0000700923-24-000045 | 10-Q | XBRL Viewer

Lease Obligations

6 Months Ended

Jun. 30, 2024

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 nine years, some of which may include options to extend the leases for up to ten years, and some of which may include options to terminate the leases within one year. Currently, all the Company’s leases contain fixed payment terms. The Company may decide to cancel or terminate a lease before the end of its term, in which case we are typically liable to the lessor for the remaining lease payments under the term of the lease. Additionally, all of the Company's month-to-month leases are cancelable, by the Company or the lessor, at any time and are not included in our right-of-use asset or liability. At June 30, 2024, 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:


		June 30, 2024		December 31, 2023
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	40,396	$	35,012
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,069		2,363
Total right-of-use lease assets		$	44,465	$	37,375

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	10,472	$	9,237
Finance lease obligations	Current portion of finance lease obligations	2,168		2,039
Total current obligations		12,640		11,276
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	29,897		25,775
Finance lease obligations	Finance lease obligations, net of current maturities	1,645		314
Total non-current obligations		31,542		26,089
Total lease obligations		$	44,182	$	37,365

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


	June 30, 2024		December 31, 2023
Weighted-average remaining lease term - finance leases	3.4 years		0.9 years
Weighted-average remaining lease term - operating leases	3.9 years		4.0 years
Weighted-average discount rate - finance leases	3.8	%	3.1	%
Weighted-average discount rate - operating leases	4.0	%	4.0	%

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


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	233	$	266	$	432	$	534
Interest on lease liabilities	22		22		39		45
Operating lease cost	3,764		3,558		7,478		7,148

Variable lease costs	91		83		184		172
Total lease cost	$	4,110	$	3,929	$	8,133	$	7,899

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


	Six months ended June 30,
(in thousands)	2024		2023
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,195	$	7,259
Right-of-use asset obtained in exchange for new operating lease obligations	$	9,958	$	3,366
Right-of-use asset obtained in exchange for new finance lease obligations	$	2,255	$	—

The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of June 30, 2024 were as follows:


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2024	$	1,768	$	7,358	$	9,126
2025	870		13,650		14,520
2026	560		11,092		11,652
2027	560		6,286		6,846
2028	233		4,888		5,121
2029	—		2,966		2,966
Thereafter	—		883		883
Total minimum lease payments	3,991		47,123		51,114
Financing component	(178)		(6,754)		(6,932)
Net present value of minimum lease payments	3,813		40,369		44,182
Less: current portion of finance and operating lease obligations	(2,168)		(10,472)		(12,640)
Long-term finance and operating lease obligations	$	1,645	$	29,897	$	31,542

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 or below market rental rates. Lease expense associated with these leases was $0.6 million and $1.3 million for the three and six months ended June 30, 2024 and $0.6 million and $1.2 million for the three and six months ended 2023. As of June 30, 2024, the minimum lease payments required under these leases totaled $11.4 million, which are due over the next 5.2 years.

Lease Obligations

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


		June 30, 2024		December 31, 2023
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	40,396	$	35,012
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,069		2,363
Total right-of-use lease assets		$	44,465	$	37,375

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	10,472	$	9,237
Finance lease obligations	Current portion of finance lease obligations	2,168		2,039
Total current obligations		12,640		11,276
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	29,897		25,775
Finance lease obligations	Finance lease obligations, net of current maturities	1,645		314
Total non-current obligations		31,542		26,089
Total lease obligations		$	44,182	$	37,365

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


	June 30, 2024		December 31, 2023
Weighted-average remaining lease term - finance leases	3.4 years		0.9 years
Weighted-average remaining lease term - operating leases	3.9 years		4.0 years
Weighted-average discount rate - finance leases	3.8	%	3.1	%
Weighted-average discount rate - operating leases	4.0	%	4.0	%

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


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	233	$	266	$	432	$	534
Interest on lease liabilities	22		22		39		45
Operating lease cost	3,764		3,558		7,478		7,148

Variable lease costs	91		83		184		172
Total lease cost	$	4,110	$	3,929	$	8,133	$	7,899

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


	Six months ended June 30,
(in thousands)	2024		2023
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,195	$	7,259
Right-of-use asset obtained in exchange for new operating lease obligations	$	9,958	$	3,366
Right-of-use asset obtained in exchange for new finance lease obligations	$	2,255	$	—


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2024	$	1,768	$	7,358	$	9,126
2025	870		13,650		14,520
2026	560		11,092		11,652
2027	560		6,286		6,846
2028	233		4,888		5,121
2029	—		2,966		2,966
Thereafter	—		883		883
Total minimum lease payments	3,991		47,123		51,114
Financing component	(178)		(6,754)		(6,932)
Net present value of minimum lease payments	3,813		40,369		44,182
Less: current portion of finance and operating lease obligations	(2,168)		(10,472)		(12,640)
Long-term finance and operating lease obligations	$	1,645	$	29,897	$	31,542

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (15,277)	$ 18,939	$ 22,273	$ 23,163	$ 3,662	$ 45,436

- 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 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Debt - Summary of total debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 45,065	$ 36,241
Less: current portion of long-term debt	(6,617)	(7,053)
Long-term debt	38,448	29,188
Notes payable to banks
Debt Instrument [Line Items]
Total debt	20,445	23,040
Less: current portion of long-term debt	(6,617)
Long-term debt	$ 13,828
Notes payable to banks \| Equipment Note 8
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	2.75%
Term (years)	5 years
Total debt	$ 2,345	2,871
Notes payable to banks \| Equipment Note 10
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.32%
Term (years)	5 years
Total debt	$ 18,063	20,125
Notes payable to banks \| Other equipment note
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.55%
Term (years)	5 years
Total debt	$ 37	44
Revolving loans
Debt Instrument [Line Items]
Term (years)	5 years
Total debt	$ 24,620	$ 13,201

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,869	$ 24,899
Accounts receivable, net of allowances of $898 and $1,987, respectively	554,822	521,893
Contract assets, net of allowances of $619 and $610, respectively	402,301	420,616
Current portion of receivable for insurance claims in excess of deductibles	8,349	8,267
Refundable income taxes	14,093	4,034
Prepaid expenses and other current assets	35,871	46,535
Total current assets	1,017,305	1,026,244
Property and equipment, net of accumulated depreciation of $387,375 and $380,465, respectively	278,099	268,978
Operating lease right-of-use assets	40,396	35,012
Goodwill	115,372	116,953
Intangible assets, net of accumulated amortization of $32,688 and $30,534, respectively	79,855	83,516
Receivable for insurance claims in excess of deductibles	33,687	33,739
Investment in joint ventures	12,861	8,707
Other assets	5,667	5,597
Total assets	1,583,242	1,578,746
Current liabilities:
Current portion of long-term debt	6,617	7,053
Current portion of operating lease obligations	10,472	9,237
Current portion of finance lease obligations	2,168	2,039
Accounts payable	344,130	359,363
Contract liabilities	256,622	240,411
Current portion of accrued self-insurance	24,190	28,269
Accrued income taxes	0	237
Other current liabilities	103,244	100,593
Total current liabilities	747,443	747,202
Deferred income tax liabilities	47,647	48,230
Long-term debt	38,448	29,188
Accrued self-insurance	51,700	51,796
Operating lease obligations, net of current maturities	29,897	25,775
Finance lease obligations, net of current maturities	1,645	314
Other liabilities	33,120	25,039
Total liabilities	949,900	927,544
Commitments and contingencies
Shareholders’ equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at June 30, 2024 and December 31, 2023	0	0
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,648,028 and 16,684,492 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	166	167
Additional paid-in capital	160,001	162,386
Accumulated other comprehensive loss	(7,525)	(3,880)
Retained earnings	480,700	492,529
Total shareholders’ equity	633,342	651,202
Total liabilities and shareholders’ equity	$ 1,583,242	$ 1,578,746

Organization, Business and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Consolidated Financial Information	Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income (loss), shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. The consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income (loss) are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 28, 2024 (the "2023 Annual Report").
Joint Ventures and Noncontrolling Interests	Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. As of June 30, 2024, the Company did not have a controlling interest in any current joint venture partnerships. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets. For joint ventures in which the Company does not have a controlling interest, the Company’s share of any profits and assets and its share of any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the joint venture and are 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 (loss) 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 losses and gains, recorded in other income (expense), net, for the six months ended June 30, 2024 and 2023 were not significant. 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of June 30, 2024 and December 31, 2023, the Company had recognized revenues of $92.8 million and $76.5 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended June 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 7.2%, which resulted in decreases in operating income (loss) of $59.7 million, net income (loss) of $40.2 million and diluted earnings per common share of $2.39. During the six months ended June 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 4.2% and resulted in decreases in operating income of $68.4 million, net income of $46.1 million and diluted earnings per common share of $2.74. Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.” During the three months ended June 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.3%, which resulted in decreases in operating income of $11.5 million, net income of $8.0 million and diluted earnings per common share of $0.48. During the six months ended June 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.0% and resulted in decreases in operating income of $17.8 million, net income of $12.4 million and diluted earnings per common share of $0.74.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or 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	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.
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 are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income (loss) 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.

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of June 30, 2024 and December 31, 2023, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of June 30, 2024 and December 31, 2023, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs. The Company’s long-term debt was based on variable and fixed interest rates at June 30, 2024 and December 31, 2023, 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 finance lease obligations also approximated fair value. As of June 30, 2024, the fair value of the Company’s contingent earn-out consideration liability associated with the acquisition of Powerline Plus Ltd. and its affiliate PLP Redimix Ltd. (collectively, the “Powerline Plus Companies") on January 4, 2022, 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. As of the acquisition date, the fair value of the contingent earn-out consideration was $0.9 million. As of June 30, 2024 and December 31, 2023, the fair value of the contingent earn-out consideration was zero. 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 $16.4 million. There were no changes in contingent earn-out consideration during the three and six months ended June 30, 2024 and 2023. Any changes in contingent earn-out consideration are recorded in other income.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of the lease-related assets and liabilities

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


		June 30, 2024		December 31, 2023
(in thousands)	Classification on the Consolidated Balance Sheet
Assets
Operating lease right-of-use assets	Operating lease right-of-use assets	$	40,396	$	35,012
Finance lease right-of-use assets	Property and equipment, net of accumulated depreciation	4,069		2,363
Total right-of-use lease assets		$	44,465	$	37,375

Liabilities
Current
Operating lease obligations	Current portion of operating lease obligations	$	10,472	$	9,237
Finance lease obligations	Current portion of finance lease obligations	2,168		2,039
Total current obligations		12,640		11,276
Non-current
Operating lease obligations	Operating lease obligations, net of current maturities	29,897		25,775
Finance lease obligations	Finance lease obligations, net of current maturities	1,645		314
Total non-current obligations		31,542		26,089
Total lease obligations		$	44,182	$	37,365

Summary of the lease terms and discount rates

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


	June 30, 2024		December 31, 2023
Weighted-average remaining lease term - finance leases	3.4 years		0.9 years
Weighted-average remaining lease term - operating leases	3.9 years		4.0 years
Weighted-average discount rate - finance leases	3.8	%	3.1	%
Weighted-average discount rate - operating leases	4.0	%	4.0	%

Schedule of lease costs

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


(in thousands)	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Lease cost:
Finance lease cost:
Amortization of right-of-use assets	$	233	$	266	$	432	$	534
Interest on lease liabilities	22		22		39		45
Operating lease cost	3,764		3,558		7,478		7,148

Variable lease costs	91		83		184		172
Total lease cost	$	4,110	$	3,929	$	8,133	$	7,899

Summary of supplemental cash flow information

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


	Six months ended June 30,
(in thousands)	2024		2023
Other information:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,195	$	7,259
Right-of-use asset obtained in exchange for new operating lease obligations	$	9,958	$	3,366
Right-of-use asset obtained in exchange for new finance lease obligations	$	2,255	$	—

Schedule of future minimum operating lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2024	$	1,768	$	7,358	$	9,126
2025	870		13,650		14,520
2026	560		11,092		11,652
2027	560		6,286		6,846
2028	233		4,888		5,121
2029	—		2,966		2,966
Thereafter	—		883		883
Total minimum lease payments	3,991		47,123		51,114
Financing component	(178)		(6,754)		(6,932)
Net present value of minimum lease payments	3,813		40,369		44,182
Less: current portion of finance and operating lease obligations	(2,168)		(10,472)		(12,640)
Long-term finance and operating lease obligations	$	1,645	$	29,897	$	31,542

Schedule of future minimum finance lease payments


(in thousands)	Finance Lease Obligations		Operating Lease Obligations		Total Lease Obligations
Remainder of 2024	$	1,768	$	7,358	$	9,126
2025	870		13,650		14,520
2026	560		11,092		11,652
2027	560		6,286		6,846
2028	233		4,888		5,121
2029	—		2,966		2,966
Thereafter	—		883		883
Total minimum lease payments	3,991		47,123		51,114
Financing component	(178)		(6,754)		(6,932)
Net present value of minimum lease payments	3,813		40,369		44,182
Less: current portion of finance and operating lease obligations	(2,168)		(10,472)		(12,640)
Long-term finance and operating lease obligations	$	1,645	$	29,897	$	31,542

Organization, Business and Basis of Presentation	6 Months Ended
Organization, Business and Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Basis of Presentation	Organization, Business and Basis of Presentation Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers 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 the design, installation, maintenance and repair of commercial and industrial wiring. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Basis of Presentation Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income (loss), shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. The consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income (loss) are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2023, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 28, 2024 (the "2023 Annual Report"). Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. As of June 30, 2024, the Company did not have a controlling interest in any current joint venture partnerships. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets. For joint ventures in which the Company does not have a controlling interest, the Company’s share of any profits and assets and its share of any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the joint venture and are 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 (loss) 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 losses and gains, recorded in other income (expense), net, for the six months ended June 30, 2024 and 2023 were not significant. 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of June 30, 2024 and December 31, 2023, the Company had recognized revenues of $92.8 million and $76.5 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended June 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 7.2%, which resulted in decreases in operating income (loss) of $59.7 million, net income (loss) of $40.2 million and diluted earnings per common share of $2.39. During the six months ended June 30, 2024, changes in estimates pertaining to certain projects decreased consolidated gross margin by 4.2% and resulted in decreases in operating income of $68.4 million, net income of $46.1 million and diluted earnings per common share of $2.74. Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.” During the three months ended June 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.3%, which resulted in decreases in operating income of $11.5 million, net income of $8.0 million and diluted earnings per common share of $0.48. During the six months ended June 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.0% and resulted in decreases in operating income of $17.8 million, net income of $12.4 million and diluted earnings per common share of $0.74. Recent Accounting Pronouncements Changes to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs not listed below are either not applicable to the Company or 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.

Earnings Per Share - Summary of shares excluded from calculation of diluted securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Time Vested Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	36	0	36	0
Performance Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	30	14	30	14

Revenue Recognition

6 Months Ended

Jun. 30, 2024

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 guarantee not-to-exceed a 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 10–Segment Information.

The components of the Company’s revenue by contract type for the three months ended June 30, 2024 and 2023 were as follows:


	Three months ended June 30, 2024
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	214,882	46.9	%	$	306,679	82.7	%	$	521,561	62.9	%
Unit price	138,127		30.1		18,803		5.1		156,930		18.9
T&E	105,200		23.0		45,199		12.2		150,399		18.2

	$	458,209	100.0	%	$	370,681	100.0	%	$	828,890	100.0	%


	Three months ended June 30, 2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	261,348	51.9	%	$	313,409	81.4	%	$	574,757	64.7	%
Unit price	139,929		27.8		23,558		6.1		163,487		18.4
T&E	102,460		20.3		47,912		12.5		150,372		16.9

	$	503,737	100.0	%	$	384,879	100.0	%	$	888,616	100.0	%

The components of the Company’s revenue by contract type for the six months ended June 30, 2024 and 2023 were as follows:


	Six months ended June 30, 2024
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	457,882	48.3	%	$	571,479	82.1	%	$	1,029,361	62.6	%
Unit price	274,252		28.9		35,139		5.1		309,391		18.8
T&E	216,470		22.8		89,230		12.8		305,700		18.6

	$	948,604	100.0	%	$	695,848	100.0	%	$	1,644,452	100.0	%


	Six months ended June 30, 2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	490,582	51.7	%	$	619,030	82.4	%	$	1,109,612	65.3	%
Unit price	253,637		26.7		41,200		5.5		294,837		17.3
T&E	204,841		21.6		90,942		12.1		295,783		17.4

	$	949,060	100.0	%	$	751,172	100.0	%	$	1,700,232	100.0	%

The components of the Company’s revenue by market type for the three months ended June 30, 2024 and 2023 were as follows:


	Three months ended June 30, 2024					Three months ended June 30, 2023
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	282,488	34.1	%	T&D	$	322,272	36.3	%	T&D
Distribution	175,721		21.2		T&D	181,465		20.4		T&D
Electrical construction	370,681		44.7		C&I	384,879		43.3		C&I
Total revenue	$	828,890	100.0	%		$	888,616	100.0	%

The components of the Company’s revenue by market type for the six months ended June 30, 2024 and 2023 were as follows:


	Six months ended June 30, 2024					Six months ended June 30, 2023
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	596,414	36.3	%	T&D	$	620,370	36.5	%	T&D
Distribution	352,190		21.4		T&D	328,690		19.3		T&D
Electrical construction	695,848		42.3		C&I	751,172		44.2		C&I
Total revenue	$	1,644,452	100.0	%		$	1,700,232	100.0	%

Remaining Performance Obligations

As of June 30, 2024, the Company had $2.34 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.

The following table summarizes the amount of remaining performance obligations as of June 30, 2024 that the Company expects to be realized and 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 at June 30, 2024
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	652,334	$	604,209	$	48,125
C&I	1,685,712		1,272,942		412,770
Total	$	2,338,046	$	1,877,151	$	460,895

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 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

- Definition

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

+ References

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

Commitments and Contingencies (Details)	6 Months Ended
Commitments and Contingencies (Details)	Jun. 30, 2024 USD ($)
Other Commitments [Line Items]
Purchase orders outstanding	$ 14,900,000
Performance Guarantee
Other Commitments [Line Items]
Bonds outstanding	2,760,000,000
Estimated remaining costs for bonded projects	770,100,000
Contingencies Excluding Wildfire and Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	1,000,000.0
Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	$ 200,000

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of June 30, 2024, the Company had approximately $14.9 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 current and long-term assets in the Company’s consolidated balance sheets. Performance and Payment Bonds and Parent Guarantees In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on certain contractual commitments. The Company has indemnified its sureties for any expenses paid out under these bonds. As of June 30, 2024, an aggregate of approximately $2.76 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 $770.1 million as of June 30, 2024. From time to time, the Company guarantees the obligations of wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease agreements, and, in some states, obligations in connection with obtaining contractors’ licenses. Additionally, from time to time the Company is required to post letters of credit to guarantee the obligations of wholly owned subsidiaries, which reduces the borrowing availability under the Facility. Indemnities From time to time, pursuant to its service arrangements, the Company indemnifies its customers for claims related to the services it provides under those service arrangements. These indemnification obligations may subject the Company to indemnity claims, 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. Litigation and Other Legal Matters The Company is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of business. These claims, lawsuits and other proceedings include claims related to the Company’s current services and operations, as well as our historic operations. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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,
Entity Address, Address Line Two	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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,507,773
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000700923
Current Fiscal Year End Date	--12-31

Revenue Recognition - Schedule of revenue by market type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Contract revenues	$ 828,890	$ 888,616	$ 1,644,452	$ 1,700,232
Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 458,209	$ 503,737	$ 948,604	$ 949,060
T&D \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D \| Transmission
Disaggregation of Revenue [Line Items]
Contract revenues	$ 282,488	$ 322,272	$ 596,414	$ 620,370
T&D \| Transmission \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	34.10%	36.30%	36.30%	36.50%
T&D \| Distribution
Disaggregation of Revenue [Line Items]
Contract revenues	$ 175,721	$ 181,465	$ 352,190	$ 328,690
T&D \| Distribution \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	21.20%	20.40%	21.40%	19.30%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 370,681	$ 384,879	$ 695,848	$ 751,172
C&I \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
C&I \| Electrical construction
Disaggregation of Revenue [Line Items]
Contract revenues	$ 370,681	$ 384,879	$ 695,848	$ 751,172
C&I \| Electrical construction \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	44.70%	43.30%	42.30%	44.20%

Segment Information - Summary of segment's internal financial reports (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Contract revenues:	$ 828,890	$ 888,616	$ 1,644,452	$ 1,700,232
Income (loss) from operations:	(20,707)	32,438	3,564	59,864
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Income (loss) from operations:	(14,015)	(17,919)	(31,003)	(33,940)
T&D
Segment Reporting Information [Line Items]
Contract revenues:	458,209	503,737	948,604	949,060
T&D \| Operating Segments
Segment Reporting Information [Line Items]
Income (loss) from operations:	(8,300)	37,734	21,536	70,554
C&I
Segment Reporting Information [Line Items]
Contract revenues:	370,681	384,879	695,848	751,172
C&I \| Operating Segments
Segment Reporting Information [Line Items]
Income (loss) from operations:	$ 1,608	$ 12,623	$ 13,031	$ 23,250

- 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 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance, beginning of period at Dec. 31, 2022	$ 560,200	$ 0	$ 165	$ 161,427	$ (6,300)	$ 404,908
Balance, beginning of period (in shares) at Dec. 31, 2022			16,564,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	23,163					23,163
Stock issued under compensation plans, net	20		$ 2	18
Stock issued under compensation plans, net (in shares)			211,000
Stock-based compensation expense	1,982			1,982
Shares repurchased related to tax withholding for stock-based compensation	(7,936)			(7,194)		(742)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(76,000)
Other comprehensive income (loss)	136				136
Balance, end of period at Mar. 31, 2023	577,565	0	$ 167	156,233	(6,164)	427,329
Balance, end of period (in shares) at Mar. 31, 2023			16,699,000
Balance, beginning of period at Dec. 31, 2022	560,200	0	$ 165	161,427	(6,300)	404,908
Balance, beginning of period (in shares) at Dec. 31, 2022			16,564,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 45,436
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(76,150)
Other comprehensive income (loss)	$ 2,276
Balance, end of period at Jun. 30, 2023	604,300	0	$ 167	158,555	(4,024)	449,602
Balance, end of period (in shares) at Jun. 30, 2023			16,710,000
Balance, beginning of period at Mar. 31, 2023	577,565	0	$ 167	156,233	(6,164)	427,329
Balance, beginning of period (in shares) at Mar. 31, 2023			16,699,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	22,273					22,273
Stock issued under compensation plans, net	0
Stock issued under compensation plans, net (in shares)			11,000
Stock-based compensation expense	2,322			2,322
Other comprehensive income (loss)	2,140				2,140
Balance, end of period at Jun. 30, 2023	604,300	0	$ 167	158,555	(4,024)	449,602
Balance, end of period (in shares) at Jun. 30, 2023			16,710,000
Balance, beginning of period at Dec. 31, 2023	651,202	0	$ 167	162,386	(3,880)	492,529
Balance, beginning of period (in shares) at Dec. 31, 2023			16,684,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,939					18,939
Stock issued under compensation plans, net	0		$ 1	(1)
Stock issued under compensation plans, net (in shares)			114,000
Stock-based compensation expense	1,917			1,917
Shares repurchased related to tax withholding for stock-based compensation	(5,866)		$ (1)	(5,511)		(354)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(36,000)
Other comprehensive income (loss)	(2,472)				(2,472)
Balance, end of period at Mar. 31, 2024	663,720	0	$ 167	158,791	(6,352)	511,114
Balance, end of period (in shares) at Mar. 31, 2024			16,762,000
Balance, beginning of period at Dec. 31, 2023	651,202	0	$ 167	162,386	(3,880)	492,529
Balance, beginning of period (in shares) at Dec. 31, 2023			16,684,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 3,662
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(36,397)
Share repurchases under share repurchase program (in shares)	(117,422)
Other comprehensive income (loss)	$ (3,645)
Balance, end of period at Jun. 30, 2024	633,342	0	$ 166	160,001	(7,525)	480,700
Balance, end of period (in shares) at Jun. 30, 2024			16,648,000
Balance, beginning of period at Mar. 31, 2024	663,720	0	$ 167	158,791	(6,352)	511,114
Balance, beginning of period (in shares) at Mar. 31, 2024			16,762,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15,277)					(15,277)
Stock issued under compensation plans, net	0
Stock issued under compensation plans, net (in shares)			3,000
Stock-based compensation expense	2,331			2,331
Share repurchases under share repurchase program (in shares)			(117,000)
Share repurchases under share repurchase program	(16,259)		$ (1)	(1,121)		(15,137)
Other comprehensive income (loss)	(1,173)				(1,173)
Balance, end of period at Jun. 30, 2024	$ 633,342	$ 0	$ 166	$ 160,001	$ (7,525)	$ 480,700
Balance, end of period (in shares) at Jun. 30, 2024			16,648,000

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

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

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


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(15,277)	$	22,273	$	3,662	$	45,436

Denominator:
Weighted average common shares outstanding	16,756		16,707		16,734		16,662
Weighted average dilutive securities	53		102		86		155
Weighted average common shares outstanding, diluted	16,809		16,809		16,820		16,817

Income (loss) per common share:
Basic	$	(0.91)	$	1.33	$	0.22	$	2.73
Diluted	$	(0.91)	$	1.33	$	0.22	$	2.70

Schedule of shared excluded from calculation of dilute securities

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


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2024	2023	2024	2023
Time-vested stock awards	36	—	36	—
Performance awards	30	14	30	14

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Contract Assets and Liabilities - Summary of contract liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contractors [Line Items]
Deferred revenue	$ 243,710		$ 231,604
Accrued loss provision	12,912		8,807
Contract liabilities	256,622		$ 240,411
Contract liabilities, Change	16,514	$ 1,468
Change
Contractors [Line Items]
Deferred revenue, Change	12,106
Accrued loss provision, Change	4,105
Contract liabilities, Change	$ 16,211

Organization, Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Jun. 30, 2024 USD ($) segment $ / shares	Jun. 30, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of business segments (segment) \| segment					2
Foreign currency gains (losses)					$ 0	$ 0
Revenue recognized, related to change orders and claims included as contract price adjustments					92,800		$ 76,500
Increase (decrease) in operating income	$ (20,707)		$ 32,438		3,564	59,864
Increase (decrease) in net income	$ (15,277)	$ 18,939	$ 22,273	$ 23,163	$ 3,662	$ 45,436
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ (0.91)		$ 1.33		$ 0.22	$ 2.70
Contracts Accounted for under Percentage of Completion
Organization Consolidation and Presentation of Financial Statements [Line Items]
Increase (decrease) in consolidated gross margin	(7.20%)		(1.30%)		(4.20%)	(1.00%)
Increase (decrease) in operating income	$ (59,700)		$ (11,500)		$ (68,400)	$ (17,800)
Increase (decrease) in net income	$ (40,200)		$ (8,000)		$ (46,100)	$ (12,400)
Increase (decrease) in diluted earnings per common share (in dollars per share) \| $ / shares	$ (2.39)		$ (0.48)		$ (2.74)	$ (0.74)

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Lease Obligations - Summary of lease related costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease cost:
Amortization of right-of-use assets	$ 233	$ 266	$ 432	$ 534
Interest on lease liabilities	22	22	39	45
Operating lease cost	3,764	3,558	7,478	7,148
Variable lease costs	91	83	184	172
Total lease cost	$ 4,110	$ 3,929	$ 8,133	$ 7,899

Lease Obligations - Schedule of future minimum lease payments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finance Lease Obligations
Remainder of 2024	$ 1,768
2025	870
2026	560
2027	560
2028	233
2029	0
Thereafter	0
Total minimum lease payments	3,991
Financing component	(178)
Net present value of minimum lease payments	3,813
Current portion of finance lease obligations	(2,168)	$ (2,039)
Finance lease obligations, net of current maturities	1,645	314
Operating Lease Obligations
Remainder of 2024	7,358
2025	13,650
2026	11,092
2027	6,286
2028	4,888
2029	2,966
Thereafter	883
Total minimum lease payments	47,123
Financing component	(6,754)
Net present value of minimum lease payments	40,369
Less: current portion of finance and operating lease obligations	(10,472)	(9,237)
Operating lease obligations, net of current maturities	29,897	$ 25,775
Total Lease Obligations
Remainder of 2024	9,126
2025	14,520
2026	11,652
2027	6,846
2028	5,121
2029	2,966
Thereafter	883
Total minimum lease payments	51,114
Financing component	(6,932)
Net present value of minimum lease payments	44,182
Less: current portion of finance and operating lease obligations	(12,640)
Long-term finance and operating lease obligations	$ 31,542

Contract Assets and Liabilities - Contracts in process (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Costs and estimated earnings on uncompleted contracts	$ 6,793,525	$ 6,716,990
Less: billings to date	6,847,881	6,731,511
Net asset position for contracts in process	$ (54,356)	$ (14,521)

Segment Information

6 Months Ended

Jun. 30, 2024

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 (loss) from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which include safety costs, professional fees, IT expenses and management fees. The accounting policies of the segments are the same as those described in the Note 1–Organization, Business and Significant Accounting Policies to the 2023 Annual Report.

Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services. 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 C&I segment has a diverse customer base with many long-standing relationships.

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Contract revenues:
T&D	$	458,209	$	503,737	$	948,604	$	949,060
C&I	370,681		384,879		695,848		751,172
	$	828,890	$	888,616	$	1,644,452	$	1,700,232
Income (loss) from operations:
T&D	$	(8,300)	$	37,734	$	21,536	$	70,554
C&I	1,608		12,623		13,031		23,250
General Corporate	(14,015)		(17,919)		(31,003)		(33,940)
	$	(20,707)	$	32,438	$	3,564	$	59,864

- 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/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

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

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-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 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: 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 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	May 09, 2024	Nov. 09, 2023
Earnings Per Share [Abstract]
Shares repurchased related to tax withholding for stock-based compensation (in shares)	36,397	76,150
Payments related to tax withholding for stock-based compensation	$ 5,866,000	$ 7,936,000
Repurchase program authorized amount			$ 75,000,000.0	$ 75,000,000
Shares repurchased under repurchase program (in shares)	117,422
Shares repurchased, weighted average price per share (in dollars per share)	$ 138.47
Remaining availability to repurchase shares	$ 58,700,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of total debt

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


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of June 30, 2024		Outstanding Balance as of December 31, 2023
Credit Agreement
Revolving loans	5/31/2023	Variable	Variable	5	$	24,620	$	13,201

Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	2,345		2,871
Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	18,063		20,125
Other equipment note	4/11/2022	4.55%	Monthly	5	37		44
					20,445		23,040
Total debt					45,065		36,241
Less: current portion of long-term debt					(6,617)		(7,053)
Long-term debt					$	38,448	$	29,188

Schedule of remaining principal payments for long term obligations

The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of June 30, 2024:


(in thousands)	Future Equipment Notes Principal Payments
Remainder of 2024	$	4,458
2025	4,364
2026	4,554
2027	7,069
2028	—
2029	—

Total future principal payments	20,445
Less: current portion of equipment notes	(6,617)
Long-term principal obligations	$	13,828

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Revenue Recognition - Additional information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2,338,046
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 1,877,151
Remaining performance obligation, percentage	80.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 460,895
Remaining performance obligation, percentage	95.00%
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

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of revenue by contract and market type

The components of the Company’s revenue by contract type for the three months ended June 30, 2024 and 2023 were as follows:


	Three months ended June 30, 2024
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	214,882	46.9	%	$	306,679	82.7	%	$	521,561	62.9	%
Unit price	138,127		30.1		18,803		5.1		156,930		18.9
T&E	105,200		23.0		45,199		12.2		150,399		18.2

	$	458,209	100.0	%	$	370,681	100.0	%	$	828,890	100.0	%


	Three months ended June 30, 2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	261,348	51.9	%	$	313,409	81.4	%	$	574,757	64.7	%
Unit price	139,929		27.8		23,558		6.1		163,487		18.4
T&E	102,460		20.3		47,912		12.5		150,372		16.9

	$	503,737	100.0	%	$	384,879	100.0	%	$	888,616	100.0	%

The components of the Company’s revenue by contract type for the six months ended June 30, 2024 and 2023 were as follows:


	Six months ended June 30, 2024
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	457,882	48.3	%	$	571,479	82.1	%	$	1,029,361	62.6	%
Unit price	274,252		28.9		35,139		5.1		309,391		18.8
T&E	216,470		22.8		89,230		12.8		305,700		18.6

	$	948,604	100.0	%	$	695,848	100.0	%	$	1,644,452	100.0	%


	Six months ended June 30, 2023
	T&D				C&I				Total
(dollars in thousands)	Amount		Percent		Amount		Percent		Amount		Percent
Fixed price	$	490,582	51.7	%	$	619,030	82.4	%	$	1,109,612	65.3	%
Unit price	253,637		26.7		41,200		5.5		294,837		17.3
T&E	204,841		21.6		90,942		12.1		295,783		17.4

	$	949,060	100.0	%	$	751,172	100.0	%	$	1,700,232	100.0	%

The components of the Company’s revenue by market type for the three months ended June 30, 2024 and 2023 were as follows:


	Three months ended June 30, 2024					Three months ended June 30, 2023
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	282,488	34.1	%	T&D	$	322,272	36.3	%	T&D
Distribution	175,721		21.2		T&D	181,465		20.4		T&D
Electrical construction	370,681		44.7		C&I	384,879		43.3		C&I
Total revenue	$	828,890	100.0	%		$	888,616	100.0	%

The components of the Company’s revenue by market type for the six months ended June 30, 2024 and 2023 were as follows:


	Six months ended June 30, 2024					Six months ended June 30, 2023
(dollars in thousands)	Amount		Percent		Segment	Amount		Percent		Segment
Transmission	$	596,414	36.3	%	T&D	$	620,370	36.5	%	T&D
Distribution	352,190		21.4		T&D	328,690		19.3		T&D
Electrical construction	695,848		42.3		C&I	751,172		44.2		C&I
Total revenue	$	1,644,452	100.0	%		$	1,700,232	100.0	%

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


	Remaining Performance Obligations at June 30, 2024
(in thousands)	Total		Amount estimated to be recognized within 12 months		Amount estimated to be recognized after 12 months
T&D	$	652,334	$	604,209	$	48,125
C&I	1,685,712		1,272,942		412,770
Total	$	2,338,046	$	1,877,151	$	460,895

Lease Obligations - Summary of other and supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 7,195	$ 7,259
Right-of-use asset obtained in exchange for new operating lease obligations	9,958	3,366
Right-of-use asset obtained in exchange for new finance lease obligations	$ 2,255	$ 0

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The U.S. federal statutory tax rate was 21% for each of the three and six months ended June 30, 2024 and 2023. The Company’s effective tax rate for the three and six months ended June 30, 2024 was 31.0% and (281.9%), respectively, of pretax income (loss) compared to the effective tax rate for the three and six months ended June 30, 2023 of 29.5% and 22.6%, respectively. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rates for the three months ended June 30, 2024 and 2023, was primarily due to state income taxes, Canadian taxes and other permanent difference items. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the six months ended June 30, 2024, was primarily due to lower taxes associated with a reduction in net income and a favorable impact from stock compensation excess tax benefits, partially offset by state income taxes, Canadian taxes and other permanent difference items. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the six months ended June 30, 2023, was primarily due to state income taxes, Canadian taxes and other permanent difference items partially offset by a favorable impact from stock compensation excess tax benefits. The Company has recorded a liability for unrecognized tax benefits of approximately $0.3 million and $0.5 million as of June 30, 2024 and December 31, 2023, respectively, which were included in other liabilities in the accompanying consolidated balance sheets. The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was not significant for the three and six months ended June 30, 2024 and 2023. 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.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: 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/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

Lease Obligations - Summary of the lease terms and discount rates (Details)	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term - finance leases	3 years 4 months 24 days	10 months 24 days
Weighted-average remaining lease term - operating leases	3 years 10 months 24 days	4 years
Weighted-average discount rate - finance leases	3.80%	3.10%
Weighted-average discount rate - operating leases	4.00%	4.00%

Lease Obligations - Summary of lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $387,375 and $380,465, respectively
Operating lease right-of-use assets	$ 40,396	$ 35,012
Finance lease right-of-use assets	4,069	2,363
Total right-of-use lease assets	44,465	37,375
Current
Operating lease obligations	10,472	9,237
Finance lease obligations	2,168	2,039
Total current obligations	12,640	11,276
Non-current
Operating lease obligations	29,897	25,775
Finance lease obligations, net of current maturities	1,645	314
Total non-current obligations	31,542	26,089
Total lease obligations	$ 44,182	$ 37,365

Revenue Recognition - Summary of remaining performance obligations (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,338,046
T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	652,334
C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 1,685,712
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 1,877,151
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 604,209
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 1,272,942
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 460,895
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 \| T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 48,125
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01 \| C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 412,770

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 898	$ 1,987
Contract assets, allowance	619	610
Property and equipment, accumulated depreciation	387,375	380,465
Intangible assets, accumulated amortization	$ 32,688	$ 30,534
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)	16,648,028	16,684,492
Common stock, shares outstanding (in shares)	16,648,028	16,684,492

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 3,662	$ 45,436
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	29,659	26,040
Amortization of intangible assets	2,445	2,455
Stock-based compensation expense	4,248	4,304
Gain on sale of property and equipment	(2,995)	(2,539)
Other non-cash items	1,266	(221)
Changes in operating assets and liabilities:
Accounts receivable, net	(34,139)	(1,714)
Contract assets, net	17,057	(81,243)
Receivable for insurance claims in excess of deductibles	(30)	459
Other assets	(3,507)	3,147
Accounts payable	(10,336)	23,004
Contract liabilities	16,514	1,468
Accrued self-insurance	(4,161)	(1,962)
Other liabilities	10,688	(2,790)
Net cash flows provided by operating activities	30,371	15,844
Cash flows from investing activities:
Proceeds from sale of property and equipment	3,380	3,331
Purchases of property and equipment	(45,961)	(41,730)
Net cash flows used in investing activities	(42,581)	(38,399)
Cash flows from financing activities:
Borrowings under revolving lines of credit	290,907	185,330
Repayments under revolving lines of credit	(279,488)	(178,247)
Payment of principal obligations under equipment notes	(2,595)	(2,512)
Payment of principal obligations under finance leases	(549)	(584)
Proceeds from exercise of stock options	0	20
Repurchase of common stock	(14,251)	0
Debt refinancing costs	(33)	(2,120)
Payments related to tax withholding for stock-based compensation	(5,866)	(7,936)
Other financing activities	1,600	0
Net cash flows used in financing activities	(10,275)	(6,049)
Effect of exchange rate changes on cash	(545)	414
Net decrease in cash and cash equivalents	(23,030)	(28,190)
Cash and cash equivalents:
Beginning of period	24,899	51,040
End of period	1,869	22,850
Noncash financing activities:
Share repurchases not settled	$ 2,008	$ 0

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

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


(dollar amounts in thousands)	Inception Date	Stated Interest Rate (per annum)	Payment Frequency	Term (years)	Outstanding Balance as of June 30, 2024		Outstanding Balance as of December 31, 2023
Credit Agreement
Revolving loans	5/31/2023	Variable	Variable	5	$	24,620	$	13,201

Equipment Notes







Equipment Note 8	12/27/2019	2.75%	Semi-annual	5	2,345		2,871
Equipment Note 10	8/26/2022	4.32%	Semi-annual	5	18,063		20,125
Other equipment note	4/11/2022	4.55%	Monthly	5	37		44
					20,445		23,040
Total debt					45,065		36,241
Less: current portion of long-term debt					(6,617)		(7,053)
Long-term debt					$	38,448	$	29,188

Credit Agreement

On May 31, 2023, the Company entered into a five-year third amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A. that provides for a $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. dollar 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). 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 six months ended June 30, 2024, was 7.30% 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 June 30, 2024.

As of June 30, 2024, the Company had $24.6 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of $38.1 million, including $27.1 million related to the Company's payment obligation under its insurance programs and $11.0 million related to contract performance obligations.

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 $34.4 million, including $27.1 million related to the Company's payment obligation under its insurance programs and $7.3 million related to contract performance obligations.

The Company had remaining deferred debt issuance costs totaling $2.0 million as of June 30, 2024, related to the line of credit. As permitted, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the line of credit.

Equipment Notes

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

As of June 30, 2024, 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 June 30, 2024, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company. The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of June 30, 2024:


(in thousands)	Future Equipment Notes Principal Payments
Remainder of 2024	$	4,458
2025	4,364
2026	4,554
2027	7,069
2028	—
2029	—

Total future principal payments	20,445
Less: current portion of equipment notes	(6,617)
Long-term principal obligations	$	13,828

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

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

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of segment's internal financial reports

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


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2024		2023		2024		2023
Contract revenues:
T&D	$	458,209	$	503,737	$	948,604	$	949,060
C&I	370,681		384,879		695,848		751,172
	$	828,890	$	888,616	$	1,644,452	$	1,700,232
Income (loss) from operations:
T&D	$	(8,300)	$	37,734	$	21,536	$	70,554
C&I	1,608		12,623		13,031		23,250
General Corporate	(14,015)		(17,919)		(31,003)		(33,940)
	$	(20,707)	$	32,438	$	3,564	$	59,864

Contract Assets and Liabilities - Summary of net asset position for contracts in process (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Unbilled revenue	$ 189,354	$ 217,083
Deferred revenue	(243,710)	(231,604)
Net asset position for contracts in process	$ (54,356)	$ (14,521)

Debt - Additional information (Details)		6 Months Ended
Debt - Additional information (Details)	May 31, 2023 USD ($)	Jun. 30, 2024 USD ($) equipment_note	Dec. 31, 2023 USD ($)
Revolving loans
Debt Instrument [Line Items]
Debt instrument term		5 years
Secured debt \| Credit agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 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		7.30%
Leverage coverage ratio	3.0
Interest coverage ratio	3.0
Deferred debt issuance costs		$ 2,000,000.0
Secured debt \| Credit agreement \| Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.20%
Secured debt \| Credit agreement \| Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.30%
Secured debt \| Credit agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate margin	0.25%
Secured debt \| Credit agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate margin	1.00%
Secured debt \| Credit agreement \| Term Benchmark Rate \| Minimum
Debt Instrument [Line Items]
Interest rate margin	1.25%
Secured debt \| Credit agreement \| Term Benchmark Rate \| Maximum
Debt Instrument [Line Items]
Interest rate margin	2.00%
Secured debt \| Credit agreement \| Revolving loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Debt outstanding under facility		24,600,000	$ 13,200,000
Secured debt \| Credit agreement \| Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Letters of credit outstanding		38,100,000	34,400,000
Secured debt \| Credit agreement \| Letter of credit \| Insurance program obligations
Debt Instrument [Line Items]
Letters of credit outstanding		27,100,000	27,100,000
Secured debt \| Credit agreement \| Letter of credit \| Contract Performance Obligations
Debt Instrument [Line Items]
Letters of credit outstanding		$ 11,000,000.0	$ 7,300,000
Secured debt \| Credit agreement \| Letters Of Credit, Discretional
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Secured debt \| Credit agreement \| Swingline Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Secured debt \| Credit agreement \| Non-performance letters of credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.25%
Secured debt \| Credit agreement \| Non-performance letters of credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	2.00%
Secured debt \| Credit agreement \| Performance letters of credit \| Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	0.625%
Secured debt \| Credit agreement \| Performance letters of credit \| Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.00%
Notes payable to banks \| Master loan agreement
Debt Instrument [Line Items]
Number of equipment notes (equipment note) \| equipment_note		2
Notes payable to banks \| Other equipment note
Debt Instrument [Line Items]
Debt instrument term		5 years
Number of equipment notes (equipment note) \| equipment_note		1

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains an equity compensation plan under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (Amended and Restated as of April 24, 2024) (the “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 grants. The Company has outstanding grants of time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units. During the six months ended June 30, 2024, the Company granted time-vested stock awards covering 40,723 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $171.55. During the six months ended June 30, 2024, time-vested stock awards covering 42,554 shares of common stock vested at a weighted average grant date fair value of $99.52. During the six months ended June 30, 2024, the Company granted 29,566 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2026, at a weighted average grant date fair value of $197.89. The number of shares ultimately earned under a performance award may vary from zero to 200% of the target shares granted, based upon the Company’s performance compared to certain financial and other metrics. The metrics used were determined at the time of the grant by the Compensation Committee of the Board of Directors and were either based on internal measures, such as the Company’s financial performance compared to targets, or on a market-based metric, such as the Company’s stock performance compared to a peer group. Performance awards granted cliff vest following the performance period if the stated performance targets and minimum service requirements are attained and are paid in shares of the Company’s common stock. The Company recognizes stock-based compensation expense related to restricted stock units based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period, which is generally three years. For performance awards, the Company recognizes stock-based compensation expense based on the grant date fair value of the award. The fair value of internal metric-based performance awards is determined by the closing stock price of the Company’s common stock on the date of the grant. The fair value of market-based performance awards is computed using a Monte Carlo simulation. Performance awards are expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the shares expected to vest at each reporting date.

Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of contract assets and liabilities

Contract assets consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023		Change
Unbilled revenue, net	$	189,354	$	217,083	$	(27,729)
Contract retainages, net	212,947		203,533		9,414
Contract assets, net	$	402,301	$	420,616	$	(18,315)

Contract liabilities consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023		Change
Deferred revenue	$	243,710	$	231,604	$	12,106
Accrued loss provision	12,912		8,807		4,105
Contract liabilities	$	256,622	$	240,411	$	16,211

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


(in thousands)	June 30, 2024		December 31, 2023		Change
Contract assets, net	$	402,301	$	420,616	$	(18,315)
Contract liabilities	(256,622)		(240,411)		(16,211)
Net contract assets	$	145,679	$	180,205	$	(34,526)

Schedule of net asset position for contracts in process

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


(in thousands)	June 30, 2024		December 31, 2023
Costs and estimated earnings on uncompleted contracts	$	6,793,525	$	6,716,990
Less: billings to date	6,847,881		6,731,511
	$	(54,356)	$	(14,521)

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


(in thousands)	June 30, 2024		December 31, 2023
Unbilled revenue	$	189,354	$	217,083
Deferred revenue	(243,710)		(231,604)
	$	(54,356)	$	(14,521)

Segment Information - Additional information (Details)	6 Months Ended
Segment Information - Additional information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of business segments (segment)	2

Contract Assets and Liabilities - Summary of contract assets and liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contractors [Line Items]
Contract assets, net	$ 402,301		$ 420,616
Contract liabilities	(256,622)		(240,411)
Net contract assets	145,679		$ 180,205
Contract assets, net, Change	(17,057)	$ 81,243
Change
Contractors [Line Items]
Contract assets, net, Change	(18,315)
Contract liabilities, Change	(16,211)
Net contract assets (liabilities), Change	$ (34,526)

Debt - Schedule of remaining principal payments for long term obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt	$ 45,065	$ 36,241
Less: current portion of equipment notes	(6,617)	(7,053)
Long-term principal obligations	38,448	29,188
Notes payable to banks
Debt Instrument [Line Items]
Remainder of 2024	4,458
2025	4,364
2026	4,554
2027	7,069
2028	0
2029	0
Total debt	20,445	$ 23,040
Less: current portion of equipment notes	(6,617)
Long-term principal obligations	$ 13,828

Contract Assets and Liabilities - Summary of contract assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contractors [Line Items]
Unbilled revenue, net	$ 189,354		$ 217,083
Contract retainages, net	212,947		203,533
Contract assets, net	402,301		$ 420,616
Changes in contract assets, net, Change	(17,057)	$ 81,243
Change
Contractors [Line Items]
Unbilled revenue, net, Change	(27,729)
Contract retainages, net, Change	9,414
Changes in contract assets, net, Change	$ (18,315)

Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023.

Contract assets consisted of the following:


(in thousands)	June 30, 2024		December 31, 2023		Change
Unbilled revenue, net	$	189,354	$	217,083	$	(27,729)
Contract retainages, net	212,947		203,533		9,414
Contract assets, net	$	402,301	$	420,616	$	(18,315)

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:


(in thousands)	June 30, 2024		December 31, 2023		Change
Deferred revenue	$	243,710	$	231,604	$	12,106
Accrued loss provision	12,912		8,807		4,105
Contract liabilities	$	256,622	$	240,411	$	16,211

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


(in thousands)	June 30, 2024		December 31, 2023		Change
Contract assets, net	$	402,301	$	420,616	$	(18,315)
Contract liabilities	(256,622)		(240,411)		(16,211)
Net contract assets	$	145,679	$	180,205	$	(34,526)

The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $57.8 million and $99.7 million for the three and six months ended June 30, 2024. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $17.3 million and $107.0 million for the three and six months ended June 30, 2023, 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:


(in thousands)	June 30, 2024		December 31, 2023
Costs and estimated earnings on uncompleted contracts	$	6,793,525	$	6,716,990
Less: billings to date	6,847,881		6,731,511
	$	(54,356)	$	(14,521)

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


(in thousands)	June 30, 2024		December 31, 2023
Unbilled revenue	$	189,354	$	217,083
Deferred revenue	(243,710)		(231,604)
	$	(54,356)	$	(14,521)

- 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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(d)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/912/tableOfContent

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 275
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479072/912-275-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478685/912-310-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478685/912-310-50-4

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478788/912-405-45-4

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477623/912-405-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 405
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477623/912-405-50-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 910
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482332/910-20-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(c)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Lease Obligations - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating And Finance Leases [Line Items]
Option to extend lease term (up to)			10 years
Option to terminate leases, period			1 year
Minimum lease payments required	$ 47,123		$ 47,123
Subsidiaries \| Employees
Operating And Finance Leases [Line Items]
Operating lease expense	600	$ 600	1,300	$ 1,200
Minimum lease payments required	$ 11,400		$ 11,400
Lease amortization period			5 years 2 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			9 years

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income (loss) 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 (loss) and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows:


	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(15,277)	$	22,273	$	3,662	$	45,436

Denominator:
Weighted average common shares outstanding	16,756		16,707		16,734		16,662
Weighted average dilutive securities	53		102		86		155
Weighted average common shares outstanding, diluted	16,809		16,809		16,820		16,817

Income (loss) per common share:
Basic	$	(0.91)	$	1.33	$	0.22	$	2.73
Diluted	$	(0.91)	$	1.33	$	0.22	$	2.70

For the three and six months ended June 30, 2024 and 2023, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive.


	Three months ended June 30,		Six months ended June 30,
(in thousands)	2024	2023	2024	2023
Time-vested stock awards	36	—	36	—
Performance awards	30	14	30	14

Share Repurchases

During the six months ended June 30, 2024 the Company repurchased 36,397 shares of stock, for approximately $5.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the six months ended June 30, 2023 the Company repurchased 76,150 shares of stock, for approximately $7.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

On May 6, 2024, 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 May 9, 2024. The Repurchase Program will expire on November 8, 2024, or when the authorized funds are exhausted, whichever is earlier. The Company’s prior $75.0 million repurchase program commenced on November 9, 2023 and expired on May 8, 2024. During the six months ended June 30, 2024, the Company repurchased 117,422 shares of its common stock under the Repurchase Program at a weighted-average price of $138.47 per share. As of June 30, 2024, the Company had $58.7 million of remaining availability to repurchase shares of the Company’s common stock under the Repurchase Program.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%
Effective tax rate	31.00%	29.50%	(281.90%)	22.60%
Unrecognized tax benefits	$ 0.3		$ 0.3		$ 0.5
Interest and penalties of unrecognized tax benefits	$ 0.0	$ 0.0	$ 0.0	$ 0.0

Fair Value Measurements (Details) - Powerline Plus Companies - Certain Performance Targets - USD ($)		3 Months Ended		6 Months Ended
	Jan. 04, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Contingent earn-out consideration, post acquisition term	3 years
Contingent earn-out consideration	$ 900,000	$ 0		$ 0		$ 0
Contingent earn-out consideration payment	$ 16,400,000
Change in contingent consideration		$ 0	$ 0	$ 0	$ 0

Contract Assets and Liabilities - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Allowance for doubtful accounts associated with contract assets	$ 619		$ 619		$ 610
Revenues recognized during period	$ 57,800	$ 17,300	$ 99,700	$ 107,000

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Contract revenues	$ 828,890	$ 888,616	$ 1,644,452	$ 1,700,232
Contract costs	788,047	798,489	1,517,366	1,525,713
Gross profit	40,843	90,127	127,086	174,519
Selling, general and administrative expenses	61,839	57,775	124,072	114,739
Amortization of intangible assets	1,217	1,229	2,445	2,455
Gain on sale of property and equipment	(1,506)	(1,315)	(2,995)	(2,539)
Income (loss) from operations	(20,707)	32,438	3,564	59,864
Other income (expense):
Interest income	81	193	223	514
Interest expense	(1,241)	(1,154)	(2,295)	(1,740)
Other income (expense), net	(270)	120	(533)	30
Income (loss) before provision for income taxes	(22,137)	31,597	959	58,668
Income tax expense (benefit)	(6,860)	9,324	(2,703)	13,232
Net income (loss)	$ (15,277)	$ 22,273	$ 3,662	$ 45,436
Income (loss) per common share:
Basic (in dollars per share)	$ (0.91)	$ 1.33	$ 0.22	$ 2.73
Diluted (in dollars per share)	$ (0.91)	$ 1.33	$ 0.22	$ 2.70
Weighted average number of common shares and potential common shares outstanding:
Basic (in shares)	16,756	16,707	16,734	16,662
Diluted (in shares)	16,809	16,809	16,820	16,817
Net income (loss)	$ (15,277)	$ 22,273	$ 3,662	$ 45,436
Other comprehensive income (loss):
Foreign currency translation adjustment	(1,173)	2,140	(3,645)	2,276
Other comprehensive income (loss)	(1,173)	2,140	(3,645)	2,276
Total comprehensive income (loss)	$ (16,450)	$ 24,413	$ 17	$ 47,712

Revenue Recognition - Schedule of revenue by contract type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Contract revenues	$ 828,890	$ 888,616	$ 1,644,452	$ 1,700,232
Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 521,561	$ 574,757	$ 1,029,361	$ 1,109,612
Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	62.90%	64.70%	62.60%	65.30%
Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 156,930	$ 163,487	$ 309,391	$ 294,837
Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	18.90%	18.40%	18.80%	17.30%
T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 150,399	$ 150,372	$ 305,700	$ 295,783
T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	18.20%	16.90%	18.60%	17.40%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 458,209	$ 503,737	$ 948,604	$ 949,060
T&D \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
T&D \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 214,882	$ 261,348	$ 457,882	$ 490,582
T&D \| Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	46.90%	51.90%	48.30%	51.70%
T&D \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 138,127	$ 139,929	$ 274,252	$ 253,637
T&D \| Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	30.10%	27.80%	28.90%	26.70%
T&D \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 105,200	$ 102,460	$ 216,470	$ 204,841
T&D \| T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	23.00%	20.30%	22.80%	21.60%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 370,681	$ 384,879	$ 695,848	$ 751,172
C&I \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100.00%	100.00%	100.00%	100.00%
C&I \| Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 306,679	$ 313,409	$ 571,479	$ 619,030
C&I \| Fixed price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	82.70%	81.40%	82.10%	82.40%
C&I \| Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 18,803	$ 23,558	$ 35,139	$ 41,200
C&I \| Unit price \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	5.10%	6.10%	5.10%	5.50%
C&I \| T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 45,199	$ 47,912	$ 89,230	$ 90,942
C&I \| T&E \| Product concentration risk \| Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	12.20%	12.50%	12.80%	12.10%

Earnings Per Share - Summary of weighted average number of shares outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ (15,277)	$ 18,939	$ 22,273	$ 23,163	$ 3,662	$ 45,436
Denominator:
Weighted average common shares outstanding (in shares)	16,756		16,707		16,734	16,662
Weighted average dilutive securities (in shares)	53		102		86	155
Weighted average common shares outstanding, diluted (in shares)	16,809		16,809		16,820	16,817
Basic (in dollars per share)	$ (0.91)		$ 1.33		$ 0.22	$ 2.73
Diluted (in dollars per share)	$ (0.91)		$ 1.33		$ 0.22	$ 2.70

- Definition

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

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

+ References

+ Details

Stock-Based Compensation (Details) - 2017 Long-Term Incentive Plan	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Time Vested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	40,723
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 171.55
Shares vested (in shares) \| shares	42,554
Shares vested, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 99.52
Time Vested Stock Awards \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Service period	3 years
Time Vested Stock Awards \| Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Performance Awards \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares) \| shares	29,566
Shares granted, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 197.89
Service period	2 years 9 months 18 days
Performance Awards \| Employees \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	0.00%
Performance Awards \| Employees \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	200.00%