontractors and suppliers during the quarter, and estimates revenue from the contract cost portion of this accrual based on current gross margin rates to be consistent with its cost method of revenue recognition. The estimated value of unbilled amounts are determined using a regression analysis that estimates value based on the Company’s historical experience, and is adjusted for large individual projects. The profit and corresponding revenue is recognized over the contract term based on costs incurred under the cost-to-cost method. The Company utilizes the cost-to-cost method as it believes cost incurred best represents the amount of work completed and remaining on projects, and is the most common basis for computing percentage of completion in the industry. For purposes of recognizing revenue, the Company follows the five-step approach outlined in Accounting Standards Codification (“ASC”) 606. As the cost-to-cost method is driven by incurred cost, the Company calculates the percentage of completion by dividing costs incurred to date by the total estimated cost. The percentage of completion is then multiplied by estimated revenues to determine inception-to-date revenue. Revenue recognized for the period is the current inception-to-date recognized revenue less the prior period inception-to-date recognized revenue. If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined and the amount of the loss is updated in subsequent reporting periods. Because the Company’s billings are based on contract terms and do not coincide with our progress in a project, revenue recognition also includes an amount related to a contract asset or contract liability. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded. Additionally, the contract asset includes retainage billed to the customer that cannot be collected until the contract work has been completed and approved. Conversely, if the amount billed to the customer is greater than the recognized revenue, a contract liability is recorded. Additionally, the contract liability includes a liability for the excess of costs over revenues for all contracts that are in a loss position. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in the job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and the total estimated costs to complete those contracts, and therefore, profit and revenue recognition. Additionally, the Company estimates costs to complete on fixed price contracts which are determined on an individual contract basis by evaluating each project’s status as of the balance sheet date, and using our historical experience with the level of effort required to complete the underlying project. Claims and change orders are also measured based on our historical experience with individual customers and similar contracts, and are evaluated by management individually. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. A claim is an amount in excess of the agreed-upon contract price that the Company seeks to collect from its clients or others for client-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes. The Company includes these estimated amounts of variable consideration to the extent that it is probable there will not be a significant reversal of revenue. Some of the Company’s contracts may have contract terms that include variable consideration such as safety or performance bonuses or liquidated damages. In accordance with ASC 606, the Company estimates the variable consideration using one of two methods. In contracts in which there is a binary outcome, the most likely amount method is used. In instances in which there is a range of possible outcomes, the expected value method is used. In accordance with ASC 606, the Company includes the estimated amount of variable consideration in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative recognized revenue will not occur when the final outcome of the variable consideration is determined. In contracts in which a significant reversal may occur, the Company uses constraint in recognizing revenue on variable consideration. Although the Company often enters into contracts that contain liquidated damage clauses, the Company rarely incurs them, and as such, the Company does not include amounts associated with liquidated damage clauses until it is probable that liquidated damages will occur. These items are continually monitored by multiple levels of management throughout the reporting period. A portion of the work the Company performs requires financial assurances in the form of performance and payment bonds or letters of credit at the time of execution of the contract. Many of the Company’s contracts include retention provisions of up to 10%, which are generally withheld from each progress payment as retainage until the contract work has been completed and approved. The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax collected from customers is included in other current liabilities on the Company’s consolidated balance sheets. 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. During the years ended December 31, 2023, 2022 and 2021, the Company recognized its proportionate share of joint venture revenues of $33.0 million, $11.3 million, and $26.1 million, respectively. 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 commitment 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 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 typically 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 intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency gains or losses, recorded in other income (expense), net, for the year ended December 31, 2023 and 2022, were not significant, and losses were $0.1 million for the year ended December 31, 2021. Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, 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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 on 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 period 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 December 31, 2023 and 2022, the Company recognized revenues of $76.5 million and $19.6 million, respectively, related to significant 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. These aggregate amounts, which were included in “Contract assets” in the accompanying consolidated balance sheets, represent the Company’s estimates of additional contract revenues that were earned and probable of collection; however, the amount ultimately realized could be significantly higher or lower than the estimated amount. 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 year ended December 31, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.7%, which resulted in decreases in operating income of $62.2 million, net income of $43.6 million and diluted earnings per common share attributable to MYR Group Inc. of $2.59. The estimates are reviewed and revised quarterly, as needed. Additional discussion on the impact of these estimate changes can be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” During the year ended December 31, 2022, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.4%, which resulted in decreases in operating income of $9.8 million, net income of $6.9 million and diluted earnings per common share attributable to MYR Group Inc. of $0.41. During the year ended December 31, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.4%, which resulted in increases in operating income of $9.2 million, net income attributable to MYR Group Inc. of $6.6 million and diluted earnings per common share attributable to MYR Group Inc. of $0.39. Advertising Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $1.8 million, $1.2 million and $0.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. The Company also evaluates whether the recorded deferred tax assets and valuation allowances can be realized and, when necessary, reduces the amounts to what is expected to be realized. Interest and penalties related to uncertain income tax positions are included in income tax expense on the Company’s consolidated statements of operations. Interest and penalties actually incurred are charged to the interest expense and the “other income (expense), net” line, respectively. Stock-Based Compensation The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognizes the related compensation expense over the vesting period. The Company uses the straight-line amortization method to recognize compensation expense related to stock-based awards, such as restricted stock units, that have only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. The Company recognizes compensation expense related to performance awards that vest based on internal performance metrics and service conditions on a straight-line basis over the service period, but adjusts inception-to-date expense based upon our determination of the potential achievement of the performance target at each reporting date. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. The Company recognizes forfeitures as they occur. Shares issued under the Company’s stock-based compensation program are taken out of authorized but unissued shares. Earnings Per Share The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. 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. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, the Company held its cash in checking accounts or in highly liquid money market accounts. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balance overdrafts during the same business day. Checks issued and outstanding in excess of bank balances are recorded in accounts payable on the Company’s consolidated balance sheets and are reflected as a financing activity on the Company’s Consolidated Statements of Cash Flows. Accounts Receivable and Allowance for Doubtful Accounts The Company does not charge interest to its customers and carries its customer receivables at their face amounts, net of contract retainage, less an allowance for doubtful accounts. Based on the Company’s experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable as current assets. The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible, the account balance is written-off against the allowance for doubtful accounts. Classification of Contract Assets and Liabilities The Company recognizes revenue associated with its contracts with customers over time, for which the Company has an enforceable right to receive compensation. Many of our contracts contain specific provisions that determine when the Company can bill for its work performed under these contracts. Any revenue earned on a contract that has not yet been billed to the customer is recorded as a contract asset on the Company’s consolidated balance sheets. Contract retainages associated with contract work that has been completed and billed but not paid by its customers until the contracts are substantially complete, pursuant to contract retainage provisions under the contract, are also included in contract assets. The Company’s consolidated balance sheets present contract liabilities that contain deferred revenue that represent any costs incurred on contracts in process for which revenue has not yet been recognized. Additionally, accruals for contracts in a loss provision are included in contract liabilities. Property and Equipment Property and equipment is carried at cost, except for assets acquired in a business combination which are recorded at fair value at the date of acquisition. Depreciation is computed using the straight-line method over estimated useful lives. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in income from operations. The cost of maintenance and repairs is charged to expense as incurred. Property and equipment is reviewed for impairment and tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value of property and equipment exceeds its fair value, an impairment charge would be recorded in the statement of operations. Leases 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 ten years, some of which may include options to extend the leases for up to six 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. As of December 31, 2023, the Company had several leases with residual value guarantees. The total amount probable of being owed of residual leases guarantees is not significant. 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 ongoing and the purchase option price is attractive. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with ASC Topic 842. Leases are accounted for as operating or finance leases, depending on the terms of the lease. Finance Leases. The Company leases some vehicles and certain equipment under finance leases. The economic substance of the leases is a financing transaction for acquisition of the vehicles and equipment. Accordingly, the right-of-use assets for these leases are included on the Company’s consolidated balance sheets in property and equipment, net of accumulated depreciation, with a corresponding amount recorded in current portion of finance lease obligations or finance lease obligations, net of current maturities, as appropriate. The finance lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight-line basis and included in depreciation expense. The financing component associated with finance lease obligations is included in interest expense. Generally, for the Company’s finance leases an implicit rate to calculate present value is provided in the lease agreement. However, if a rate in not provided the Company determines this rate by estimating the Company’s incremental borrowing rate, utilizing the borrowing rates associated with the Company’s various debt instruments. Operating Right-of-Use Leases. Operating right-of-use leases are included in operating lease right-of-use assets, current portion of operating lease obligations and operating lease obligations, net of current maturities on the Company’s consolidated balance sheets, as appropriate. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate to calculate present value, the Company determines this rate by estimating the Company’s incremental borrowing rate, utilizing the borrowing rates associated with the Company’s various debt instruments. The operating lease right-of-use asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, which are considered in the present value calculations when it is reasonably certain we will exercise those options. Insurance The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is up to $1.0 million. Certain health benefit plans are subject to a stop-loss limit of up to $0.2 million, for qualified individuals. Losses up to the deductible 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 assets on the Company’s consolidated balance sheets. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company performs either a qualitative or quantitative assessment to review goodwill and intangible assets with indefinite lives for impairment on an annual basis. This assessment is performed at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. Intangible assets with finite lives are also reviewed for impairment and tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A qualitative assessment considers financial, industry, segment and macroeconomic factors, if the qualitative assessment indicates a potential for impairment, a quantitative assessment is performed to determine if impairment exists. The quantitative assessment begins with a comparison of the fair value of the reporting unit or intangible asset with its carrying value. If the carrying amount of the reporting unit or intangible asset exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of the goodwill allocated to the reporting unit or intangible asset. If the carrying value of goodwill or other indefinite lived assets exceeds its implied fair value, an impairment charge would be recorded in the statement of operations. As a result of the annual qualitative review process in 2023 and 2022, the Company determined it was not necessary to perform a quantitative assessment. In 2021, the Company performed a quantitative assessment on goodwill and intangible assets with indefinite lives, this assessment did not indicate that the Company’s goodwill or indefinite lived intangible assets were impaired. Concentrations Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company’s top ten customers accounted for approximately 37.9%, 35.4%, and 34.9% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, no single customer accounted for more than 10.0% of annual revenues. The Company grants trade credit under contractual payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2023 and 2022, none of the Company’s customers individually exceeded 10.0% of accounts receivable. The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. As of December 31, 2023, approximately 84% of the Company’s craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future. Canadian Emergency Wage Subsidy (CEWS) In 2020 and 2021, certain C&I segment Canadian operations of the Company qualified for and applied for a wage subsidy under the Canada Emergency Wage Subsidy (“CEWS”) program. Payroll subsidies received under CEWS totaled $2.3 million and were initially recorded in the "other current liabilities" line on the Company’s consolidated balance sheets. Once the qualification criteria was met in 2022, these funds were recorded to the “other income (expense), net” line on the Company’s consolidated statements of operations. The Company does not have any outstanding applications for further government assistance. Recent Accounting Pronouncements Changes to 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 will have minimal impact on its Financial Statements when adopted. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses and other disclosure requirements. The update is effective for annual reporting periods beginning after December 15, 2023, with early adoption permitted. The guidance requires application on a retrospective basis. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance also includes certain other amendments intended to improve the effectiveness of income tax disclosures. The update is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The amendments in this pronouncement should be applied on a prospective basis, with the option to apply them retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s income tax disclosures.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,987	$ 2,073
Contract assets, allowance	610	499
Property and equipment, accumulated depreciation	380,465	351,753
Intangible assets, accumulated amortization	$ 30,534	$ 25,439
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)	16,684,492	16,563,767
Common stock, shares outstanding (in shares)	16,684,492	16,563,767

Income Taxes - Summary of Net Deferred Tax Assets and (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax assets:
Self-insurance reserves	$ 3,850	$ 2,979
Contract loss reserves	2,273	842
Stock-based awards	3,336	2,071
Bonus	11,137	8,656
Accrued vacation	2,295	2,227
Accrued profit sharing	1,707	2,030
Operating lease liabilities	8,115	6,691
Non-U.S. operating loss	2,411	2,402
Other	1,090	1,112
Total deferred income tax assets before valuation allowances	36,214	29,010
Less: valuation allowances	(2,412)	(2,402)
Total deferred income tax assets	33,802	26,608
Deferred income tax liabilities:
Property and equipment — tax over book depreciation	(45,332)	(42,413)
Non-U.S. intangible assets — tax over book amortization	(10,363)	(11,086)
Intangible assets — tax over book amortization	(4,013)	(3,331)
Right-of-use operating lease assets	(8,115)	(6,688)
Non-U.S. deferred income tax liabilities	(8,819)	(4,709)
Contract revenue adjustment	(4,790)	(4,023)
Other	(600)	(133)
Total deferred income tax liabilities	(82,032)	(72,383)
Net deferred income taxes	$ (48,230)	$ (45,775)

Organization, Business and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	Consolidation The accompanying Financial Statements include the results of operations of the Company and its subsidiaries. Significant intercompany transactions and balances have been eliminated. Certain reclassifications were made to prior year amounts to conform to the current year presentation.
Revenue Recognition	Revenue Recognition The Company recognizes revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services provided. Revenue associated with contracts with customers is recognized over time as the Company’s performance creates or enhances customer-controlled assets or creates or enhances an asset with no alternative use, for which the Company has an enforceable right to receive compensation as defined under the contract. To determine the amount of revenue to recognize over time, the Company estimates profit by determining the difference between total estimated revenue and total estimated cost of a contract. In addition, the Company estimates a cost accrual every quarter that represents unbilled invoicing activity for services performed by subcontractors and suppliers during the quarter, and estimates revenue from the contract cost portion of this accrual based on current gross margin rates to be consistent with its cost method of revenue recognition. The estimated value of unbilled amounts are determined using a regression analysis that estimates value based on the Company’s historical experience, and is adjusted for large individual projects. The profit and corresponding revenue is recognized over the contract term based on costs incurred under the cost-to-cost method. The Company utilizes the cost-to-cost method as it believes cost incurred best represents the amount of work completed and remaining on projects, and is the most common basis for computing percentage of completion in the industry. For purposes of recognizing revenue, the Company follows the five-step approach outlined in Accounting Standards Codification (“ASC”) 606. As the cost-to-cost method is driven by incurred cost, the Company calculates the percentage of completion by dividing costs incurred to date by the total estimated cost. The percentage of completion is then multiplied by estimated revenues to determine inception-to-date revenue. Revenue recognized for the period is the current inception-to-date recognized revenue less the prior period inception-to-date recognized revenue. If a contract is projected to result in a loss, the entire contract loss is recognized in the period when the loss was first determined and the amount of the loss is updated in subsequent reporting periods. Because the Company’s billings are based on contract terms and do not coincide with our progress in a project, revenue recognition also includes an amount related to a contract asset or contract liability. If the recognized revenue is greater than the amount billed to the customer, a contract asset is recorded. Additionally, the contract asset includes retainage billed to the customer that cannot be collected until the contract work has been completed and approved. Conversely, if the amount billed to the customer is greater than the recognized revenue, a contract liability is recorded. Additionally, the contract liability includes a liability for the excess of costs over revenues for all contracts that are in a loss position. Contract costs incurred to date and expected total contract costs are continuously monitored during the term of the contract. Changes in the job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and the total estimated costs to complete those contracts, and therefore, profit and revenue recognition. Additionally, the Company estimates costs to complete on fixed price contracts which are determined on an individual contract basis by evaluating each project’s status as of the balance sheet date, and using our historical experience with the level of effort required to complete the underlying project. Claims and change orders are also measured based on our historical experience with individual customers and similar contracts, and are evaluated by management individually. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. A claim is an amount in excess of the agreed-upon contract price that the Company seeks to collect from its clients or others for client-caused delays, errors in specifications and designs, contract terminations, change orders that are either in dispute or are unapproved as to both scope and price, or other causes. The Company includes these estimated amounts of variable consideration to the extent that it is probable there will not be a significant reversal of revenue. Some of the Company’s contracts may have contract terms that include variable consideration such as safety or performance bonuses or liquidated damages. In accordance with ASC 606, the Company estimates the variable consideration using one of two methods. In contracts in which there is a binary outcome, the most likely amount method is used. In instances in which there is a range of possible outcomes, the expected value method is used. In accordance with ASC 606, the Company includes the estimated amount of variable consideration in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative recognized revenue will not occur when the final outcome of the variable consideration is determined. In contracts in which a significant reversal may occur, the Company uses constraint in recognizing revenue on variable consideration. Although the Company often enters into contracts that contain liquidated damage clauses, the Company rarely incurs them, and as such, the Company does not include amounts associated with liquidated damage clauses until it is probable that liquidated damages will occur. These items are continually monitored by multiple levels of management throughout the reporting period. A portion of the work the Company performs requires financial assurances in the form of performance and payment bonds or letters of credit at the time of execution of the contract. Many of the Company’s contracts include retention provisions of up to 10%, which are generally withheld from each progress payment as retainage until the contract work has been completed and approved. The Company provides warranties to customers on a basis customary to the industry; however, the warranty period does not typically exceed one year. Historically, warranty claims have not been material to the Company. Total revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Sales tax collected from customers is included in other current liabilities on the Company’s consolidated balance sheets.
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. During the years ended December 31, 2023, 2022 and 2021, the Company recognized its proportionate share of joint venture revenues of $33.0 million, $11.3 million, and $26.1 million, respectively. 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 commitment 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 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 typically 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 intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency gains or losses, recorded in other income (expense), net, for the year ended December 31, 2023 and 2022, were not significant, and losses were $0.1 million for the year ended December 31, 2021. Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, 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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 on 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 period 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 December 31, 2023 and 2022, the Company recognized revenues of $76.5 million and $19.6 million, respectively, related to significant 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. These aggregate amounts, which were included in “Contract assets” in the accompanying consolidated balance sheets, represent the Company’s estimates of additional contract revenues that were earned and probable of collection; however, the amount ultimately realized could be significantly higher or lower than the estimated amount. 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 year ended December 31, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.7%, which resulted in decreases in operating income of $62.2 million, net income of $43.6 million and diluted earnings per common share attributable to MYR Group Inc. of $2.59. The estimates are reviewed and revised quarterly, as needed. Additional discussion on the impact of these estimate changes can be found in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” During the year ended December 31, 2022, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.4%, which resulted in decreases in operating income of $9.8 million, net income of $6.9 million and diluted earnings per common share attributable to MYR Group Inc. of $0.41. During the year ended December 31, 2021, changes in estimates pertaining to certain projects increased consolidated gross margin by 0.4%, which resulted in increases in operating income of $9.2 million, net income attributable to MYR Group Inc. of $6.6 million and diluted earnings per common share attributable to MYR Group Inc. of $0.39.
Advertising	Advertising Advertising costs are expensed when incurred. Advertising costs, included in selling, general and administrative expenses, were $1.8 million, $1.2 million and $0.8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Income Taxes	Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, and are measured using the enacted tax rates and laws that are expected to be in effect when the underlying assets or liabilities are recovered or settled. The Company also evaluates whether the recorded deferred tax assets and valuation allowances can be realized and, when necessary, reduces the amounts to what is expected to be realized. Interest and penalties related to uncertain income tax positions are included in income tax expense on the Company’s consolidated statements of operations. Interest and penalties actually incurred are charged to the interest expense and the “other income (expense), net” line, respectively.
Stock-Based Compensation	Stock-Based Compensation The Company determines compensation expense for stock-based awards based on the estimated fair values at the grant date and recognizes the related compensation expense over the vesting period. The Company uses the straight-line amortization method to recognize compensation expense related to stock-based awards, such as restricted stock units, that have only service conditions. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award. The Company recognizes compensation expense related to performance awards that vest based on internal performance metrics and service conditions on a straight-line basis over the service period, but adjusts inception-to-date expense based upon our determination of the potential achievement of the performance target at each reporting date. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. The Company recognizes forfeitures as they occur. Shares issued under the Company’s stock-based compensation program are taken out of authorized but unissued shares.
Earnings Per Share	Earnings Per Share The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, the Company held its cash in checking accounts or in highly liquid money market accounts. The Company’s banking arrangements allow the Company to fund outstanding checks when presented to financial institutions for payment. The Company funds all intraday bank balance overdrafts during the same business day. Checks issued and outstanding in excess of bank balances are recorded in accounts payable on the Company’s consolidated balance sheets and are reflected as a financing activity on the Company’s Consolidated Statements of Cash Flows.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts The Company does not charge interest to its customers and carries its customer receivables at their face amounts, net of contract retainage, less an allowance for doubtful accounts. Based on the Company’s experience in recent years, the majority of customer balances at each balance sheet date are collected within twelve months. As is common practice in the industry, the Company classifies all accounts receivable as current assets. The Company grants trade credit, on a non-collateralized basis (with the exception of lien rights against the property in certain cases), to its customers and is subject to potential credit risk related to changes in business and overall economic activity. The Company analyzes specific accounts receivable balances, historical bad debts, customer credit-worthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In the event that a customer balance is deemed to be uncollectible, the account balance is written-off against the allowance for doubtful accounts.
Classification of Contract Assets and Liabilities	Classification of Contract Assets and Liabilities The Company recognizes revenue associated with its contracts with customers over time, for which the Company has an enforceable right to receive compensation. Many of our contracts contain specific provisions that determine when the Company can bill for its work performed under these contracts. Any revenue earned on a contract that has not yet been billed to the customer is recorded as a contract asset on the Company’s consolidated balance sheets. Contract retainages associated with contract work that has been completed and billed but not paid by its customers until the contracts are substantially complete, pursuant to contract retainage provisions under the contract, are also included in contract assets. The Company’s consolidated balance sheets present contract liabilities that contain deferred revenue that represent any costs incurred on contracts in process for which revenue has not yet been recognized. Additionally, accruals for contracts in a loss provision are included in contract liabilities.
Property and Equipment	Property and Equipment Property and equipment is carried at cost, except for assets acquired in a business combination which are recorded at fair value at the date of acquisition. Depreciation is computed using the straight-line method over estimated useful lives. Major modifications or refurbishments which extend the useful life of the assets are capitalized and depreciated over the adjusted remaining useful life of the assets. Upon retirement or disposition of property and equipment, the cost and related accumulated depreciation are removed and any resulting gain or loss is recognized in income from operations. The cost of maintenance and repairs is charged to expense as incurred. Property and equipment is reviewed for impairment and tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value of property and equipment exceeds its fair value, an impairment charge would be recorded in the statement of operations.
Leases	Leases 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 ten years, some of which may include options to extend the leases for up to six 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. As of December 31, 2023, the Company had several leases with residual value guarantees. The total amount probable of being owed of residual leases guarantees is not significant. 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 ongoing and the purchase option price is attractive. Nonperformance-related default covenants, cross-default provisions, subjective default provisions and material adverse change clauses contained in material lease agreements, if any, are also evaluated to determine whether those clauses affect lease classification in accordance with ASC Topic 842. Leases are accounted for as operating or finance leases, depending on the terms of the lease. Finance Leases. The Company leases some vehicles and certain equipment under finance leases. The economic substance of the leases is a financing transaction for acquisition of the vehicles and equipment. Accordingly, the right-of-use assets for these leases are included on the Company’s consolidated balance sheets in property and equipment, net of accumulated depreciation, with a corresponding amount recorded in current portion of finance lease obligations or finance lease obligations, net of current maturities, as appropriate. The finance lease assets are amortized over the life of the lease or, if shorter, the life of the leased asset, on a straight-line basis and included in depreciation expense. The financing component associated with finance lease obligations is included in interest expense. Generally, for the Company’s finance leases an implicit rate to calculate present value is provided in the lease agreement. However, if a rate in not provided the Company determines this rate by estimating the Company’s incremental borrowing rate, utilizing the borrowing rates associated with the Company’s various debt instruments. Operating Right-of-Use Leases. Operating right-of-use leases are included in operating lease right-of-use assets, current portion of operating lease obligations and operating lease obligations, net of current maturities on the Company’s consolidated balance sheets, as appropriate. Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate to calculate present value, the Company determines this rate by estimating the Company’s incremental borrowing rate, utilizing the borrowing rates associated with the Company’s various debt instruments. The operating lease right-of-use asset also includes any lease payments made and initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease, which are considered in the present value calculations when it is reasonably certain we will exercise those options.
Insurance	Insurance The Company carries insurance policies, which are subject to certain deductibles, for workers’ compensation, general liability, automobile liability and other coverages. The deductible for each line of coverage is up to $1.0 million. Certain health benefit plans are subject to a stop-loss limit of up to $0.2 million, for qualified individuals. Losses up to the deductible 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 assets on the Company’s consolidated balance sheets.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets with indefinite lives are not amortized. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The Company performs either a qualitative or quantitative assessment to review goodwill and intangible assets with indefinite lives for impairment on an annual basis. This assessment is performed at the beginning of the fourth quarter, or when circumstances change, such as a significant adverse change in the business climate or the decision to sell a business, both of which would indicate that impairment may have occurred. Intangible assets with finite lives are also reviewed for impairment and tested for recoverability whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. A qualitative assessment considers financial, industry, segment and macroeconomic factors, if the qualitative assessment indicates a potential for impairment, a quantitative assessment is performed to determine if impairment exists. The quantitative assessment begins with a comparison of the fair value of the reporting unit or intangible asset with its carrying value. If the carrying amount of the reporting unit or intangible asset exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of the goodwill allocated to the reporting unit or intangible asset. If the carrying value of goodwill or other indefinite lived assets exceeds its implied fair value, an impairment charge would be recorded in the statement of operations. As a result of the annual qualitative review process in 2023 and 2022, the Company determined it was not necessary to perform a quantitative assessment. In 2021, the Company performed a quantitative assessment on goodwill and intangible assets with indefinite lives, this assessment did not indicate that the Company’s goodwill or indefinite lived intangible assets were impaired.
Concentrations	Concentrations Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains substantially all of its cash and cash equivalent balances with large financial institutions which are believed to be high quality institutions. The Company is subject to a concentration of risk because it derives a significant portion of its revenues from a few customers. The Company’s top ten customers accounted for approximately 37.9%, 35.4%, and 34.9% of consolidated revenues for the years ended December 31, 2023, 2022 and 2021, respectively. For the years ended December 31, 2023, 2022 and 2021, no single customer accounted for more than 10.0% of annual revenues. The Company grants trade credit under contractual payment terms, generally without collateral, to its customers, which include high credit quality electric utilities, governmental entities, general contractors and builders, owners and managers of commercial and industrial properties. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosures or negotiated settlements, the Company may take title to the underlying assets in lieu of cash in settlement of receivables. As of December 31, 2023 and 2022, none of the Company’s customers individually exceeded 10.0% of accounts receivable. The Company believes the terms and conditions in its contracts, billing and collection policies are adequate to minimize the potential credit risk. As of December 31, 2023, approximately 84% of the Company’s craft labor employees were covered by collective bargaining agreements. Although the majority of these agreements prohibit strikes and work stoppages, the Company cannot be certain that strikes or work stoppages will not occur in the future.
Canadian Emergency Wage Subsidy	Canadian Emergency Wage Subsidy (CEWS) In 2020 and 2021, certain C&I segment Canadian operations of the Company qualified for and applied for a wage subsidy under the Canada Emergency Wage Subsidy (“CEWS”) program. Payroll subsidies received under CEWS totaled $2.3 million and were initially recorded in the "other current liabilities" line on the Company’s consolidated balance sheets. Once the qualification criteria was met in 2022, these funds were recorded to the “other income (expense), net” line on the Company’s consolidated statements of operations. The Company does not have any outstanding applications for further government assistance.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to 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 will have minimal impact on its Financial Statements when adopted. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant reportable segment expenses and other disclosure requirements. The update is effective for annual reporting periods beginning after December 15, 2023, with early adoption permitted. The guidance requires application on a retrospective basis. The Company is currently evaluating the impact of the new standard on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The guidance also includes certain other amendments intended to improve the effectiveness of income tax disclosures. The update is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The amendments in this pronouncement should be applied on a prospective basis, with the option to apply them retrospectively. The Company is currently evaluating the impact of the new standard on the Company’s income tax disclosures.
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.

Acquisition

12 Months Ended

Dec. 31, 2023

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. Cash consideration paid, funded through a combination of cash on hand and borrowings under the Facility (as defined below), including $0.1 million of net asset and other adjustments, was $110.7 million, net of cash acquired. The Company finalized the purchase price accounting relating to the acquisition of the Powerline Plus Companies during the year ended December 31, 2022.

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 $0.9 million. As of December 31, 2023 and 2022, the fair value of the contingent earn-out consideration was zero and $0.2 million, respectively. 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 $17.0 million. Changes in contingent earn-out consideration, subsequent to the acquisition, of approximately $0.2 million and $0.7 million were recorded in other income, for the year ended December 31, 2023 and 2022, respectively. The results of the Powerline Plus Companies are included in the Company’s consolidated financial statements beginning on the transaction date.

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. No changes in margin guarantee adjustments on contracts, subsequent to the acquisition, have been recorded for the year ended December 31, 2023 and 2022. Future margin guarantee adjustments, if any, will be recognized in other income in 2024.

The following table summarizes the allocation of the opening balance sheet as of the date of the Powerline Plus Companies acquisition:


(in thousands)	January 4, 2022 acquisition date (initial estimates)		Measurement Period Adjustments		Final Acquisition Allocation
Cash paid	$	114,429	$	—	$	114,429
Contingent consideration - fair value at acquisition date	10,608		(9,743)		865
Net asset and other adjustments	563		(479)		84
Total consideration, net of estimated net asset adjustments	125,600		(10,222)		115,378
Less: Acquired cash	(3,853)		—		(3,853)
Total consideration less cash acquired, net of net asset and other adjustments	$	121,747	$	(10,222)	$	111,525

Cash and cash equivalents	$	3,853	$	—	$	3,853
Accounts receivable	12,131		(52)		12,079
Contract assets	12,443		148		12,591
Refundable income taxes	394		482		876
Prepaid expenses and other current assets	1,233		(121)		1,112
Property and equipment	10,366		1,577		11,943
Operating lease right-of-use assets	6,631		(511)		6,120
Intangible assets	—		50,246		50,246
Accounts payable	(8,095)		(466)		(8,561)
Contract liabilities	(1,597)		(95)		(1,692)

Current portion of operating lease obligations	(1,224)		—		(1,224)
Current portion of finance lease obligations	(1,492)		—		(1,492)
Deferred income tax liabilities	(1,358)		(13,991)		(15,349)
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		37,217		62,362
Unallocated intangible assets	56,650		(56,650)		—
Total acquired assets and liabilities	81,795		(19,433)		62,362
Goodwill	$	43,805	$	9,211	$	53,016

The following table summarizes the estimated fair values of identifiable intangible assets and the related weighted average amortization periods as of the acquisition date of the Powerline Plus Companies.


	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date
	(in thousands)		(in years)
Amortizable Intangible Assets
Customer relationships	$	39,757	15.0
Backlog	4,007		1.0
Below market lease	511		5.0
Total amortizable intangible assets	$	44,275	14.9
Indefinite-lived Intangible Assets
Trade names	5,971		Indefinite
Total intangible assets	$	50,246

The acquisition date fair values of intangible assets were determined using the income approach, which discounts the projected future cash flows using a discount rate that appropriately reflects the risks associated with the projected cash flows. Under the income approach, the acquisition date fair value of the customer relationships and backlog were estimated using a multi-period excess earnings valuation method and the acquisition date fair value of the trade names was estimated using a relief from royalty valuation method. The fair value of the acquired operating lease obligation and operating right of use asset was estimated by applying the income approach. The fair value of the operating lease obligation was determined by comparing the difference between the annual lease contract rent over the remaining contractual term to a market rate cash flow stream, discounted to the present value. The Company calculated the fair value of the operating right of use asset based on the fair values of the operating lease obligation adjusted for a below market lease positions. The contractual value of the acquired accounts receivable is equal to the fair market value.

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 44,410	$ 45,977
Other current assets	2,125	1,847
Total prepaid expense and other current assets	$ 46,535	$ 47,824

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following at December 31:


(dollars in thousands)	Estimated Useful Life in Years	2023		2022
Land	—	$	10,351	$	10,226
Buildings and improvements	3 to 39	44,352		40,480
Construction equipment	3 to 12	578,563		519,421
Office equipment	3 to 10	16,177		14,801
		649,443		584,928
Less: accumulated depreciation and amortization		(380,465)		(351,753)
		$	268,978	$	233,175

Construction equipment includes assets under finance leases — see additional information provided in Note 4 — Lease Obligations to the Financial Statements.

Depreciation and amortization expense of property and equipment for the years ended December 31, 2023, 2022 and 2021 was $54.2 million, $49.2 million and $43.9 million, respectively.

Segment Information - Summary of Depreciation and Amortization by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Depreciation and amortization
Depreciation and amortization	$ 59,138	$ 58,170	$ 46,205
T&D
Depreciation and amortization
Depreciation and amortization	51,470	50,825	38,668
C&I
Depreciation and amortization
Depreciation and amortization	$ 7,668	$ 7,345	$ 7,537

Acquisition (Tables)

12 Months Ended

Dec. 31, 2023

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:


(in thousands)	January 4, 2022 acquisition date (initial estimates)		Measurement Period Adjustments		Final Acquisition Allocation
Cash paid	$	114,429	$	—	$	114,429
Contingent consideration - fair value at acquisition date	10,608		(9,743)		865
Net asset and other adjustments	563		(479)		84
Total consideration, net of estimated net asset adjustments	125,600		(10,222)		115,378
Less: Acquired cash	(3,853)		—		(3,853)
Total consideration less cash acquired, net of net asset and other adjustments	$	121,747	$	(10,222)	$	111,525

Cash and cash equivalents	$	3,853	$	—	$	3,853
Accounts receivable	12,131		(52)		12,079
Contract assets	12,443		148		12,591
Refundable income taxes	394		482		876
Prepaid expenses and other current assets	1,233		(121)		1,112
Property and equipment	10,366		1,577		11,943
Operating lease right-of-use assets	6,631		(511)		6,120
Intangible assets	—		50,246		50,246
Accounts payable	(8,095)		(466)		(8,561)
Contract liabilities	(1,597)		(95)		(1,692)

Current portion of operating lease obligations	(1,224)		—		(1,224)
Current portion of finance lease obligations	(1,492)		—		(1,492)
Deferred income tax liabilities	(1,358)		(13,991)		(15,349)
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		37,217		62,362
Unallocated intangible assets	56,650		(56,650)		—
Total acquired assets and liabilities	81,795		(19,433)		62,362
Goodwill	$	43,805	$	9,211	$	53,016

Summary of identifiable intangible assets


	Estimated Fair Value at Acquisition Date		Weighted Average Amortization Period at Acquisition Date
	(in thousands)		(in years)
Amortizable Intangible Assets
Customer relationships	$	39,757	15.0
Backlog	4,007		1.0
Below market lease	511		5.0
Total amortizable intangible assets	$	44,275	14.9
Indefinite-lived Intangible Assets
Trade names	5,971		Indefinite
Total intangible assets	$	50,246

Revenue Recognition - Schedule of Revenue by Market Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract revenues	$ 3,643,905	$ 3,008,542	$ 2,498,289
Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 2,089,196	$ 1,745,792	$ 1,301,587
T&D \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
T&D \| Transmission
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,380,923	$ 1,083,415	$ 806,367
T&D \| Transmission \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	37.90%	36.00%	32.30%
T&D \| Distribution
Disaggregation of Revenue [Line Items]
Contract revenues	$ 708,273	$ 662,377	$ 495,220
T&D \| Distribution \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	19.40%	22.00%	19.80%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,554,709	$ 1,262,750	$ 1,196,702
C&I \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
C&I \| Electrical construction
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,554,709	$ 1,262,750	$ 1,196,702
C&I \| Electrical construction \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	42.70%	42.00%	47.90%

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and intangible assets

Goodwill and intangible assets consisted of the following at December 31:


	2023						2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill
T&D	$	93,240	$	—	$	93,240	$	93,240	$	—	$	93,240
C&I	25,830		—		25,830		25,830		—		25,830
Foreign currency translation	(2,117)		—		(2,117)		(3,223)		—		(3,223)
Total goodwill	$	116,953	$	—	$	116,953	$	115,847	$	—	$	115,847
Amortizable Intangible Assets
Backlog	$	9,296	$	9,296	$	—	$	9,296	$	9,296	$	—
Customer relationships	71,139		20,905		50,234		71,138		16,094		55,044
Trade names	695		403		292		695		357		338
Below market lease	511		200		311		511		102		409
Foreign currency translation	(1,768)		(270)		(1,498)		(2,689)		(410)		(2,279)
Indefinite-lived Intangible Assets
Trade names	34,412		—		34,412		34,412		—		34,412
Foreign currency translation	(235)		—		(235)		(367)		—		(367)
Total intangible assets	$	114,050	$	30,534	$	83,516	$	112,996	$	25,439	$	87,557

Schedule of estimated future intangible asset amortization expense

As of December 31, 2023, estimated future intangible asset amortization expense for the each of the next five years and thereafter was as follows:


(in thousands)	Future Amortization Expense
2024	$	4,954
2025	4,954
2026	4,954
2027	4,815
2028	4,805
Thereafter	24,857
Total	$	49,339

Income Taxes - Summary of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 21,337	$ 13,948	$ 16,512
Foreign	1,821	2,148	1,947
State	7,348	5,154	6,560
Current income tax expense	30,506	21,250	25,019
Deferred
Federal	(159)	7,739	5,061
Foreign	3,984	465	287
State	(317)	1,369	933
Deferred income tax expense	3,508	9,573	6,281
Income tax expense	$ 34,014	$ 30,823	$ 31,300

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

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


(dollars in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of December 31, 2023		Outstanding Balance as of December 31, 2022
Credit Agreement
Revolving loans	5/31/2023	Variable	Variable	5	$	13,201	$	12,915
Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	2,871		3,464

Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	20,125		24,119
Other equipment note	4/11/2022	4.55%	Monthly	5	44		55
					23,040		27,638
Total debt					36,241		40,553
Less: current portion of long-term debt					(7,053)		(5,074)
Long-term debt					$	29,188	$	35,479

Credit Agreement

On May 31, 2023, the Company entered into a five-year third amended and restated credit agreement with a maturity date of May 31, 2028, (the “Credit Agreement”) through a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A, that provides for a $490 million revolving credit facility (the “Facility”), subject to certain financial covenants as defined in the Credit Agreement. The Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollars equivalent of $150 million. Up to $75 million, of the Facility may be used for letters of credit, with an additional $75 million available for letters of credit, subject to the sole discretion of each issuing bank. The Facility also allows for $15 million to be used for swingline loans. 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. The Credit Agreement provides for customary events of default. 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 to refinance existing indebtedness, and to provide for future working capital, capital expenditures, acquisitions 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 0.25% to 1.00%; or (2) the Term Benchmark Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 2.00%. The applicable margin is determined based on the Company’s Net Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement establishes Adjusted Term Secured Overnight Financing Rate ("SOFR") (as defined in the Credit Agreement) as the benchmark rate in replacement of LIBOR. Letters of credit issued under the Facility are subject to a letter of credit fee of 1.25% to 2.00% for non-performance letters of credit or 0.625% to 1.00% for performance letters of credit, based on the Company’s Net Leverage Ratio. The Company is subject to a commitment fee of 0.20% to 0.30%, based on the Company’s Net Leverage Ratio, on any unused portion of the Facility. The Credit Agreement restricts certain types of payments when the Company’s Net Leverage Ratio, after giving pro forma effect thereto, exceeds 2.75. The weighted average interest rate on borrowings outstanding on the Facility for the year ended December 31, 2023, was 7.07% per annum.

Under the Credit Agreement, the Company is subject to certain financial covenants including a maximum Net Leverage Ratio of 3.0 and a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.0. 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 December 31, 2023.

As of December 31, 2023, the Company had $13.2 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of approximately $34.4 million, including $27.1 million related to the Company's payment obligation under its insurance programs and approximately $7.3 million related to contract performance obligations.

As of December 31, 2022, the Company had $12.9 million of borrowings outstanding under a previous facility and letters of credit outstanding under a previous facility of approximately $12.8 million, which were almost entirely related to the Company's payment obligations under its insurance programs.

The Company had remaining deferred debt issuance costs totaling $2.2 million as of December 31, 2023, mostly related to the Credit Agreement. 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 Credit Agreement. On May 31, 2023, the Company had remaining deferred debt issuance costs related to its previous credit agreement totaling $0.4 million, which is being amortized over the life of the Credit Agreement.

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 December 31, 2023, the Company had two Equipment Notes outstanding under the Master Loan Agreements that are collateralized by equipment and vehicles owned by the Company. As of December 31, 2023, 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 the Company’s outstanding Equipment Note as of December 31, 2023:


(in thousands)	Future Equipment Notes Principal Payments
2024	$	7,053
2025	4,364
2026	4,555
2027	7,068
2028	—
Thereafter	—
Total future principal payments	$	23,040
Less: current portion of equipment notes	(7,053)
Long-term principal obligations	$	15,987

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies - Summary of Accrued Short and Long Term Insurance Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingency Accrual [Roll Forward]
Net increases in accrued self-insurance	$ 17	$ 4,999	$ 5,233
Insurance Claims
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period	80,039	75,058
Net increases in accrued self-insurance	86,093	76,299
Net payments made	(86,067)	(71,318)
Balance at end of period	$ 80,065	$ 80,039	$ 75,058

Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Gross Carrying Amount	$ 116,953	$ 115,847
Accumulated Amortization	0	0
Net Carrying Amount	116,953	115,847
Goodwill, Foreign currency translation	(2,117)	(3,223)
Amortizable Intangible Assets
Accumulated Amortization	30,534	25,439
Amortizable Intangible Assets, Foreign currency translation	(1,768)	(2,689)
Foreign currency translation, adjustments	(270)	(410)
Foreign currency translation, net	(1,498)	(2,279)
Indefinite-lived Intangible Assets
Total intangible assets, Gross Carrying Amount	114,050	112,996
Total intangible assets, Net Carrying Amount	83,516	87,557
Trade names
Indefinite-lived Intangible Assets
Indefinite-lived Intangible Assets	34,412	34,412
Indefinite-lived Intangible Assets, Foreign currency translation	(235)	(367)
Backlog
Amortizable Intangible Assets
Gross Carrying Amount	9,296	9,296
Accumulated Amortization	9,296	9,296
Net Carrying Amount	0	0
Customer relationships
Amortizable Intangible Assets
Gross Carrying Amount	71,139	71,138
Accumulated Amortization	20,905	16,094
Net Carrying Amount	50,234	55,044
Trade names
Amortizable Intangible Assets
Gross Carrying Amount	695	695
Accumulated Amortization	403	357
Net Carrying Amount	292	338
Below market lease
Amortizable Intangible Assets
Gross Carrying Amount	511	511
Accumulated Amortization	200	102
Net Carrying Amount	311	409
T&D
Goodwill
Gross Carrying Amount	93,240	93,240
Accumulated Amortization	0	0
Net Carrying Amount	93,240	93,240
C&I
Goodwill
Gross Carrying Amount	25,830	25,830
Accumulated Amortization	0	0
Net Carrying Amount	$ 25,830	$ 25,830

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

The Company sponsors multiple defined contribution plans for eligible employees not covered by collective bargaining agreements. The plans include various features such as voluntary employee pre-tax and Roth-based contributions and matching contributions made by the Company. In addition, at the discretion of our Board of Directors, we may make additional profit sharing contributions to the plans. Company contributions under these defined contribution plans are based upon a percentage of income with limitations as defined by each plan. Total contributions for the years ended December 31, 2023, 2022 and 2021 amounted to $15.9 million, $15.7 million, and $17.8 million, respectively.

The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees, who are represented by more than 300 local unions. The related collective-bargaining agreements between those organizations and the Company, which specify the rate at which the Company must contribute to the multi-employer defined pension plan, expire at different times between 2024 and 2026.

The risks of participating in these multiemployer defined benefit pension plans are different from single-employer plans in the following aspects:

1)Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

2)If a participating employer stops contributing to a plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

3)If the Company chooses to stop participating in a multiemployer plan, it may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to uncertainty of the future levels of work that require the specific use of union employees covered by these plans, as well as the future contribution levels and possible surcharges on contributions applicable to these plans.

The following table summarizes plan information relating to the Company’s participation in multi-employer defined benefit pension plans, including company contributions for the last three years, the status under the Pension Protection Act of 2006, as amended by the Consolidated and Further Continuing Appropriations Act of 2015 (“PPA”) of the plans and whether the plans are subject to a funding improvement or rehabilitation plan, or contribution surcharges. The most recent zone status is for the plan’s year-end indicated in the table. The zone status is based on information that the Company received from the plan, as well as from publicly available information on the U.S. Department of Labor website. The PPA zone status for the plan year ended on December 31, 2023 has not been listed because Forms 5500 were not yet available. Among other factors, plans in the red “critical” zone are generally less than 65 percent funded, plans in the yellow “endangered” zone are between 65 and 80 percent funded, and plans in the green zone are at least 80 percent funded. Also listed in the table below are the Company’s contributions to defined contribution plans. Information in the table has been presented separately for individually significant plans and in the aggregate for all other plans.


Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status				Contributions to Plan for the Year ended December 31,						Funding Plan	Surcharge Imposed
		Status	Plan Year End	Status	Plan Year End	2023		2022		2021
						(in thousands)
Defined Benefit Plans:
Southern California IBEW-NECA Pension Trust Fund	95-6392774 001	Yellow	6/30/2022	Yellow	6/30/2021	$	51,136	$	40,810	$	39,529	Yes	No
Eighth District Electrical Pension Fund	84-6100393 001	Green	3/31/2023	Green	3/31/2022	15,158		15,097		12,007		No	No
National Electrical Benefit Fund	53-0181657 001	Green	12/31/2022	Green	12/31/2021	14,598		13,804		11,627		No	No

IBEW Local 332 Pension Plan Part A	94-2688032 004	Green	12/31/2022	Green	12/31/2021	4,292		5,723		6,409		No	No
IBEW Local 769 Management Pension Plan A	86-6049763 001	Green	6/30/2022	Green	6/30/2021	5,222		5,061		3,446		No	No

IBEW Local Union 1249 Pension Fund	15-6035161 001	Green	12/31/2022	Green	12/31/2021	5,706		3,791		3,684		No	No
Laborers Local Union 158 Pension Fund	23-6580323 001	Green	12/31/2022	Green	12/31/2021	3,246		256		37		No	No



Defined Contribution Plans:
National Electrical Annuity Plan	52-6132372 001		n/a		n/a	30,758		36,982		27,974		n/a	n/a
Eighth District Electrical Pension Fund Annuity Plan	84-6100393 002		n/a		n/a	3,624		3,347		5,097		n/a	n/a
San Mateo Country Electrical Construction Industry Retirement Plan	51-6052127 001		n/a		n/a	4,752		2,953		5,976		n/a	n/a

All other plans:						40,716		28,014		30,094
Total contributions:						$	179,208	$	155,838	$	145,880

Total contributions to these plans, at any given time, correspond to the number of union employees employed and the plans in which they participate, which varies depending upon location, the number of ongoing projects and the need for union resources in connection with such projects at a given time. The PPA data presented in the table above represents data available to us for the two most recent plan years.

One of the Company’s subsidiaries was listed in the Eighth District Electrical Pension Fund’s Form 5500 as providing more than five percent of the total contributions to that plan or was one of the top-ten highest contributors to that plan, for the plan years ended March 31, 2023, 2022 and 2021, in the National Electrical Benefit Fund’s Form 5500 as providing more than five percent of the total contributions to that plan or was one of the top-ten highest contributors to that plan, for the plan years ended December 31, 2022, and in the IBEW local 769 Management Pension Plan A’s Form 5500 as providing more than five percent of the total contributions to that plan or was one of the top-ten highest contributors to that plan, for the plan years ended June 30, 2022, 2021 and 2020. Another of the company’s subsidiaries was listed in the Southern California IBEW-NECA Pension Trust Fund Plan’s Form 5500 as providing more than five percent of the total contributions to that plan or was one of the top-ten highest contributors to that plan, for the plan year ended June 30, 2022, 2021 and 2020, and in the IBEW Local 332 Pension Plan Part A’s Form 5500 as providing more than five percent of the total contributions to that plan or was one of the top-ten highest contributors to that plan, for the plan years ended December 31, 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Revenue Recognition - Schedule of Revenue by Contract Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Contract revenues	$ 3,643,905	$ 3,008,542	$ 2,498,289
Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 2,375,036	$ 1,886,716	$ 1,523,338
Fixed price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	65.20%	62.70%	61.00%
Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 641,802	$ 553,990	$ 443,536
Unit price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	17.60%	18.40%	17.70%
T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 627,067	$ 567,836	$ 531,415
T&E \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	17.20%	18.90%	21.30%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 2,089,196	$ 1,745,792	$ 1,301,587
T&D \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
T&D \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,100,273	$ 835,288	$ 559,861
T&D \| Fixed price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	52.70%	47.80%	43.00%
T&D \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 549,221	$ 475,276	$ 369,710
T&D \| Unit price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	26.30%	27.20%	28.40%
T&D \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 439,702	$ 435,228	$ 372,016
T&D \| T&E \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	21.00%	25.00%	28.60%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,554,709	$ 1,262,750	$ 1,196,702
C&I \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	100.00%	100.00%	100.00%
C&I \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 1,274,763	$ 1,051,428	$ 963,477
C&I \| Fixed price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	82.00%	83.30%	80.50%
C&I \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 92,581	$ 78,714	$ 73,826
C&I \| Unit price \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	6.00%	6.20%	6.20%
C&I \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 187,365	$ 132,608	$ 159,399
C&I \| T&E \| Product Concentration Risk \| Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk	12.00%	10.50%	13.30%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and intangible assets consisted of the following at December 31:


	2023						2022
(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Goodwill
T&D	$	93,240	$	—	$	93,240	$	93,240	$	—	$	93,240
C&I	25,830		—		25,830		25,830		—		25,830
Foreign currency translation	(2,117)		—		(2,117)		(3,223)		—		(3,223)
Total goodwill	$	116,953	$	—	$	116,953	$	115,847	$	—	$	115,847
Amortizable Intangible Assets
Backlog	$	9,296	$	9,296	$	—	$	9,296	$	9,296	$	—
Customer relationships	71,139		20,905		50,234		71,138		16,094		55,044
Trade names	695		403		292		695		357		338
Below market lease	511		200		311		511		102		409
Foreign currency translation	(1,768)		(270)		(1,498)		(2,689)		(410)		(2,279)
Indefinite-lived Intangible Assets
Trade names	34,412		—		34,412		34,412		—		34,412
Foreign currency translation	(235)		—		(235)		(367)		—		(367)
Total intangible assets	$	114,050	$	30,534	$	83,516	$	112,996	$	25,439	$	87,557

Customer relationships, amortizable trade names and backlog are being amortized on a straight-line method over an estimated useful life ranging up to 15 years and the remaining life of the contract, respectively, and have been determined to have no residual value. Certain trade names have indefinite lives and, therefore, are not being amortized. Intangible asset amortization expense was $4.9 million, $9.0 million and $2.3 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, estimated future intangible asset amortization expense for the each of the next five years and thereafter was as follows:


(in thousands)	Future Amortization Expense
2024	$	4,954
2025	4,954
2026	4,954
2027	4,815
2028	4,805
Thereafter	24,857
Total	$	49,339

Employee Benefit Plans - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) union	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Multiemployer Plans, Pension
Number of local unions (union) \| union	300
United States \| Profit Sharing and Thrift Employee Benefit Plan \| Other Postretirement Benefits Plan
Contributions to benefit plans \| $	$ 15.9	$ 15.7	$ 17.8

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of stock option activity

Following is a summary of stock option activity for the three-year period ended December 31, 2023:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	24,557	$	22.94
Exercised	(21,806)	$	22.84
Expired	(42)	$	24.68
Outstanding and Exercisable at December 31, 2021	2,709	$	23.74	1.1 years	$	235
Exercised	(1,680)	$	23.67
Expired	(160)	$	19.37
Outstanding and Exercisable at December 31, 2022	869	$	24.68	0.2 years	$	63
Exercised	(827)	$	24.68
Expired	(42)	$	24.68
Outstanding and Exercisable at December 31, 2023	—	$	—	0.0 years	$	—

Schedule of time-vested stock awards activity

Following is a summary of time-vested stock awards activity for the three-year period ended December 31, 2023:


	Shares	Per Share Weighted- Average Grant Date Fair Value
Outstanding unvested at January 1, 2021	165,789	$	28.96
Granted	57,196	$	66.80
Vested	(87,584)	$	29.20
Forfeited	(2,904)	$	40.60
Outstanding unvested at December 31, 2021	132,497	$	44.88
Granted	45,992	$	76.93
Vested	(73,373)	$	42.47
Forfeited	(2,500)	$	58.43
Outstanding unvested at December 31, 2022	102,616	$	69.70
Granted	51,167	$	117.60
Vested	(63,722)	$	59.71
Forfeited	(9,323)	$	90.75
Outstanding unvested at December 31, 2023	80,738	$	105.50

Schedule of performance share award activity

Following is a summary of performance share award activity for the three-year period ended December 31, 2023:


	Shares	Per Share Weighted- Average Grant Date Fair Value
Outstanding unvested at January 1, 2021	150,339	$	36.54
Granted at target	42,091	$	80.11
Earned for performance above target	58,461	$	40.41
Vested	(128,920)	$	39.26
Forfeited	(644)	$	39.25
Outstanding unvested at December 31, 2021	121,327	$	50.06
Granted at target	31,603	$	118.82
Earned for performance above target	78,684	$	34.10
Vested	(157,368)	$	34.10
Forfeited	(738)	$	45.71
Outstanding unvested at December 31, 2022	73,508	$	96.75
Granted at target	32,994	$	136.54
Earned for performance above target	38,916	$	80.07
Vested	(77,832)	$	80.07
Forfeited	(8,468)	$	108.24
Outstanding unvested at December 31, 2023	59,118	$	128.29

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. Shareholders’ Equity	Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 429,292	$ 0	$ 167	$ 158,618	$ 23	$ 270,480	$ 429,288	$ 4
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	85,006					85,010	85,010	(4)
Stock issued under compensation plans, net (in shares)			187,000
Stock issued under compensation plans, net	498		$ 2	496			498
Stock-based compensation expense	7,496			7,496			7,496
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(51,000)
Shares repurchased related to tax withholding for stock-based compensation	(3,352)		$ (1)	(2,868)		(483)	(3,352)
Other comprehensive income (loss)	150				150		150
Stock issued - other (in shares)			1,000
Stock issued – other	12			12			12
Balance, end of period at Dec. 31, 2021	519,102	0	$ 168	163,754	173	355,007	519,102	0
Balance, end of period (in shares) at Dec. 31, 2021			16,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	519,102	0	$ 168	163,754	173	355,007	519,102	0
Net income	83,381					83,381	83,381
Stock issued under compensation plans, net (in shares)			204,000
Stock issued under compensation plans, net	40		$ 2	38			40
Stock-based compensation expense	$ 7,922			7,922			7,922
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(68,675)		(69,000)
Shares repurchased related to tax withholding for stock-based compensation	$ (6,791)			(6,124)		(667)	(6,791)
Settlement of stock repurchase program (in shares)			(442,000)
Settlement of stock repurchase program	(36,981)		$ (5)	(4,163)		(32,813)	(36,981)
Other comprehensive income (loss)	(6,473)				(6,473)		(6,473)
Balance, end of period at Dec. 31, 2022	560,200	0	$ 165	161,427	(6,300)	404,908	560,200	0
Balance, end of period (in shares) at Dec. 31, 2022			16,564,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	560,200	0	$ 165	161,427	(6,300)	404,908	560,200	0
Net income	90,990					90,990	90,990
Stock issued under compensation plans, net (in shares)			222,000
Stock issued under compensation plans, net	20		$ 2	18			20
Stock-based compensation expense	$ 8,376			8,376			8,376
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(76,150)		(76,000)
Shares repurchased related to tax withholding for stock-based compensation	$ (7,936)			(7,194)		(742)	(7,936)
Settlement of stock repurchase program (in shares)	(25,042)		(26,000)
Settlement of stock repurchase program	$ (2,868)			(241)		(2,627)	(2,868)
Other comprehensive income (loss)	2,420				2,420		2,420
Balance, end of period at Dec. 31, 2023	651,202	0	$ 167	162,386	(3,880)	492,529	651,202	0
Balance, end of period (in shares) at Dec. 31, 2023			16,684,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total shareholders’ equity	$ 651,202	$ 0	$ 167	$ 162,386	$ (3,880)	$ 492,529	$ 651,202	$ 0

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Contract revenues	$ 3,643,905	$ 3,008,542	$ 2,498,289
Contract costs	3,279,508	2,664,580	2,173,308
Gross profit	364,397	343,962	324,981
Selling, general and administrative expenses	234,611	222,424	207,208
Amortization of intangible assets	4,907	9,009	2,311
Gain on sale of property and equipment	(4,214)	(2,378)	(3,098)
Income from operations	129,093	114,907	118,560
Other income (expense):
Interest income	888	187	70
Interest expense	(4,939)	(3,563)	(1,799)
Other income (expense), net	(38)	2,673	(525)
Income before provision for income taxes	125,004	114,204	116,306
Income tax expense	34,014	30,823	31,300
Net income	90,990	83,381	85,006
Less: net loss attributable to noncontrolling interest	0	0	(4)
Net income attributable to MYR Group Inc.	$ 90,990	$ 83,381	$ 85,010
Income per common share attributable to MYR Group Inc.:
Basic (in dollars per share)	$ 5.45	$ 4.98	$ 5.05
Diluted (in dollars per share)	$ 5.40	$ 4.91	$ 4.95
Weighted average number of common shares and potential common shares outstanding:
Basic (in shares)	16,682	16,760	16,838
Diluted (in shares)	16,837	16,980	17,161
Net income	$ 90,990	$ 83,381	$ 85,006
Other comprehensive income (loss):
Foreign currency translation adjustment	2,420	(6,473)	150
Other comprehensive income (loss)	2,420	(6,473)	150
Total comprehensive income	93,410	76,908	85,156
Less: net loss attributable to noncontrolling interest	0	0	(4)
Total comprehensive income attributable to MYR Group Inc.	$ 93,410	$ 76,908	$ 85,160

Contract Assets and Liabilities - Contracts in Process (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Costs and estimated earnings on uncompleted contracts	$ 6,716,990	$ 5,390,535
Less: billings to date	6,731,511	5,457,923
Net asset position for contracts in process	$ (14,521)	$ (67,388)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 24,899	$ 51,040
Accounts receivable, net of allowances of $1,987 and $2,073, respectively	521,893	472,543
Contract assets, net of allowances of $610 and $499, respectively	420,616	300,615
Current portion of receivable for insurance claims in excess of deductibles	8,267	9,325
Refundable income taxes	4,034	8,944
Prepaid expenses and other current assets	46,535	47,824
Total current assets	1,026,244	890,291
Property and equipment, net of accumulated depreciation of $380,465 and $351,753, respectively	268,978	233,175
Operating lease right-of-use assets	35,012	30,544
Goodwill	116,953	115,847
Intangible assets, net of accumulated amortization of $30,534 and $25,439, respectively	83,516	87,557
Receivable for insurance claims in excess of deductibles	33,739	34,210
Investment in joint venture	8,707	3,697
Other assets	5,597	3,537
Total assets	1,578,746	1,398,858
Current liabilities
Current portion of long-term debt	7,053	5,074
Current portion of operating lease obligations	9,237	9,711
Current portion of finance lease obligations	2,039	1,127
Accounts payable	359,363	315,323
Contract liabilities	240,411	227,055
Current portion of accrued self-insurance	28,269	28,752
Accrued income taxes	237	0
Other current liabilities	100,593	79,918
Total current liabilities	747,202	666,960
Deferred income tax liabilities	48,230	45,775
Long-term debt	29,188	35,479
Accrued self-insurance	51,796	51,287
Operating lease obligations, net of current maturities	25,775	20,845
Finance lease obligations, net of current maturities	314	2,313
Other liabilities	25,039	15,999
Total liabilities	927,544	838,658
Commitments and contingencies
Shareholders’ equity
Preferred stock – $0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at December 31, 2023 and December 31, 2022	0	0
Common stock – $0.01 par value per share; 100,000,000 authorized shares; 16,684,492 and 16,563,767 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively	167	165
Additional paid-in capital	162,386	161,427
Accumulated other comprehensive loss	(3,880)	(6,300)
Retained earnings	492,529	404,908
Total shareholders’ equity	651,202	560,200
Total liabilities and shareholders’ equity	$ 1,578,746	$ 1,398,858

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following at December 31:


(in thousands)	2023		2022
Contract receivables	$	516,142	$	471,724
Other	7,738		2,892
	523,880		474,616
Less: allowance for doubtful accounts	(1,987)		(2,073)
	$	521,893	$	472,543

The roll-forward of activity in the allowance for doubtful accounts was as follows for the years ended December 31:


(in thousands)	2023		2022		2021
Balance at beginning of period	$	2,073	$	2,441	$	1,696
Less: reduction in (provision for) allowances	85		320		(764)
Less: write offs, net of recoveries	3		45		19
Change in foreign currency translation	2		(3)		—
Balance at end of period	$	1,987	$	2,073	$	2,441

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

As of December 31, 2023, the Company had approximately $32.5 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2024.

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. 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 total assets on the Company’s consolidated balance sheets. The following table includes the Company’s accrued short- and long-term insurance liabilities at December 31:


(in thousands)	2023		2022
Balance at beginning of period	$	80,039	$	75,058
Net increases in accrued self-insurance	86,093		76,299
Net payments made	(86,067)		(71,318)
Balance at end of period	$	80,065	$	80,039

Insurance expense, including premiums, for workers’ compensation, general liability, automobile liability, employee health benefits, and other coverages for the years ended December 31, 2023, 2022 and 2021 was $88.3 million, $77.1 million and $65.1 million, respectively.

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 December 31, 2023, an aggregate of approximately $2.44 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 $726.1 million as of December 31, 2023.

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 its 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, 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 status of some multi-employer pension plans to which its subsidiaries contribute have been classified as “critical”, the Company is not currently aware of any potential liabilities related to this issue. See Note 16 — Employee Benefit Plans to the Financial Statements for further information related to the Company’s participation in multi-employer plans.

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. 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.

The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of business. Some of these claims and litigations include claims related to the Company’s current services and operations, the Company believes that it has strong defenses to these claims as well as insurance coverages that could contribute to any settlement or liability in the event claims are not resolved in our favor. These claims have not had a material impact on the Company to date, and the Company believes that the likelihood that a future material adverse outcome will result from these claims is remote. However, if facts and circumstances change in the future, the Company cannot be certain that an adverse outcome of one or more of these claims would not have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Property and Equipment - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 54,231	$ 49,161	$ 43,894

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	1-08325
Entity Registrant Name	MYR GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3158643
Entity Address, Address Line One	12121 Grant Street, Suite 610
Entity Address, City or Town	Thornton,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80241
City Area Code	303
Local Phone Number	286-8000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MYRG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1,910
Entity Common Stock, Shares Outstanding (in shares)		16,739,341
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission (the “SEC”) in connection with its 2024 annual meeting of shareholders expected to be held on April 24, 2024, are incorporated into Part III hereof.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000700923

Accounts Receivable - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Contract receivables	$ 516,142	$ 471,724
Other	7,738	2,892
Accounts receivable, gross current	523,880	474,616
Less: allowance for doubtful accounts	(1,987)	(2,073)
Accounts receivable, net	$ 521,893	$ 472,543

Goodwill and Intangible Assets - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization	$ 4,907	$ 9,009	$ 2,311
Customer Relationships, Amortizable Trade Names and Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	15 years

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

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:


	For the Year ended December 31,
(in thousands)	2023		2022		2021
Contract revenues:
T&D	$	2,089,196	$	1,745,792	$	1,301,587
C&I	1,554,709		1,262,750		1,196,702
	$	3,643,905	$	3,008,542	$	2,498,289
Income from operations:
T&D	$	149,703	$	138,886	$	132,738
C&I	45,889		43,159		54,418
General Corporate	(66,499)		(67,138)		(68,596)
	$	129,093	$	114,907	$	118,560

Schedule of assets allocation by segment

Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31:


(in thousands)	2023		2022
T&D	$	632,788	$	500,568
C&I	502,451		473,101
General Corporate	443,507		425,189
	$	1,578,746	$	1,398,858

Schedule of depreciation and amortization by segment

An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:


	For the Year ended December 31,
(in thousands)	2023		2022		2021
Depreciation and amortization
T&D	$	51,470	$	50,825	$	38,668
C&I	7,668		7,345		7,537
	$	59,138	$	58,170	$	46,205

Income Taxes - Summary of Income Before Income Taxes by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal	$ 102,014	$ 104,185	$ 106,956
Foreign	22,990	10,019	9,350
Income before provision for income taxes	$ 125,004	$ 114,204	$ 116,306

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding, beginning of period (in shares)	869	2,709	24,557
Exercised (in shares)	(827)	(1,680)	(21,806)
Expired (in shares)	(42)	(160)	(42)
Outstanding, end of period (in shares)	0	869	2,709
Weighted- Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 24.68	$ 23.74	$ 22.94
Exercised (in dollars per share)	24.68	23.67	22.84
Expired (in dollars per share)	24.68	19.37	24.68
Outstanding, end of period (in dollars per share)	$ 0	$ 24.68	$ 23.74
Term and Intrinsic Value
Weighted- Average Remaining Contractual Term	0 years	2 months 12 days	1 year 1 month 6 days
Aggregate Intrinsic Value (in thousands)	$ 0	$ 63	$ 235

Contract Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of contract assets and liabilities from contracts with customers

Contract assets consisted of the following at December 31:


(in thousands)	2023		2022		Change
Unbilled revenue, net	$	217,083	$	156,266	$	60,817
Contract retainages, net	203,533		144,349		59,184
Contract assets, net	$	420,616	$	300,615	$	120,001

Contract liabilities consisted of the following at December 31:


(in thousands)	2023		2022		Change
Deferred revenue	$	231,604	$	223,654	$	7,950
Accrued loss provision	8,807		3,401		5,406
Contract liabilities	$	240,411	$	227,055	$	13,356

The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:


(in thousands)	2023		2022		Change
Contract assets, net	$	420,616	$	300,615	$	120,001
Contract liabilities	(240,411)		(227,055)		(13,356)
Net contract assets	$	180,205	$	73,560	$	106,645

Schedule of net asset position for contracts in process

The net asset position for contracts in process consisted of the following at December 31:


(in thousands)	2023		2022
Costs and estimated earnings on uncompleted contracts	$	6,716,990	$	5,390,535
Less: billings to date	6,731,511		5,457,923
	$	(14,521)	$	(67,388)

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 at December 31:


(in thousands)	2023		2022
Unbilled revenue, net	$	217,083	$	156,266
Deferred revenue	(231,604)		(223,654)
	$	(14,521)	$	(67,388)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of income before income taxes by geographical area

Income before income taxes by geographic area was, for the years ended December 31:


(in thousands)	2023		2022		2021
Federal	$	102,014	$	104,185	$	106,956
Foreign	22,990		10,019		9,350
	$	125,004	$	114,204	$	116,306

Schedule of income tax expense

Income tax expense consisted of the following for the years ended December 31:


(in thousands)	2023		2022		2021
Current
Federal	$	21,337	$	13,948	$	16,512
Foreign	1,821		2,148		1,947
State	7,348		5,154		6,560
	30,506		21,250		25,019
Deferred
Federal	(159)		7,739		5,061
Foreign	3,984		465		287
State	(317)		1,369		933
	3,508		9,573		6,281
Income tax expense	$	34,014	$	30,823	$	31,300

Schedule of effective tax rate reconciliation

The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for operations were as follows for the years ended December 31:


	2023		2022		2021
U.S federal statutory rate	21.0	%	21.0	%	21.0	%

State income taxes, net of U.S. federal income tax expense	4.4		4.5		4.7


Tax differential on foreign earnings	0.7		0.6		0.5

Non-deductible meals and entertainment	0.5		0.2		0.1
Stock compensation excess tax benefits	(2.6)		(2.4)		(0.8)
Uncertain tax positions	—		0.1		—
Provision to return adjustments, net	0.7		0.7		0.4

Section 162(m) limitation	2.5		2.4		1.1

Other income, net	—		(0.1)		(0.1)
Effective rate	27.2	%	27.0	%	26.9	%

Schedule of net deferred tax assets and (liabilities)

The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31:


(in thousands)	2023		2022
Deferred income tax assets:
Self-insurance reserves	$	3,850	$	2,979
Contract loss reserves	2,273		842
Stock-based awards	3,336		2,071
Bonus	11,137		8,656
Accrued vacation	2,295		2,227
Accrued profit sharing	1,707		2,030
Operating lease liabilities	8,115		6,691
Non-U.S. operating loss	2,411		2,402
Other	1,090		1,112
Total deferred income tax assets before valuation allowances	36,214		29,010
Less: valuation allowances	(2,412)		(2,402)
Total deferred income tax assets	33,802		26,608
Deferred income tax liabilities:
Property and equipment — tax over book depreciation	(45,332)		(42,413)
Non-U.S. intangible assets — tax over book amortization	(10,363)		(11,086)
Intangible assets — tax over book amortization	(4,013)		(3,331)
Right-of-use operating lease assets	(8,115)		(6,688)
Non-U.S. deferred income tax liabilities	(8,819)		(4,709)
Contract revenue adjustment	(4,790)		(4,023)
Other	(600)		(133)
Total deferred income tax liabilities	(82,032)		(72,383)
Net deferred income taxes	$	(48,230)	$	(45,775)

Schedule of liability for unrecognized tax benefits reconciliation

The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits at December 31:


(in thousands)	2023		2022
Balance at beginning of period	$	390	$	328
Gross increases in current period tax positions	54		83

Reductions in tax positions due to lapse of statutory limitations	(27)		(21)
Balance at end of period	417		390
Accrued interest and penalties at end of period	107		99
Total liability for unrecognized tax benefits	$	524	$	489

Organization, Business and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of business segments (segment) \| segment	2
Contract retention provision	10.00%
Contract revenues	$ 3,643,905,000	$ 3,008,542,000	$ 2,498,289,000
Foreign currency gain (loss)	0	0	(100,000)
Revenue recognized, related to change orders and claims included as contract price adjustments	76,500,000	19,600,000
Increase (decrease) in operating income	129,093,000	114,907,000	118,560,000
Increase (decrease) in net income	$ 90,990,000	$ 83,381,000	$ 85,010,000
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ 5.40	$ 4.91	$ 4.95
Advertising cost	$ 1,800,000	$ 1,200,000	$ 800,000
Option to extend lease term (up to)	6 years
Option to terminate leases, period	1 year
Government assistance, amount		$ 2,300,000
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)
Revenue from Contract with Customer \| Top Ten Customers \| Customer Concentration Risk
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk	37.90%	35.40%	34.90%
Labor employees covered by collective bargaining agreements \| Labor Force Concentration Risk
Organization Consolidation and Presentation of Financial Statements [Line Items]
Concentration risk	84.00%
Contingencies Excluding Wildfire and Health Insurance
Organization Consolidation and Presentation of Financial Statements [Line Items]
Insurance coverage deductible	$ 1,000,000
Health Insurance
Organization Consolidation and Presentation of Financial Statements [Line Items]
Insurance coverage deductible	$ 200,000
Minimum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Remaining lease term	1 year
Maximum
Organization Consolidation and Presentation of Financial Statements [Line Items]
Remaining lease term	10 years
Contracts Accounted for under Percentage of Completion
Organization Consolidation and Presentation of Financial Statements [Line Items]
Increase (decrease) in consolidated gross margin	(1.70%)	(0.40%)	0.40%
Increase (decrease) in operating income	$ (62,200,000)	$ (9,800,000)	$ 9,200,000
Increase (decrease) in net income	$ (43,600,000)	$ (6,900,000)	$ 6,600,000
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ (2.59)	$ (0.41)	$ 0.39
Joint Venture
Organization Consolidation and Presentation of Financial Statements [Line Items]
Contract revenues	$ 33,000,000	$ 11,300,000	$ 26,100,000

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of property and equipment

Property and equipment consisted of the following at December 31:


(dollars in thousands)	Estimated Useful Life in Years	2023		2022
Land	—	$	10,351	$	10,226
Buildings and improvements	3 to 39	44,352		40,480
Construction equipment	3 to 12	578,563		519,421
Office equipment	3 to 10	16,177		14,801
		649,443		584,928
Less: accumulated depreciation and amortization		(380,465)		(351,753)
		$	268,978	$	233,175

Acquisition - Summary of acquisition by acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 04, 2022	Dec. 31, 2022	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 115,847	$ 116,953
Powerline Plus Companies
Business Acquisition [Line Items]
Cash paid	$ 114,429	114,429
Contingent consideration - fair value at acquisition date	10,608	865
Net asset and other adjustments	563	84
Total consideration, net of estimated net asset adjustments	125,600	115,378
Less: Acquired cash	(3,853)	(3,853)
Total consideration less cash acquired, net of net asset and other adjustments	121,747	111,525
Cash paid, Measurement Period Adjustments		0
Contingent consideration - fair value at acquisitions date, Measurement Period Adjustments		(9,743)
Net asset and other adjustments, Measurement Period Adjustments		(479)
Total consideration, net of estimated net asset adjustments, Measurement Period Adjustments		(10,222)
Less: Acquired cash, Measurement Period Adjustments		0
Total consideration less cash acquired, net of net asset and other adjustments, Measurement Period Adjustment		(10,222)
Cash and cash equivalents	3,853	3,853
Accounts receivable	12,131	12,079
Contract assets	12,443	12,591
Refundable income taxes	394	876
Prepaid expenses and other current assets	1,233	1,112
Property and equipment	10,366	11,943
Operating lease right-of-use assets	6,631	6,120
Intangible assets	0	50,246
Accounts payable	(8,095)	(8,561)
Contract liabilities	(1,597)	(1,692)
Current portion of operating lease obligations	(1,224)	(1,224)
Current portion of finance lease obligations	(1,492)	(1,492)
Deferred income tax liabilities	(1,358)	(15,349)
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	62,362
Unallocated intangible assets	56,650	0
Total acquired assets and liabilities	81,795	62,362
Goodwill	$ 43,805	53,016
Cash and cash equivalents, Measurement Period Adjustments		0
Accounts receivable, Measurement Period Adjustments		(52)
Contract assets, Measurement Period Adjustments		148
Refundable income taxes, Measurement Period Adjustments		482
Prepaid expenses and other current assets, Measurement Period Adjustments		(121)
Property and equipment, Measurement Period Adjustments		1,577
Operating lease right-of-use asset, Measurement Period Adjustments		(511)
Intangible assets, Measurement Period Adjustments		50,246
Accounts payable, Measurement Period Adjustments		(466)
Contract liabilities, Measurement Period Adjustments		(95)
Current portion of operating lease obligations, Measurement Period Adjustments		0
Current portion of finance lease obligations, Measurement Period Adjustments		0
Deferred income tax liabilities, Measurement Period Adjustments		(13,991)
Operating lease obligations, net of current maturities		0
Finance lease obligations, net of current maturities, Measurement Period Adjustments		0
Net identifiable assets and liabilities, Measurement Period Adjustments		37,217
Unallocated intangible assets, Measurement Period Adjustments		(56,650)
Total acquired assets and liabilities, Measurement Period Adjustments		(19,433)
Goodwill, Measurement Period Adjustments		$ 9,211

Lease Obligations - Summary of Lease Related Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease cost:
Amortization of right-of-use assets	$ 1,792	$ 1,138
Interest on lease liabilities	83	128
Operating lease cost	14,302	13,428
Variable lease costs	353	415
Total lease cost	$ 16,530	$ 15,109

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Other current liabilities consisted of the following at December 31:


(in thousands)	2023		2022
Payroll and incentive compensation	$	39,986	$	31,355
Union dues and benefits	26,107		21,500
Payroll, sales and other taxes	13,903		6,574
Profit sharing and thrift plan	8,592		9,119


Other	12,005		11,370
	$	100,593	$	79,918

Lease Obligations (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of the lease-related assets and liabilities

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


		December 31, 2023		December 31, 2022
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	35,012	$	30,544
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	2,363		3,238
Total right-of-use lease assets		$	37,375	$	33,782
Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	9,237	$	9,711
Finance lease obligations	Current portion of finance lease obligations	2,039		1,127
Total current obligations		11,276		10,838
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	25,775		20,845
Finance lease obligations	Finance lease obligations, net of current maturities	314		2,313
Total non-current obligations		26,089		23,158
Total lease obligations		$	37,365	$	33,996

Summary of the lease terms and discount rates

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


	December 31, 2023		December 31, 2022
Weighted-average remaining lease term – finance leases	0.9 years		1.9 years
Weighted-average remaining lease term – operating leases	4.0 years		3.6 years
Weighted-average discount rate – finance leases	3.1	%	3.0	%
Weighted-average discount rate – operating leases	4.0	%	3.8	%

Schedule of lease costs

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


	Year ended December 31,
(in thousands)	2023		2022
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	1,792	$	1,138
Interest on lease liabilities	83		128
Operating lease cost	14,302		13,428

Variable lease costs	353		415
Total lease cost	$	16,530	$	15,109

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:


	Year ended December 31,
(in thousands)	2023		2022
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,519	$	13,287
Right-of-use asset obtained in exchange for new operating lease obligations	$	11,039	$	21,663
Right-of-use asset obtained in exchange for new finance lease obligations	$	—	$	517

Schedule of future minimum operating lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089

Schedule of future minimum finance lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
2024	$	2,078	$	13,148	$	15,226
2025	320		11,188		11,508
2026	—		9,099		9,099
2027	—		4,568		4,568
2028	—		3,503		3,503
Thereafter	—		2,956		2,956
Total minimum lease payments	2,398		44,462		46,860
Financing component	(45)		(9,450)		(9,495)
Net present value of minimum lease payments	2,353		35,012		37,365
Less: current portion of operating lease obligations	(2,039)		(9,237)		(11,276)
Long-term operating lease obligations	$	314	$	25,775	$	26,089

Lease Obligations - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating And Finance Leases [Line Items]
Option to extend lease term (up to)	6 years
Option to terminate leases, period	1 year
Minimum lease payments required	$ 44,462
Employees \| Subsidiaries
Operating And Finance Leases [Line Items]
Operating lease expense	2,700	$ 2,400	$ 900
Minimum lease payments required	$ 12,900
Lease amortization period	5 years 8 months 12 days
Minimum
Operating And Finance Leases [Line Items]
Remaining lease term	1 year
Maximum
Operating And Finance Leases [Line Items]
Remaining lease term	10 years

Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of U.S. federal income tax expense	4.40%	4.50%	4.70%
Tax differential on foreign earnings	0.70%	0.60%	0.50%
Non-deductible meals and entertainment	0.50%	0.20%	0.10%
Stock compensation excess tax benefits	(2.60%)	(2.40%)	(0.80%)
Uncertain tax positions	0.00%	0.10%	0.00%
Provision to return adjustments, net	0.70%	0.70%	0.40%
Section 162(m) limitation	2.50%	2.40%	1.10%
Other income, net	0.00%	(0.10%)	(0.10%)
Effective rate	27.20%	27.00%	26.90%

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expense and other current assets consisted of the following at December 31:


(in thousands)	2023		2022
Prepaid expenses	$	44,410	$	45,977
Other current assets	2,125		1,847
	$	46,535	$	47,824

Debt - Additional Information (Details)		12 Months Ended
Debt - Additional Information (Details)	May 31, 2023 USD ($)	Dec. 31, 2023 USD ($) equipment_note	Dec. 31, 2022 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument term		5 years
Credit Agreement \| Secured Debt
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 490,000,000
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	2.75
Weighted average interest rate		7.07%
Leverage coverage ratio	3.0
Interest coverage ratio	3.0
Deferred debt issuance costs		$ 2,200,000
Unamortized deferred debt issuance costs	$ 400,000
Credit Agreement \| Secured Debt \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.20%
Credit Agreement \| Secured Debt \| Minimum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin	0.25%
Credit Agreement \| Secured Debt \| Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate margin	1.25%
Credit Agreement \| Secured Debt \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.30%
Credit Agreement \| Secured Debt \| Maximum \| Base Rate
Debt Instrument [Line Items]
Interest rate margin	1.00%
Credit Agreement \| Secured Debt \| Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate margin	2.00%
Credit Agreement \| Secured Debt \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000
Letters of credit outstanding		34,400,000	$ 12,800,000
Credit Agreement \| Secured Debt \| Letter of Credit \| Insurance Program Obligations
Debt Instrument [Line Items]
Letters of credit outstanding		27,100,000	12,800,000
Credit Agreement \| Secured Debt \| Letter of Credit \| Contract Performance Obligations
Debt Instrument [Line Items]
Letters of credit outstanding		7,300,000
Credit Agreement \| Secured Debt \| Letters Of Credit, Discretional
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Credit Agreement \| Secured Debt \| Swingline Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Credit Agreement \| Secured Debt \| Non-performance Letters Of Credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.25%
Credit Agreement \| Secured Debt \| Non-performance Letters Of Credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	2.00%
Credit Agreement \| Secured Debt \| Performance letters of credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	0.625%
Credit Agreement \| Secured Debt \| Performance letters of credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.00%
Credit Agreement \| Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Borrowings under line of credit		$ 13,200,000	$ 12,900,000
Master Loan Agreement \| Notes Payable to Banks
Debt Instrument [Line Items]
Number of equipment notes (equipment note) \| equipment_note		2
Other equipment note \| Notes Payable to Banks
Debt Instrument [Line Items]
Debt instrument term		5 years
Number of equipment notes (equipment note) \| equipment_note		1

Earnings Per Share

12 Months Ended

Dec. 31, 2023

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 attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. by the weighted average number of common shares outstanding during the period. Diluted earnings per share attributable to MYR Group Inc. are computed by dividing net income attributable to MYR Group Inc. 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 attributable to MYR Group Inc. and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:


	For the Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Net income	$	90,990	$	83,381	$	85,006
Less: net loss attributable to noncontrolling interest	—		—		(4)
Net income attributable to MYR Group Inc.	$	90,990	$	83,381	$	85,010
Denominator:
Weighted average common shares outstanding	16,682		16,760		16,838
Weighted average dilutive securities	155		220		323
Weighted average common shares outstanding, diluted	16,837		16,980		17,161
Net income per share attributable to MYR Group Inc.:
Basic	$	5.45	$	4.98	$	5.05
Diluted	$	5.40	$	4.91	$	4.95

For the years ended December 31, 2023, 2022 and 2021, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive. All of the Company’s non-participating unvested restricted shares were included in the computation of weighted average dilutive securities. The following table summarizes the shares of common stock underlying the Company’s unvested performance awards that were excluded from the calculation of dilutive securities:


(in thousands)	2023	2022	2021

Performance awards	13	13	—

Share Repurchase Program

On November 1, 2023, the Company announced that its Board of Directors had authorized a new $75.0 million share repurchase program (the "Repurchase Program") which became effective on November 9, 2023. The Repurchase Program will expire on May 8, 2024, or when the authorized funds are exhausted, whichever is earlier. The Company’s prior $75.0 million repurchase program that commenced on May 9, 2023 expired on November 8, 2023.

During 2023 the Company repurchased 25,042 shares of its common stock under multiple repurchase programs at a weighted-average price of $114.55 per share. 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 December 31, 2023, the Company had $72.5 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.

During 2023 and 2022, the Company repurchased 76,150 and 68,675 shares of stock, respectively, for approximately $7.9 million and $6.8 million, respectively, from its employees to satisfy tax obligations on shares vested under the LTIP. All of the shares repurchased were retired and returned to authorized but unissued stock.

Lease Obligations - Summary of The Lease Terms and Discount Rates (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term – finance leases	10 months 24 days	1 year 10 months 24 days
Weighted-average remaining lease term – operating leases	4 years	3 years 7 months 6 days
Weighted-average discount rate – finance leases	3.10%	3.00%
Weighted-average discount rate – operating leases	4.00%	3.80%

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of total debt

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


(dollars in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of December 31, 2023		Outstanding Balance as of December 31, 2022
Credit Agreement
Revolving loans	5/31/2023	Variable	Variable	5	$	13,201	$	12,915
Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	2,871		3,464

Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	20,125		24,119
Other equipment note	4/11/2022	4.55%	Monthly	5	44		55
					23,040		27,638
Total debt					36,241		40,553
Less: current portion of long-term debt					(7,053)		(5,074)
Long-term debt					$	29,188	$	35,479

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for the Company’s outstanding Equipment Note as of December 31, 2023:


(in thousands)	Future Equipment Notes Principal Payments
2024	$	7,053
2025	4,364
2026	4,555
2027	7,068
2028	—
Thereafter	—
Total future principal payments	$	23,040
Less: current portion of equipment notes	(7,053)
Long-term principal obligations	$	15,987

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Segment Information - Summary of Assets Allocation by Segment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 1,578,746	$ 1,398,858
General Corporate
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	443,507	425,189
T&D \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	632,788	500,568
C&I \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 502,451	$ 473,101

- Definition

+ References

+ Details

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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

Net income attributable to MYR Group Inc. and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:


	For the Year ended December 31,
(in thousands, except per share data)	2023		2022		2021
Numerator:
Net income	$	90,990	$	83,381	$	85,006
Less: net loss attributable to noncontrolling interest	—		—		(4)
Net income attributable to MYR Group Inc.	$	90,990	$	83,381	$	85,010
Denominator:
Weighted average common shares outstanding	16,682		16,760		16,838
Weighted average dilutive securities	155		220		323
Weighted average common shares outstanding, diluted	16,837		16,980		17,161
Net income per share attributable to MYR Group Inc.:
Basic	$	5.45	$	4.98	$	5.05
Diluted	$	5.40	$	4.91	$	4.95

Schedule of shares excluded from calculation of dilute securities

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


(in thousands)	2023	2022	2021

Performance awards	13	13	—

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of revenue by contact and market type

The components of the Company’s revenue by contract type were as follows for the year ended December 31:


	2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	1,100,273	52.7	%	$	1,274,763	82.0	%	$	2,375,036	65.2	%
Unit price	549,221		26.3		92,581		6.0		641,802		17.6
T&E(1)	439,702		21.0		187,365		12.0		627,067		17.2

	$	2,089,196	100.0	%	$	1,554,709	100.0	%	$	3,643,905	100.0	%


	2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	835,288	47.8	%	$	1,051,428	83.3	%	$	1,886,716	62.7	%
Unit price	475,276		27.2		78,714		6.2		553,990		18.4
T&E(1)	435,228		25.0		132,608		10.5		567,836		18.9

	$	1,745,792	100.0	%	$	1,262,750	100.0	%	$	3,008,542	100.0	%


	2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	559,861	43.0	%	$	963,477	80.5	%	$	1,523,338	61.0	%
Unit price	369,710		28.4		73,826		6.2		443,536		17.7
T&E(1)	372,016		28.6		159,399		13.3		531,415		21.3

	$	1,301,587	100.0	%	$	1,196,702	100.0	%	$	2,498,289	100.0	%

(1) The Company T&E contract type includes time-and-equipment, time-and-materials and cost-plus contracts.

The components of the Company’s revenue by market type were as follows for the year ended December 31:


		2023				2022				2021
(dollars in thousands)	Segment	Amount		Percent		Amount		Percent		Amount		Percent
Transmission	T&D	$	1,380,923	37.9	%	$	1,083,415	36.0	%	$	806,367	32.3	%
Distribution	T&D	708,273		19.4		662,377		22.0		495,220		19.8
Electrical construction	C&I	1,554,709		42.7		1,262,750		42.0		1,196,702		47.9
Total revenue		$	3,643,905	100.0	%	$	3,008,542	100.0	%	$	2,498,289	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 total amount of remaining performance obligations as of December 31, 2023 that the Company expects to be realized, the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.


	Remaining Performance Obligations as of December 31, 2023
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	769,128	$	722,765	$	46,363
C&I	1,532,019		1,144,243		387,776
Total	$	2,301,147	$	1,867,008	$	434,139

Revenue Recognition - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2,301,147
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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Summary of Liabilities for Unrecognized Tax Benefits Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 390	$ 328
Gross increases in current period tax positions	54	83
Reductions in tax positions due to lapse of statutory limitations	(27)	(21)
Balance at end of period	417	390
Accrued interest and penalties at end of period	107	99
Total liability for unrecognized tax benefits	$ 524	$ 489

Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 649,443	$ 584,928
Less: accumulated depreciation and amortization	(380,465)	(351,753)
Property and equipment, net	268,978	233,175
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	10,351	10,226
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	44,352	40,480
Construction equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	578,563	519,421
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 16,177	$ 14,801
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Minimum \| Construction equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Minimum \| Office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	3 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	39 years
Maximum \| Construction equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	12 years
Maximum \| Office equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Life in Years	10 years

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
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 December 31, 2023 and 2022, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of December 31, 2023 and 2022, the fair value 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 December 31, 2023 and 2022. Long-term debt with variable interest rates is based on rates 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 value of the Company’s long term debt with fixed interest rates approximated fair value. As of December 31, 2023, the fair value 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 represents the estimated fair value of future amounts potentially payable to the former owners of the acquired Powerline Plus Companies, if the Powerline Plus Companies achieve certain performance targets over a three-year post-acquisition period. The fair value 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 - Summary of Shares Excluded From Calculation of Diluted Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	13	13	0

Stock-Based Compensation - Summary of Time-Vested Stock Awards Activity (Details) - Time-vested stock awards - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding, beginning of period (in shares)	102,616	132,497	165,789
Granted (in shares)	51,167	45,992	57,196
Vested (in shares)	(63,722)	(73,373)	(87,584)
Forfeited (in shares)	(9,323)	(2,500)	(2,904)
Outstanding, end of period (in shares)	80,738	102,616	132,497
Per Share Weighted- Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share)	$ 69.70	$ 44.88	$ 28.96
Granted (in dollars per shares)	117.60	76.93	66.80
Vested (in dollars per share)	59.71	42.47	29.20
Forfeited (in dollars per share)	90.75	58.43	40.60
Outstanding, end of period (in dollars per share)	$ 105.50	$ 69.70	$ 44.88

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income before income taxes by geographic area was, for the years ended December 31:


(in thousands)	2023		2022		2021
Federal	$	102,014	$	104,185	$	106,956
Foreign	22,990		10,019		9,350
	$	125,004	$	114,204	$	116,306

Income tax expense consisted of the following for the years ended December 31:


(in thousands)	2023		2022		2021
Current
Federal	$	21,337	$	13,948	$	16,512
Foreign	1,821		2,148		1,947
State	7,348		5,154		6,560
	30,506		21,250		25,019
Deferred
Federal	(159)		7,739		5,061
Foreign	3,984		465		287
State	(317)		1,369		933
	3,508		9,573		6,281
Income tax expense	$	34,014	$	30,823	$	31,300

The differences between the U.S. federal statutory tax rate and the Company’s effective tax rate for operations were as follows for the years ended December 31:


	2023		2022		2021
U.S federal statutory rate	21.0	%	21.0	%	21.0	%

State income taxes, net of U.S. federal income tax expense	4.4		4.5		4.7


Tax differential on foreign earnings	0.7		0.6		0.5

Non-deductible meals and entertainment	0.5		0.2		0.1
Stock compensation excess tax benefits	(2.6)		(2.4)		(0.8)
Uncertain tax positions	—		0.1		—
Provision to return adjustments, net	0.7		0.7		0.4

Section 162(m) limitation	2.5		2.4		1.1

Other income, net	—		(0.1)		(0.1)
Effective rate	27.2	%	27.0	%	26.9	%

The net deferred tax assets and (liabilities) arising from temporary differences was as follows at December 31:


(in thousands)	2023		2022
Deferred income tax assets:
Self-insurance reserves	$	3,850	$	2,979
Contract loss reserves	2,273		842
Stock-based awards	3,336		2,071
Bonus	11,137		8,656
Accrued vacation	2,295		2,227
Accrued profit sharing	1,707		2,030
Operating lease liabilities	8,115		6,691
Non-U.S. operating loss	2,411		2,402
Other	1,090		1,112
Total deferred income tax assets before valuation allowances	36,214		29,010
Less: valuation allowances	(2,412)		(2,402)
Total deferred income tax assets	33,802		26,608
Deferred income tax liabilities:
Property and equipment — tax over book depreciation	(45,332)		(42,413)
Non-U.S. intangible assets — tax over book amortization	(10,363)		(11,086)
Intangible assets — tax over book amortization	(4,013)		(3,331)
Right-of-use operating lease assets	(8,115)		(6,688)
Non-U.S. deferred income tax liabilities	(8,819)		(4,709)
Contract revenue adjustment	(4,790)		(4,023)
Other	(600)		(133)
Total deferred income tax liabilities	(82,032)		(72,383)
Net deferred income taxes	$	(48,230)	$	(45,775)

The Company determined that it is more-likely-than-not that it will not realize certain deferred tax assets related to net operating loss carryforwards on certain Canadian subsidiaries and therefore recorded a valuation allowance against the deferred tax assets for those entities.

Earnings from the Company’s Canadian subsidiaries are indefinitely reinvested in Canada, therefore as of December 31, 2023, the Company had no undistributed earnings or withholding deferral associated with its Canadian subsidiaries.

The Company is subject to taxation in various jurisdictions. The Company’s 2020 through 2022 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 2019 through 2022.

The Company has recorded a liability for unrecognized tax benefits related to tax positions taken on its various income tax returns. If recognized, the entire amount of unrecognized tax benefits would favorably impact the effective tax rate that is reported in future periods. The decrease in the unrecognized tax benefits as of December 31, 2023 was primarily due to the lapses in the applicable statutes of limitations. The total unrecognized tax benefits is expected to be reduced by less than $0.2 million within the next 12 months. Interest and penalties related to uncertain income tax positions are included as a component of income tax expense in the Financial Statements.

The following is a reconciliation of the beginning and ending liability for unrecognized tax benefits at December 31:


(in thousands)	2023		2022
Balance at beginning of period	$	390	$	328
Gross increases in current period tax positions	54		83

Reductions in tax positions due to lapse of statutory limitations	(27)		(21)
Balance at end of period	417		390
Accrued interest and penalties at end of period	107		99
Total liability for unrecognized tax benefits	$	524	$	489

The liability for unrecognized tax benefits, including accrued interest and penalties, was included in other liabilities on the accompanying consolidated balance sheets. The amount of interest and penalties charged or credited to income tax expense as a result of the unrecognized tax benefits was not significant in the years ended December 31, 2023, 2022 and 2021.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The Company maintains two equity compensation plans under which stock-based compensation has been granted, the 2017 Long-Term Incentive Plan (Amended and Restated as of April 23, 2020) (the “LTIP”) and the 2007 Long-Term Incentive Plan (Amended and Restated as of May 1, 2014) (the “2007 LTIP” and, collectively with the LTIP, the “Long-Term Incentive Plans”). Upon the initial adoption of the LTIP in 2017, awards were no longer granted under the 2007 LTIP. The LTIP was approved by our shareholders and 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 awards, (g) phantom stock, (h) stock bonuses, (i) dividend equivalents, or (j) any combination of such awards. The LTIP permits the granting of up to 1,500,000 shares to directors, officers and other employees of the Company. Grants of awards to employees are approved by the Compensation Committee of the Board of Directors and grants to independent members of the Board of Directors are approved by the Board of Directors. All awards are made with an exercise price or base price, as the case may be, that is not less than the full fair market value per share on the date of grant. No stock option or stock appreciation right may be exercised more than 10 years from the date of grant.

Shares issued as a result of stock option exercises or stock grants are made available from authorized unissued shares of common stock or treasury stock.

Stock Options

The Company has not awarded any stock options since 2013. Stock options granted to the Company’s employees or directors were granted with an exercise price equal to the market price of the Company’s stock on the date of grant. The Company used the Black-Scholes-Merton option-pricing model to estimate the fair value of options as of the date of grant. All stock options were fully expensed as of December 31, 2016.

Following is a summary of stock option activity for the three-year period ended December 31, 2023:


	Options	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	24,557	$	22.94
Exercised	(21,806)	$	22.84
Expired	(42)	$	24.68
Outstanding and Exercisable at December 31, 2021	2,709	$	23.74	1.1 years	$	235
Exercised	(1,680)	$	23.67
Expired	(160)	$	19.37
Outstanding and Exercisable at December 31, 2022	869	$	24.68	0.2 years	$	63
Exercised	(827)	$	24.68
Expired	(42)	$	24.68
Outstanding and Exercisable at December 31, 2023	—	$	—	0.0 years	$	—

During the years ended December 31, 2023, 2022 and 2021, the intrinsic value of stock options exercised was $0.1 million, $0.1 million and $1.2 million, respectively.

Time-Vested Stock Awards

The company grants time-vested stock awards under the LTIP in the form of restricted stock awards, restricted stock units or equity-settled phantom stock. The grant date fair value of the time-vested stock awards is equal to the closing market price of the Company’s common stock on the date of grant. Time-vested stock awards granted under the LTIP to eligible employees in 2023 vest ratably on an annual basis, over three years. Time-vested stock awards granted under the LTIP to non-employee directors in 2023 vest over a one year period.

The Company recognizes stock-based compensation expense related to restricted stock awards and 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 time-vested stock awards granted to eligible employees and one year for non-employee directors.

During the years ended December 31, 2023, 2022 and 2021, time-vested stock vesting activity settled in common stock had an intrinsic value, at the time of vesting, of $7.3 million, $7.0 million and $5.7 million, respectively.

Following is a summary of time-vested stock awards activity for the three-year period ended December 31, 2023:


	Shares	Per Share Weighted- Average Grant Date Fair Value
Outstanding unvested at January 1, 2021	165,789	$	28.96
Granted	57,196	$	66.80
Vested	(87,584)	$	29.20
Forfeited	(2,904)	$	40.60
Outstanding unvested at December 31, 2021	132,497	$	44.88
Granted	45,992	$	76.93
Vested	(73,373)	$	42.47
Forfeited	(2,500)	$	58.43
Outstanding unvested at December 31, 2022	102,616	$	69.70
Granted	51,167	$	117.60
Vested	(63,722)	$	59.71
Forfeited	(9,323)	$	90.75
Outstanding unvested at December 31, 2023	80,738	$	105.50

Performance Awards

The Company grants performance awards under the LTIP. Under these awards, shares of the Company’s common stock may be earned based on the Company’s performance compared to defined metrics. The number of shares earned under a performance award may vary from zero to 200% of the target shares awarded, based upon the Company’s performance compared to the metrics. The metrics used for the grant are determined by the Compensation Committee of the Board of Directors and may be either based on internal measures such as the Company’s financial performance compared to target or on a market-based metric such as the Company’s stock performance compared to a peer group. Performance awards cliff vest upon attainment of at least the minimum stated performance targets and minimum service requirements and are paid in the Company’s common stock.

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 granted in 2023 are expensed over the service period of approximately 2.8 years. 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. Stock-based compensation expense related to market metric-based performance awards is expensed at their grant date fair value regardless of performance.

During the years ended December 31, 2023, 2022 and 2021, performance award vesting activity settled in common stock had an intrinsic value, at the time of vesting, of $12.0 million, $15.7 million and $12.7 million, respectively.

Following is a summary of performance share award activity for the three-year period ended December 31, 2023:


	Shares	Per Share Weighted- Average Grant Date Fair Value
Outstanding unvested at January 1, 2021	150,339	$	36.54
Granted at target	42,091	$	80.11
Earned for performance above target	58,461	$	40.41
Vested	(128,920)	$	39.26
Forfeited	(644)	$	39.25
Outstanding unvested at December 31, 2021	121,327	$	50.06
Granted at target	31,603	$	118.82
Earned for performance above target	78,684	$	34.10
Vested	(157,368)	$	34.10
Forfeited	(738)	$	45.71
Outstanding unvested at December 31, 2022	73,508	$	96.75
Granted at target	32,994	$	136.54
Earned for performance above target	38,916	$	80.07
Vested	(77,832)	$	80.07
Forfeited	(8,468)	$	108.24
Outstanding unvested at December 31, 2023	59,118	$	128.29

Stock-based Compensation Expense

The Company recognized stock-based compensation expense of approximately $8.4 million, $7.9 million and $7.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, in selling, general and administrative expenses on the Company’s consolidated statements of operations. As of December 31, 2023, there was approximately $9.9 million of unrecognized stock-based compensation expense related to awards granted under the Long-Term Incentive Plans. This included $5.3 million of unrecognized compensation cost related to unvested time-vested stock awards expected to be recognized over a remaining weighted average vesting period of approximately 1.5 years and $4.6 million of unrecognized compensation cost related to unvested performance awards, expected to be recognized over a remaining weighted average vesting period of approximately 1.5 years.

Employee Benefit Plans - Summary of Multi-Employer Benefit Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	$ 179,208	$ 155,838	$ 145,880
All other plans
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	40,716	28,014	30,094
Southern California IBEW-NECA Pension Trust Fund \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	51,136	40,810	39,529
Eighth District Electrical Pension Fund \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	15,158	15,097	12,007
National Electrical Benefit Fund \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	14,598	13,804	11,627
IBEW Local 332 Pension Plan Part A \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	4,292	5,723	6,409
IBEW Local 769 Management Pension Plan A \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	5,222	5,061	3,446
IBEW Local Union 1249 Pension Fund \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	5,706	3,791	3,684
Laborers Local Union 158 Pension Fund \| Multiemployer Plans, Pension
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	3,246	256	37
National Electrical Annuity Plan \| Other Postretirement Benefits Plan
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	30,758	36,982	27,974
Eighth District Electrical Pension Fund Annuity Plan \| Other Postretirement Benefits Plan
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	3,624	3,347	5,097
San Mateo Country Electrical Construction Industry Retirement Plan \| Other Postretirement Benefits Plan
Multiemployer Plan, Employer Contribution, Cost [Abstract]
Contributions to Plan	$ 4,752	$ 2,953	$ 5,976

Debt - Summary of Total Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 36,241	$ 40,553
Less: current portion of long-term debt	(7,053)	(5,074)
Long-term debt	29,188	35,479
Notes Payable to Banks
Debt Instrument [Line Items]
Total debt	$ 23,040	27,638
Equipment Note 8 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	2.75%
Term (years)	5 years
Total debt	$ 2,871	3,464
Equipment Note 10 \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.32%
Term (years)	5 years
Total debt	$ 20,125	24,119
Other equipment note \| Notes Payable to Banks
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.55%
Term (years)	5 years
Total debt	$ 44	55
Revolving Credit Facility
Debt Instrument [Line Items]
Term (years)	5 years
Total debt	$ 13,201	$ 12,915

Revenue Recognition - Summary of Remaining Performance Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,301,147
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,867,008
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 434,139
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 769,128
T&D \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 722,765
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
T&D \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 46,363
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,532,019
C&I \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,144,243
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
C&I \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 387,776
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of individually significant multi-employer plans and in aggregate other plans


Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status				Contributions to Plan for the Year ended December 31,						Funding Plan	Surcharge Imposed
		Status	Plan Year End	Status	Plan Year End	2023		2022		2021
						(in thousands)
Defined Benefit Plans:
Southern California IBEW-NECA Pension Trust Fund	95-6392774 001	Yellow	6/30/2022	Yellow	6/30/2021	$	51,136	$	40,810	$	39,529	Yes	No
Eighth District Electrical Pension Fund	84-6100393 001	Green	3/31/2023	Green	3/31/2022	15,158		15,097		12,007		No	No
National Electrical Benefit Fund	53-0181657 001	Green	12/31/2022	Green	12/31/2021	14,598		13,804		11,627		No	No

IBEW Local 332 Pension Plan Part A	94-2688032 004	Green	12/31/2022	Green	12/31/2021	4,292		5,723		6,409		No	No
IBEW Local 769 Management Pension Plan A	86-6049763 001	Green	6/30/2022	Green	6/30/2021	5,222		5,061		3,446		No	No

IBEW Local Union 1249 Pension Fund	15-6035161 001	Green	12/31/2022	Green	12/31/2021	5,706		3,791		3,684		No	No
Laborers Local Union 158 Pension Fund	23-6580323 001	Green	12/31/2022	Green	12/31/2021	3,246		256		37		No	No



Defined Contribution Plans:
National Electrical Annuity Plan	52-6132372 001		n/a		n/a	30,758		36,982		27,974		n/a	n/a
Eighth District Electrical Pension Fund Annuity Plan	84-6100393 002		n/a		n/a	3,624		3,347		5,097		n/a	n/a
San Mateo Country Electrical Construction Industry Retirement Plan	51-6052127 001		n/a		n/a	4,752		2,953		5,976		n/a	n/a

All other plans:						40,716		28,014		30,094
Total contributions:						$	179,208	$	155,838	$	145,880

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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-URI https://asc.fasb.org//1943274/2147480576/715-80-50-9

+ Details

Contract Assets and Liabilities

12 Months Ended

Dec. 31, 2023

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. These contracts 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 $0.6 million as of December 31, 2023 and $0.5 million as of December 31, 2022.

Contract assets consisted of the following at December 31:


(in thousands)	2023		2022		Change
Unbilled revenue, net	$	217,083	$	156,266	$	60,817
Contract retainages, net	203,533		144,349		59,184
Contract assets, net	$	420,616	$	300,615	$	120,001

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

Contract liabilities consisted of the following at December 31:


(in thousands)	2023		2022		Change
Deferred revenue	$	231,604	$	223,654	$	7,950
Accrued loss provision	8,807		3,401		5,406
Contract liabilities	$	240,411	$	227,055	$	13,356

The following table provides information about contract assets and contract liabilities from contracts with customers at December 31:


(in thousands)	2023		2022		Change
Contract assets, net	$	420,616	$	300,615	$	120,001
Contract liabilities	(240,411)		(227,055)		(13,356)
Net contract assets	$	180,205	$	73,560	$	106,645

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 revenues recognized in the period that were included in the opening contract liability balances were $130.7 million and $117.3 million for the year ended December 31, 2023 and 2022, respectively. This revenue consists primarily of work performed on previous billings to customers.

The net asset position for contracts in process consisted of the following at December 31:


(in thousands)	2023		2022
Costs and estimated earnings on uncompleted contracts	$	6,716,990	$	5,390,535
Less: billings to date	6,731,511		5,457,923
	$	(14,521)	$	(67,388)

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 at December 31:


(in thousands)	2023		2022
Unbilled revenue, net	$	217,083	$	156,266
Deferred revenue	(231,604)		(223,654)
	$	(14,521)	$	(67,388)

- Definition

The entire disclosure for long-term contracts or programs.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-SubTopic 35
-Topic 605
-Publisher FASB
-URI https://asc.fasb.org//605-35/tableOfContent

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-Section S99
-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482546/910-10-50-5

+ Details

Contract Assets and Liabilities - Summary of Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contractors [Line Items]
Deferred revenue	$ 231,604	$ 223,654
Accrued loss provision	8,807	3,401
Contract liabilities	240,411	227,055
Changes in contract liabilities	13,151	$ 58,001	$ 9,573
Net Period Change
Contractors [Line Items]
Change in deferred revenue	7,950
Change in accrued loss provision	5,406
Changes in contract liabilities	$ 13,356

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of prepaid expense and other current assets

Prepaid expense and other current assets consisted of the following at December 31:


(in thousands)	2023		2022
Prepaid expenses	$	44,410	$	45,977
Other current assets	2,125		1,847
	$	46,535	$	47,824

Lease Obligations - Summary of Other and Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 14,519	$ 13,287
Right-of-use asset obtained in exchange for new operating lease obligations	11,039	21,663
Right-of-use asset obtained in exchange for new finance lease obligations	$ 0	$ 517

Stock-Based Compensation - Additional Information (Details) - Long-Term Incentive Plan $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity stock based compensation plans (plan) \| plan	2
Number of shares permitted for granting (in shares) \| shares	1,500,000
Stock based compensation expense	$ 8.4	$ 7.9	$ 7.5
Unrecognized stock-based compensation expense	$ 9.9
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Intrinsic value of options exercised	$ 0.1	0.1	1.2
Time-vested stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of common stock at the time of vesting	7.3	7.0	5.7
Unrecognized stock-based compensation expense	$ 5.3
Remaining weighted average vesting period	1 year 6 months
Time-vested stock awards \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Service period	3 years
Time-vested stock awards \| Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Service period	1 year
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period	2 years 9 months 18 days
Intrinsic value of common stock at the time of vesting	$ 12.0	$ 15.7	$ 12.7
Unrecognized stock-based compensation expense	$ 4.6
Remaining weighted average vesting period	1 year 6 months
Performance awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	0.00%
Performance awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	200.00%

Revenue Recognition

12 Months Ended

Dec. 31, 2023

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 17–Segment Information to the Financial Statements.

The components of the Company’s revenue by contract type were as follows for the year ended December 31:


	2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	1,100,273	52.7	%	$	1,274,763	82.0	%	$	2,375,036	65.2	%
Unit price	549,221		26.3		92,581		6.0		641,802		17.6
T&E(1)	439,702		21.0		187,365		12.0		627,067		17.2

	$	2,089,196	100.0	%	$	1,554,709	100.0	%	$	3,643,905	100.0	%


	2022
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	835,288	47.8	%	$	1,051,428	83.3	%	$	1,886,716	62.7	%
Unit price	475,276		27.2		78,714		6.2		553,990		18.4
T&E(1)	435,228		25.0		132,608		10.5		567,836		18.9

	$	1,745,792	100.0	%	$	1,262,750	100.0	%	$	3,008,542	100.0	%


	2021
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	559,861	43.0	%	$	963,477	80.5	%	$	1,523,338	61.0	%
Unit price	369,710		28.4		73,826		6.2		443,536		17.7
T&E(1)	372,016		28.6		159,399		13.3		531,415		21.3

	$	1,301,587	100.0	%	$	1,196,702	100.0	%	$	2,498,289	100.0	%

(1) The Company T&E contract type includes time-and-equipment, time-and-materials and cost-plus contracts.

The components of the Company’s revenue by market type were as follows for the year ended December 31:


		2023				2022				2021
(dollars in thousands)	Segment	Amount		Percent		Amount		Percent		Amount		Percent
Transmission	T&D	$	1,380,923	37.9	%	$	1,083,415	36.0	%	$	806,367	32.3	%
Distribution	T&D	708,273		19.4		662,377		22.0		495,220		19.8
Electrical construction	C&I	1,554,709		42.7		1,262,750		42.0		1,196,702		47.9
Total revenue		$	3,643,905	100.0	%	$	3,008,542	100.0	%	$	2,498,289	100.0	%

Remaining Performance Obligations

On December 31, 2023, the Company had $2.30 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. The timing of when remaining performance obligations are recognized is evaluated quarterly and is largely driven by the estimated start date and duration of the underlying projects.


	Remaining Performance Obligations as of December 31, 2023
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	769,128	$	722,765	$	46,363
C&I	1,532,019		1,144,243		387,776
Total	$	2,301,147	$	1,867,008	$	434,139

The Company estimates approximately 95% or more of the remaining performance obligations will be recognized within twenty-four months, including approximately 80% of the remaining performance obligations estimated to be recognized within twelve months, although the timing of the Company’s performance is not always under its control. The timing of when remaining performance obligations are recognized by the Company can vary considerably and is impacted by multiple variables including, but not limited to: changes in the estimated versus actual start time of a project; the availability of labor, equipment and materials; changes in project workflow; weather; project delays and accelerations; and the timing of final contract settlements. 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 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of accounts receivable

Accounts receivable consisted of the following at December 31:


(in thousands)	2023		2022
Contract receivables	$	516,142	$	471,724
Other	7,738		2,892
	523,880		474,616
Less: allowance for doubtful accounts	(1,987)		(2,073)
	$	521,893	$	472,543

Schedule of allowance for doubtful accounts

The roll-forward of activity in the allowance for doubtful accounts was as follows for the years ended December 31:


(in thousands)	2023		2022		2021
Balance at beginning of period	$	2,073	$	2,441	$	1,696
Less: reduction in (provision for) allowances	85		320		(764)
Less: write offs, net of recoveries	3		45		19
Change in foreign currency translation	2		(3)		—
Balance at end of period	$	1,987	$	2,073	$	2,441