Everus Construction (ECG) 10-Q 21 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-42276
Entity Registrant Name	Everus Construction Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-1952207
Entity Address, Address Line One	1730 Burnt Boat Drive
Entity Address, City or Town	Bismarck
Entity Address, State or Province	ND
Entity Address, Postal Zip Code	58503
City Area Code	701
Local Phone Number	221-6400
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ECG
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		50,972,059
Entity Central Index Key	0002015845
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Operating revenues		$ 760,985	$ 717,406	$ 2,090,047	$ 2,218,672
Cost of sales		671,085	632,499	1,836,853	1,976,534
Gross profit		89,900	84,907	253,194	242,138
Selling, general and administrative expenses		36,191	34,816	109,292	102,519
Operating income		53,709	50,091	143,902	139,619
Interest expense		2,851	4,596	8,823	13,483
Other income		1,071	1,208	3,683	2,705
Income before income taxes and income from equity method investments		51,929	46,703	138,762	128,841
Income taxes		13,995	11,423	37,606	32,822
Income from equity method investments		3,833	734	7,797	4,718
Net income		$ 41,767	$ 36,014	$ 108,953	$ 100,737
Earnings per share:
Basic (in dollars per share)		$ 0.82	$ 0.71	$ 2.14	$ 1.98
Diluted (in dollars per share)		$ 0.82	$ 0.71	$ 2.14	$ 1.98
Weighted average common shares outstanding:
Basic (in shares)	[1]	50,972,000	50,972,000	50,972,000	50,972,000
Diluted (in shares)	[1]	50,972,000	50,972,000	50,972,000	50,972,000
[1]    Prior to the Separation (as defined below), Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution (as defined below), 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to reflect the Everus shares outstanding on the Distribution date. Refer to Note 1 and Note 2 for more information.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Income (Parenthetical) - shares	Oct. 31, 2024	Oct. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Common stock, issued (in shares)			1,000	1,000
Common stock, outstanding (in shares)			1,000	1,000
Subsequent event
Common stock, issued (in shares)	50,972,059	1,000
Common stock, outstanding (in shares)	50,972,059	1,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 41,767	$ 36,014	$ 108,953	$ 100,737
Other comprehensive income:
Reclassification adjustment for loss on derivative instruments included in net income, net of tax benefit of $0 for each of the three and nine months ended September 30, 2024, and $0 and $1 for the three and nine months ended September 30, 2023, respectively	0	0	0	35
Other comprehensive income	0	0	0	35
Comprehensive income attributable to common stockholders	$ 41,767	$ 36,014	$ 108,953	$ 100,772

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Reclassification adjustment for loss on derivative instruments included in net income, tax	$ 0	$ 0	$ 0	$ 1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 553	$ 1,567
Costs and estimated earnings in excess of billings	174,102	158,529
Inventories	46,923	42,709
Prepayments and other current assets	20,553	17,651
Total current assets	886,532	766,063
Noncurrent assets:
Property, plant and equipment, net of accumulated depreciation of $153,272 and $143,831, respectively	129,361	116,018
Goodwill	143,224	143,224
Other intangible assets, net of accumulated amortization of $9,984 and $8,738, respectively	466	2,004
Operating lease right-of-use assets	68,852	53,233
Noncurrent retention receivable	32,849	21,355
Investments	17,648	8,413
Other	360	272
Total noncurrent assets	392,760	344,519
Total assets	1,279,292	1,110,582
Current liabilities:
Contract liabilities	221,662	198,231
Accounts payable	160,873	116,573
Taxes payable	14,006	8,557
Accrued compensation	66,960	44,721
Current portion of operating lease liabilities	26,110	21,143
Accrued payroll-related liabilities	37,292	35,342
Total current liabilities	559,561	452,183
Noncurrent liabilities:
Related-party notes payable	214,525	168,531
Deferred income taxes	965	6,535
Operating lease liabilities	43,247	32,504
Other	7,691	1,979
Total noncurrent liabilities	266,428	209,549
Total liabilities	825,989	661,732
Commitments and contingencies
Common stockholder’s equity:
Common Stock, stated value $1, no par value; 1,000 shares authorized, issued and outstanding	1	1
Other paid-in capital	137,947	136,184
Retained earnings	315,355	312,665
Total stockholder’s equity	453,303	448,850
Total liabilities and stockholder’s equity	1,279,292	1,110,582
Nonrelated party
Current assets:
Receivables, net	632,131	534,100
Current liabilities:
Other accrued liabilities	16,788	13,001
Related party
Current assets:
Receivables, net	12,270	11,507
Noncurrent assets:
Operating lease right-of-use assets	68	136
Current liabilities:
Other accrued liabilities	15,870	14,615
Current portion of operating lease liabilities	68	90
Noncurrent liabilities:
Operating lease liabilities	$ 0	$ 46

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for receivables	$ 7,300	$ 7,967
Accumulated depreciation	153,272	143,831
Accumulated amortization	$ 9,984	$ 8,738
Common stock, stated value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	1,000	1,000
Common stock, issued (in shares)	1,000	1,000
Common stock, outstanding (in shares)	1,000	1,000

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Other Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		1,000
Beginning balance at Dec. 31, 2022	$ 382,247	$ 1	$ 136,327	$ 245,954	$ (35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,074			26,074
Other comprehensive income (loss)	(11)				(11)
Net transfers from (to) Centennial	(13,715)		(1,207)	(12,508)
Ending balance (in shares) at Mar. 31, 2023		1,000
Ending balance at Mar. 31, 2023	394,595	$ 1	135,120	259,520	(46)
Beginning balance (in shares) at Dec. 31, 2022		1,000
Beginning balance at Dec. 31, 2022	382,247	$ 1	136,327	245,954	(35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	100,737
Other comprehensive income (loss)	35
Ending balance (in shares) at Sep. 30, 2023		1,000
Ending balance at Sep. 30, 2023	444,396	$ 1	135,719	308,676	0
Beginning balance (in shares) at Mar. 31, 2023		1,000
Beginning balance at Mar. 31, 2023	394,595	$ 1	135,120	259,520	(46)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,649			38,649
Other comprehensive income (loss)	46				46
Net transfers from (to) Centennial	(12,603)		398	(13,001)
Ending balance (in shares) at Jun. 30, 2023		1,000
Ending balance at Jun. 30, 2023	420,687	$ 1	135,518	285,168	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,014			36,014
Other comprehensive income (loss)	0
Net transfers from (to) Centennial	(12,305)		201	(12,506)
Ending balance (in shares) at Sep. 30, 2023		1,000
Ending balance at Sep. 30, 2023	$ 444,396	$ 1	135,719	308,676	$ 0
Beginning balance (in shares) at Dec. 31, 2023	1,000	1,000
Beginning balance at Dec. 31, 2023	$ 448,850	$ 1	136,184	312,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,214			28,214
Net transfers from (to) Centennial	(12,758)		1,006	(13,764)
Ending balance (in shares) at Mar. 31, 2024		1,000
Ending balance at Mar. 31, 2024	$ 464,306	$ 1	137,190	327,115
Beginning balance (in shares) at Dec. 31, 2023	1,000	1,000
Beginning balance at Dec. 31, 2023	$ 448,850	$ 1	136,184	312,665
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	108,953
Other comprehensive income (loss)	$ 0
Ending balance (in shares) at Sep. 30, 2024	1,000	1,000
Ending balance at Sep. 30, 2024	$ 453,303	$ 1	137,947	315,355
Beginning balance (in shares) at Mar. 31, 2024		1,000
Beginning balance at Mar. 31, 2024	464,306	$ 1	137,190	327,115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,972			38,972
Net transfers from (to) Centennial	(13,287)		463	(13,750)
Ending balance (in shares) at Jun. 30, 2024		1,000
Ending balance at Jun. 30, 2024	489,991	$ 1	137,653	352,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	41,767			41,767
Other comprehensive income (loss)	0
Net transfers from (to) Centennial	$ (78,455)		294	(78,749)
Ending balance (in shares) at Sep. 30, 2024	1,000	1,000
Ending balance at Sep. 30, 2024	$ 453,303	$ 1	$ 137,947	$ 315,355

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating activities:
Net income	$ 41,767	$ 28,214	$ 36,014	$ 26,074	$ 108,953	$ 100,737
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation					16,961	15,658
Amortization					1,538	1,575
Deferred income taxes					(5,570)	(734)
Provision for credit losses	83		1,734		(51)	4,385
Stock-based compensation costs					1,034	517
Unrealized gain on investments	(200)		0		(531)	0
Gain on sale of assets					(5,513)	(6,297)
Equity in earnings of unconsolidated affiliates, net of distributions					(4,788)	(4,718)
Changes in current assets and liabilities, net of acquisitions:
Receivables					(97,980)	(5,828)
Due from related-party					(763)	1,381
Costs and estimated earnings in excess of billings					(15,573)	(44,802)	$ (4,622)
Inventories					(4,214)	(8,984)
Other current assets					(2,303)	(2,512)
Accounts payable					44,265	(11,125)
Due to related-party					10	356
Billings in excess of costs and estimated earnings					23,431	12,566	32,042
Other current liabilities					32,760	6,540
Other noncurrent changes					(8,984)	2,647
Net cash provided by operating activities					82,682	61,362
Investing activities:
Capital expenditures					(34,506)	(28,134)
Net proceeds from sale or disposition of property					9,587	12,247
Investments					(570)	(535)
Net cash used in investing activities					(25,489)	(16,422)
Financing activities:
Repayment of related-party notes payable					0	(45,000)
Repayment of related-party short-term notes payable					0	(27,000)
Net amounts received from related-party cash management program					45,994	62,527
Transfers to Centennial					(104,201)	(37,026)
Net cash used in financing activities					(58,207)	(46,499)
Decrease in cash and cash equivalents					(1,014)	(1,559)
Cash and cash equivalents - beginning of period		$ 1,567		$ 2,112	1,567	2,112	2,112
Cash and cash equivalents - end of period	$ 553		$ 553		$ 553	$ 553	$ 1,567

Background and Nature of Operat

Background and Nature of Operations	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background and Nature of Operations	Background and Nature of Operations Everus Construction, Inc. (formerly known as MDU Construction Services Group, Inc.) (“Everus Construction”) is incorporated under the laws of the State of Delaware and operated historically as a wholly owned subsidiary of CEHI, LLC (“Centennial”), which is a wholly owned subsidiary of MDU Resources Group, Inc. (“MDU Resources” or “MDU”). On November 2, 2023, MDU Resources announced its intent to pursue a tax-free spinoff of Everus Construction from MDU Resources (the “Separation”). In anticipation of the Separation, MDU Resources formed a new wholly owned subsidiary, Everus Construction Group, Inc. (the “Company” or “Everus”), that would become the new parent company of Everus Construction. On October 31, 2024, MDU Resources completed the Separation by transferring Everus Construction, inclusive of all its assets and liabilities, to Everus and distributing 50,972,059 shares of Everus common stock ($0.01 par value) to MDU Resources stockholders of record as of October 21, 2024 (the “Distribution”). The Distribution was structured as a pro rata distribution of one share of Everus common stock for every four shares of MDU Resources common stock (such ratio, the “Distribution Ratio”). MDU Resources did not distribute any fractional shares of Everus common stock to its stockholders as part of the Distribution. Instead, MDU Resources’ stockholders will receive cash in lieu of any fractional shares of Everus common stock that they would have received after application of the Distribution Ratio. As a result of the Separation and Distribution, Everus is now a separate, independent publicly traded company and its common stock is listed under the symbol “ECG” on the New York Stock Exchange. More information on the Separation and Distribution, as well as the Company's historical results, can be found within the Company's Registration Statement on Form 10 (“Form 10”), which is not incorporated by reference herein. The Separation was completed pursuant to a separation and distribution agreement and other agreements with MDU Resources related to the Separation, including, but not limited to, a transition services agreement, a tax matters agreement and an employee matters agreement. The Company has incurred costs in establishing itself as an independent public entity and expects additional ongoing expenses related to its continued operations as such. Prior to the Separation, Everus Construction was the construction services segment of MDU Resources. The Company provides specialty contracting services to a diverse set of end markets across the United States, which are provided to utilities and manufacturing, transportation, commercial, industrial, institutional, renewables and governmental customers. The Company operates throughout most of the United States through two operating segments, which represent its two reportable segments: Electrical & Mechanical: Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services to customers in both the public and private sectors. Transmission & Distribution: Contracting services including construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. The accompanying unaudited condensed consolidated financial statements and footnotes were prepared on a “carve-out” basis in connection with the Separation and were derived from the unaudited condensed consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the unaudited condensed consolidated financial statements do not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company during the periods presented and may not be indicative of its future performance. The accompanying unaudited condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Pursuant to GAAP, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements included in the Company’s Form 10. The information includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the unaudited condensed consolidated financial statements and are of a normal recurring nature. The unaudited condensed consolidated balance sheets reflect the assets and liabilities of Centennial that were specifically identifiable as being directly attributable to the Company for the periods presented prior to the Separation. All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company were included in the unaudited condensed consolidated financial statements. The unaudited condensed consolidated financial statements also include allocated expenses for certain functions that were provided by MDU Resources and Centennial, including, but not limited to, certain general corporate expenses related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. These general corporate expenses were included in the unaudited condensed consolidated statements of income within Selling, general and administrative expenses. The amounts allocated were $4.9 million and $27.6 million for the three and nine months ended September 30, 2024, respectively, and $4.5 million and $21.5 million for the three and nine months ended September 30, 2023, respectively. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder principally allocated on the basis of percent of total capital invested or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Earnings per share information has been retrospectively adjusted for all periods presented on the unaudited condensed consolidated statements of income to reflect the Distribution. Refer to Note 8 – Earnings Per Share for more information on the share count used in the earnings per share calculations. Following the Separation, the Company now performs certain functions using its own resources or purchased services. For an interim period of up to 20 months following the Separation, however, certain functions will continue to be provided by MDU Resources under a transition services agreement. Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which are reflected as Related-party notes payable on the unaudited condensed consolidated balance sheets. Interest expense in the unaudited condensed consolidated statements of income reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company no longer participates in MDU Resources’ centralized cash management program. The Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations. Refer to Note 15 – Related-Party Transactions and Note 16 – Subsequent Events for addi tional information. Prior to the Separation, MDU Resources maintained various benefit and stock-based compensation plans at a corporate level and the Company’s employees participated in these programs. The costs associated with its employees are included in the Company’s unaudited condensed consolidated financial statements. Following the Separation, Everus has its own benefit and stock-based compensation plans at a corporate level that its employees participate in. Principles of Consolidation The unaudited condensed consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying unaudited condensed consolidated financial statements. Related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries, for general operating activities, the Company's participation in MDU Resources’ centralized cash management program through Centennial, and intercompany debt, were included in the unaudited condensed consolidated financial statements. These related-party transactions were historically settled in cash and were reflected in the unaudited condensed consolidated balance sheets as Due from related-party, Due from related-party - noncurrent, Due to related-party or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the unaudited condensed consolidated statements of cash flows within operating activities. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the unaudited condensed consolidated statements of cash flows within investing and financing activiti es. Refer to Note 15 – Related-Party Transactions for additional information on r elated-party transactions .

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies New Accounting Standards Changes to GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures: Standard Description Effective Date Impact on Financial Statements/Disclosures Recently adopted ASUs ASU 2022-06 – Reference Rate Reform (Topic 848): Deferral of Sunset Date In December 2022, the FASB included a sunset provision within ASC 848 based on expectations of when the London Inter-Bank Offered Rate (“LIBOR”) would cease to be published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023, which is beyond the current sunset date of ASC 848. The amendments in this Update defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must have identified a replacement rate by June 30, 2023. New contracts will incorporate a new reference rate, which includes the Secured Overnight Financing Rate (“SOFR”). Effective upon issuance (December 21, 2022) through December 31, 2024. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company determined the adoption of the guidance did not have a material impact on its unaudited condensed consolidated financial statements. Standard Description Effective Date Impact on Financial Statements/Disclosures Recently issued ASUs not yet adopted ASU 2023-05 - Business Combinations - Joint Venture Formations - Recognition and Initial Measurement In August 2023, the FASB issued guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture's financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). A joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. Effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The Company is currently evaluating the impact the guidance will have on its interim and annual disclosures for the year ended December 31, 2025. ASU 2023-07 - Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance on improving financial reporting by requiring disclosure on incremental segment information, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with prior periods disclosed in the period of adoption. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2024, and future interim periods. ASU 2023-09 - Income Taxes - Improvements to Income Tax Disclosures The FASB issued guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. Effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; loss contingencies; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Receivables and Allowance for Expected Credit Losses Receivables consist primarily of trade receivables from the sale of goods and services net of expected credit losses. Receivables, net is summarized as follows: September 30, 2024 December 31, 2023 (In thousands) Trade receivables: Completed contracts $ 33,425 $ 42,467 Contracts in progress 532,513 409,872 Retention receivables 67,279 84,474 Other 6,214 5,254 Receivables, gross 639,431 542,067 Less: expected credit losses 7,300 7,967 Receivables, net $ 632,131 $ 534,100 The Company's trade receivables are all due in 12 months or less. The total balance of receivables past due 90 days or more was $74.5 million and $42.0 million as of September 30, 2024 and December 31, 2023, respectively. Details of the Company's expected credit losses, disclosed within Receivables, net for the respective periods presented below, were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Balance at beginning of period $ 7,257 $ 4,717 $ 7,967 $ 2,161 Current expected credit loss provision 83 1,734 (51) 4,385 Less: write-offs charged against the allowance 84 27 672 181 Credit loss recoveries collected 44 — 56 59 Balance at end of period $ 7,300 $ 6,424 $ 7,300 $ 6,424 Inventories Inventories consist primarily of manufactured equipment held for resale and/or rental of $40.6 million and $37.2 million as of September 30, 2024 and December 31, 2023, respectively, and materials and supplies of $6.3 million and $5.5 million as of September 30, 2024 and December 31, 2023, respectively. These inventories are stated at the lower of average cost or net realizable value. The value of inventory may decrease due to obsolescence, physical deterioration, damage, costs to repair or other causes. Inventory valuation write-downs are determined based on specific facts and circumstances and were immaterial as of September 30, 2024 and December 31, 2023.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. Contract Estimates and Changes in Estimates Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management's estimates of additional contract revenues that have been earned and are probable of collection. As of September 30, 2024 and December 31, 2023, $37.8 million and $57.3 million, respectively, of unexecuted change orders were included in contract transaction price and in Costs and estimated earnings in excess of billings on the unaudited condensed consolidated balance sheets. The Company was in the process of negotiating execution of these change orders in the normal course of business and the recognized amounts represent its best estimates of additional contract revenues for which it is not probable that a significant reversal of the revenue amounts will occur in the future. As of September 30, 2024 and December 31, 2023, in the normal course of business, the Company had additional priced work not approved by the customer to begin project work of approximately $233.1 million and $187.4 million, respectively, with minimal costs incurred. These amounts were excluded from contract transaction price. In addition, claim positions of $42.7 million were excluded from the contract transaction price as of both September 30, 2024 and December 31, 2023. The Company continues to evaluate these claims. As of September 30, 2024 and December 31, 2023, the Company had recorded loss provisions of $1.2 million and $1.5 million, respectively, in Billings in excess of costs and estimated earnings on the unaudited condensed consolidated balance sheets related to these contracts that are still being completed and remain recorded. The Company received notification from a customer on a large project with a contract that was billed on a time and materials basis with no stated maximum price, that it is withholding payment of approximately $31.2 million on remaining outstanding billings, including retention. The Company believes it has substantial defenses against these claims based upon the terms of the contract and it has performed under the terms of the contract. Therefore, the Company believes collection of the remaining outstanding billings, including retention is probable and, as a result, the Company has recognized the revenue from this project in its results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute. Disaggregation of Revenue In the following tables, revenues are disaggregated by contract type and customer type for each reportable segment. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For more information on the Company’s reportable segments, refer to Note 12 – Business Segment Data. The following tables present revenue disaggregated by contract type: Three months ended September 30, 2024 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 326,972 $ 106,936 $ 433,908 Unit-price 15,031 46,848 61,879 Cost reimbursable* 194,892 74,720 269,612 Total contract revenues 536,895 228,504 765,399 Eliminations (2,154) (2,260) (4,414) Total operating revenues $ 534,741 $ 226,244 $ 760,985 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Three months ended September 30, 2023 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 272,042 $ 92,607 $ 364,649 Unit-price 18,401 29,590 47,991 Cost reimbursable* 226,490 82,231 308,721 Total contract revenues 516,933 204,428 721,361 Eliminations (2,555) (1,400) (3,955) Total operating revenues $ 514,378 $ 203,028 $ 717,406 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Nine months ended September 30, 2024 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 966,035 $ 282,582 $ 1,248,617 Unit-price 49,254 118,016 167,270 Cost reimbursable* 466,489 223,179 689,668 Total contract revenues 1,481,778 623,777 2,105,555 Eliminations (5,627) (9,881) (15,508) Total operating revenues $ 1,476,151 $ 613,896 $ 2,090,047 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Nine months ended September 30, 2023 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 784,334 $ 261,457 $ 1,045,791 Unit-price 62,488 62,401 124,889 Cost reimbursable* 833,388 225,593 1,058,981 Total contract revenues 1,680,210 549,451 2,229,661 Eliminations (7,262) (3,727) (10,989) Total operating revenues $ 1,672,948 $ 545,724 $ 2,218,672 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. The following table presents revenue disaggregated by customer type: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Commercial $ 327,403 $ 266,587 $ 860,088 $ 947,792 Industrial 76,493 116,013 236,349 367,331 Institutional 93,390 76,276 274,916 195,178 Renewables 10,414 19,244 27,551 43,947 Service & other 29,195 38,813 82,874 125,962 Total Electrical & Mechanical 536,895 516,933 1,481,778 1,680,210 Utility 206,669 188,680 559,922 508,850 Transportation 21,835 15,748 63,855 40,601 Total Transmission & Distribution 228,504 204,428 623,777 549,451 Eliminations (4,414) (3,955) (15,508) (10,989) Total operating revenues $ 760,985 $ 717,406 $ 2,090,047 $ 2,218,672 Uncompleted Contracts and Contract Assets and Contract Liabilities Costs, estimated earnings and billings on uncompleted contracts are summarized as follows: September 30, 2024 December 31, 2023 (In thousands) Costs incurred on uncompleted contracts $ 6,399,940 $ 6,390,641 Estimated earnings 875,983 840,994 Costs and estimated earnings on uncompleted contracts 7,275,923 7,231,635 Less: billings to date 7,323,483 7,271,337 Net contract liabilities $ (47,560) $ (39,702) The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services 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. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in contract assets or contract liabilities. Contract assets, located within Costs and estimated earnings in excess of billings on the unaudited condensed consolidated balance sheets, occur when revenues are recognized under the cost-to-cost measure of progress, which exceed amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. Contract assets are not considered a significant financing component as they are intended to protect the customer in the event the Company does not perform on its obligations under the contract. Contract liabilities, located within Billings in excess of costs and estimated earnings on the unaudited condensed consolidated balance sheets, occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. Contract liabilities are not considered to have a significant financing component as they are used to meet working capital requirements that generally are higher in the early stages of a contract and are intended to protect the Company from the counterparty failing to meet its obligations under the contract. Contract assets and contract liabilities consisted of the following: September 30, 2024 December 31, 2023 (In thousands) Unbilled revenue $ 174,102 $ 158,529 Contract assets $ 174,102 $ 158,529 Deferred revenue $ 220,478 $ 196,686 Accrued loss provision 1,184 1,545 Contract liabilities $ 221,662 $ 198,231 The following table presents the opening and closing balances of contract assets and contract liabilities as of: September 30, 2024 December 31, 2023 Contract Assets Contract Liabilities Net Contract Liabilities Contract Assets Contract Liabilities Net Contract Liabilities (In thousands) Balance at beginning of period $ 158,529 $ (198,231) $ (39,702) $ 153,907 $ (166,189) $ (12,282) Change during period 15,573 (23,431) (7,858) 4,622 (32,042) (27,420) Balance at end of period $ 174,102 $ (221,662) $ (47,560) $ 158,529 $ (198,231) $ (39,702) Contract assets and contract liabilities fluctuate period to period based on various factors, including, among others, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; and unapproved change orders and contract claims recognized as revenues. The primary driver of the difference between the Company's opening and closing contract asset and contract liability balances is the timing of the Company's billings in relation to its performance of work. The Company recognized a net increase in revenues of $47.4 million and $167.0 million for the three and nine months ended September 30, 2024, respectively, related previously recognized deferred revenues that were included in contract liabilities as of December 31, 2023. The Company a net increase in revenues of $6.3 million and $162.6 million for the three and nine months ended September 30, 2023, respectively, related to previously recognized deferred revenues that were included in contract liabilities as of December 31, 2022. The Company recognized a net increase in revenues of $25.8 million and $71.5 million for the three and nine months ended September 30, 2024, respectively, from performance obligations satisfied in prior periods. The Company recognized a net increase in revenues of $20.2 million and $41.4 million for the three and nine months ended September 30, 2023, respectively, from performance obligations satisfied in prior periods. Retainage under terms of the Company’s contracts was $100.1 million and $105.8 million as of September 30, 2024 and December 31, 2023, respectively. Retainage represents amounts that have been contractually invoiced to customers and where payments have been partially withheld pending the achievement of certain milestones, satisfaction of other contractual conditions, or completion of the project. As of September 30, 2024, the Company estimated that approximately 67 percent of the retainage outstanding will be collected within the next 12 months. Remaining Performance Obligations The remaining performance obligations, also referred to as backlog, include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms, and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. The majority of the Company's contracts for contracting services have an original duration of less than one year. As of September 30, 2024 and December 31, 2023, the aggregate amount of the transaction price allocated to the Company's remaining performance obligations was $2.88 billion and $2.01 billion, respectively. The table below shows additional information regarding the Company’s remaining performance obligations as of September 30, 2024, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues: Within 12 months Greater than 12 months (In thousands) Remaining performance obligations: Electrical & Mechanical $ 1,913,264 $ 654,607 Transmission & Distribution 270,415 46,547 Total $ 2,183,679 $ 701,154

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both September 30, 2024 and December 31, 2023. The Company has determined that its reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). WSE is within the Transmission & Distribution reportable segment. Goodwill also remained unchanged for each reportable segment as of both September 30, 2024 and December 31, 2023, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the three and nine months ended September 30, 2024 and 2023. Other Intangible Assets Other amortizable intangible assets were as follows: September 30, 2024 December 31, 2023 (In thousands) Noncompete agreements $ — $ 292 Less: accumulated amortization — 292 Net noncompete agreements — — Customer relationships 10,450 10,450 Less: accumulated amortization 9,984 8,446 Net customer relationships 466 2,004 Total $ 466 $ 2,004 Amortization expense for finite-lived intangible assets was $0.5 million and $1.5 million for the three and nine months ended September 30, 2024, respectively. Amortization expense for finite-lived intangible assets was $0.5 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the three and nine months ended September 30, 2024 and 2023. Future amortization expense for finite-lived intangible assets as of September 30, 2024 is estimated to be as follows: Remainder of 2024 2025 (In thousands) Amortization expense $ 349 $ 117

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC 820 establishes a three-tier hierarchy for grouping assets and liabilities, based on the significance and availability of inputs in active markets. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are “unobservable data points” for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of income. The Company anticipates using these investments, which consist of insurance contracts, to satisfy its obligations as a participant in MDU Resources’ unfunded, nonqualified defined benefit plans for the Company's executive officers and certain key management employees, and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $4.4 million and $5.0 million as of September 30, 2024 and December 31, 2023, respectively, are included in Investments on the unaudited condensed consolidated balance sheets. The Company recognized net unrealized gains on these investments of $0.2 million and $0.5 million, respectively, for the three and nine months ended September 30, 2024. The net unrealized losses on these investments were immaterial for each of the three and nine months ended September 30, 2023. The change in fair value, which is considered part of the cost of the plan, is classified in Other income on the unaudited condensed consolidated statements of income. The Company’s Level 2 money market funds are included as a part of Investments on the unaudited condensed consolidated balance sheets and are valued at the net asset value of shares held at the end of the period, based on published market quotations on active markets or using other known sources, including pricing from outside sources. The estimated fair value of the Company’s Level 2 insurance contracts is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in different estimates of fair value. The estimated fair values of the Company’s cash and cash equivalents, receivables, accounts payable and other accrued liabilities approximate their carrying value due to the short-term maturities of these instruments. The carrying value of the Company’s long-term debt, classified as related-party notes payable, approximates fair value based on a comparison with current prevailing market rates for borrowings of similar risks and maturities. The Company’s assets measured at fair value on a recurring basis were as follows: Fair Value Measurements as of September 30, 2024, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of September 30, 2024 (In thousands) Assets: Insurance contracts $ — $ 4,448 $ — $ 4,448 Total assets measured at fair value $ — $ 4,448 $ — $ 4,448 Fair Value Measurements as of December 31, 2023, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2023 (In thousands) Assets: Money market funds $ — $ 1,725 $ — $ 1,725 Insurance contracts — 5,005 — 5,005 Total assets measured at fair value $ — $ 6,730 $ — $ 6,730

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties. Lessee Accounting The Company has entered into operating leases as part of its ongoing operations. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. Generally, leases for vehicles and equipment have a term of five years or less and buildings have a longer term of up to 35 years or more. The Company has previously guaranteed the residual value under certain of its equipment operating leases and could in the future, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the assets at the time of lease termination generally has approximated or exceeded the residual value guarantees. The Company currently does not have any residual value guarantee amounts probable of being owed to a lessor, for financing leases or material agreements with related parties. In March 2024, in anticipation of the Separation, the Company entered into a 60 months lease for a new corporate headquarters, with a lease term of August 1, 2024 through July 31, 2029. The new corporate headquarters, which is located in Bismarck, North Dakota, is for 16,188 square feet with average annual rent payments and average annual common area maintenance (“CAM”) charges totaling approximately $303 thousand and $102 thousand, respectively, for the duration of the lease. The following table provides a summary of the Company's lease costs for operating leases: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Lease costs: Operating lease cost $ 8,156 $ 6,693 $ 22,769 $ 19,448 Variable lease cost (1) 319 296 917 892 Short-term lease cost (1) 27,965 25,889 75,703 72,803 Total lease costs $ 36,440 $ 32,878 $ 99,389 $ 93,143 __________________ (1) Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 and the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amounts in the preceding table have been revised to correct the impact of this classification error for the nine months ended September 30, 2024 and 2023. The classification error will be corrected in future filings for the historical periods. The reclassification error had no impact to results of operations, balance sheets, or cash flows for any of the periods within the Form 10. The following is a summary of the lease terms and discount rates for operating leases: September 30, 2024 December 31, 2023 Weighted average remaining lease term 1.38 years 1.34 years Weighted average discount rate 5.51 % 4.94 % The following is a summary of other information and supplemental cash flow information related to operating leases: Nine months ended September 30, 2024 2023 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating lease liabilities $ 22,653 $ 19,745 Right-of-use assets obtained in exchange for new operating lease liabilities $ 38,454 $ 21,164 The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the unaudited condensed consolidated balance sheets was as follows: September 30, 2024 (In thousands) Remainder of 2024 $ 7,963 2025 26,851 2026 18,202 2027 11,052 2028 6,087 Thereafter 6,043 Total 76,198 Less: discount 6,841 Total operating lease liabilities $ 69,357 The Company has entered into operating leases for land, buildings, equipment and office space with certain members of management and officers of the Company in connection with acquisitions of subsidiaries that were previously owned and operated by such management. Refer to Note 15 – Related-Party Transactions for additional information. Lessor Accounting The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months. The Company recognizes revenue from operating leases in Operating revenues in the unaudited condensed consolidated statements of income on a straight-line basis over the respective operating lease terms. The Company recognized revenue from operating leases of $10.2 million and $30.0 million for the three and nine months ended September 30, 2024, respectively, and $11.0 million and $34.0 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had $8.6 million and $9.3 million, respectively, of lease receivables with a majority due within 12 months or less from the respective balance sheet dates. The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the unaudited condensed consolidated balance sheets, were as follows: September 30, 2024 December 31, 2023 (In thousands) Machinery and equipment $ 56,367 $ 56,186 Less: accumulated depreciation 29,427 29,134 Property, plant and equipment, net $ 26,940 $ 27,052
Leases	Leases Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties. Lessee Accounting The Company has entered into operating leases as part of its ongoing operations. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. Generally, leases for vehicles and equipment have a term of five years or less and buildings have a longer term of up to 35 years or more. The Company has previously guaranteed the residual value under certain of its equipment operating leases and could in the future, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the assets at the time of lease termination generally has approximated or exceeded the residual value guarantees. The Company currently does not have any residual value guarantee amounts probable of being owed to a lessor, for financing leases or material agreements with related parties. In March 2024, in anticipation of the Separation, the Company entered into a 60 months lease for a new corporate headquarters, with a lease term of August 1, 2024 through July 31, 2029. The new corporate headquarters, which is located in Bismarck, North Dakota, is for 16,188 square feet with average annual rent payments and average annual common area maintenance (“CAM”) charges totaling approximately $303 thousand and $102 thousand, respectively, for the duration of the lease. The following table provides a summary of the Company's lease costs for operating leases: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Lease costs: Operating lease cost $ 8,156 $ 6,693 $ 22,769 $ 19,448 Variable lease cost (1) 319 296 917 892 Short-term lease cost (1) 27,965 25,889 75,703 72,803 Total lease costs $ 36,440 $ 32,878 $ 99,389 $ 93,143 __________________ (1) Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 and the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amounts in the preceding table have been revised to correct the impact of this classification error for the nine months ended September 30, 2024 and 2023. The classification error will be corrected in future filings for the historical periods. The reclassification error had no impact to results of operations, balance sheets, or cash flows for any of the periods within the Form 10. The following is a summary of the lease terms and discount rates for operating leases: September 30, 2024 December 31, 2023 Weighted average remaining lease term 1.38 years 1.34 years Weighted average discount rate 5.51 % 4.94 % The following is a summary of other information and supplemental cash flow information related to operating leases: Nine months ended September 30, 2024 2023 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating lease liabilities $ 22,653 $ 19,745 Right-of-use assets obtained in exchange for new operating lease liabilities $ 38,454 $ 21,164 The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the unaudited condensed consolidated balance sheets was as follows: September 30, 2024 (In thousands) Remainder of 2024 $ 7,963 2025 26,851 2026 18,202 2027 11,052 2028 6,087 Thereafter 6,043 Total 76,198 Less: discount 6,841 Total operating lease liabilities $ 69,357 The Company has entered into operating leases for land, buildings, equipment and office space with certain members of management and officers of the Company in connection with acquisitions of subsidiaries that were previously owned and operated by such management. Refer to Note 15 – Related-Party Transactions for additional information. Lessor Accounting The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months. The Company recognizes revenue from operating leases in Operating revenues in the unaudited condensed consolidated statements of income on a straight-line basis over the respective operating lease terms. The Company recognized revenue from operating leases of $10.2 million and $30.0 million for the three and nine months ended September 30, 2024, respectively, and $11.0 million and $34.0 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, the Company had $8.6 million and $9.3 million, respectively, of lease receivables with a majority due within 12 months or less from the respective balance sheet dates. The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the unaudited condensed consolidated balance sheets, were as follows: September 30, 2024 December 31, 2023 (In thousands) Machinery and equipment $ 56,367 $ 56,186 Less: accumulated depreciation 29,427 29,134 Property, plant and equipment, net $ 26,940 $ 27,052

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Prior to the Separation, Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution, 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to reflect the Everus shares outstanding on the Distribution date. For the three and nine months ended September 30, 2024 and 2023, there were no dilutive or anti-dilutive equity instruments as there were no Everus stock-based awards outstanding during those periods. Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any dilutive securities. Basic and diluted earnings per share were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net income $ 41,767 $ 36,014 $ 108,953 $ 100,737 Weighted average common shares outstanding - basic 50,972 50,972 50,972 50,972 Weighted average common shares outstanding - diluted 50,972 50,972 50,972 50,972 Earnings per share - basic $ 0.82 $ 0.71 $ 2.14 $ 1.98 Earnings per share - diluted $ 0.82 $ 0.71 $ 2.14 $ 1.98

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Comprehensive income is the sum of net income as reported and other comprehensive income (loss). The Company's accumulated other comprehensive loss was comprised of gains (losses) on derivative instruments qualifying as hedges. There were no changes in the components of accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and the three months ended September 30, 2023. Therefore, the after-tax changes in the components of accumulated other comprehensive loss through the nine months ended September 30, 2023 were as follows: Net Unrealized Loss on Derivative Instruments Qualifying as Hedges Total Accumulated Other Comprehensive Loss (In thousands) As of December 31, 2022 $ (35) $ (35) Amounts reclassified from accumulated other comprehensive loss (11) (11) Net current-period other comprehensive loss (11) (11) As of March 31, 2023 (46) (46) Amounts reclassified from accumulated other comprehensive loss 46 46 Net current-period other comprehensive income 46 46 As of June 30, 2023 — — Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income — — As of September 30, 2023 $ — $ — There were no amounts reclassified out of accumulated other comprehensive loss into net income for the three and nine months ended September 30, 2024 and the three months ended September 30, 2023. Therefore, the following amounts were reclassified out of accumulated other comprehensive loss into net income for the nine months ended September 30, 2023: Nine months ended September 30, 2023 Location on Unaudited Condensed Consolidated Statement of Income (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ 36 Interest expense Reclassification tax benefit for loss on derivative instruments included in net income (1) Income taxes Total reclassifications $ 35

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted in the current period for discrete income tax items, within the periods presented. For the three and nine months ended September 30, 2024, income tax expense was $14.0 million and $37.6 million, respectively, resulting in an effective tax rate of 25.1% and 25.7%, respectively. The effective tax rates for the three and nine months ended September 30, 2024 differed from the 2024 statutory tax rate of 21% primarily due to state income taxes, net of federal income taxes, and certain unfavorable permanent book-tax differences due to meals and entertainment expenses. For the three and nine months ended September 30, 2023, income tax expense was $11.4 million and $32.8 million, respectively, resulting in an effective tax rate of 24.1% and 24.6%, respectively. The effective tax rates for the three and nine months ended September 30, 2023 differed from the 2023 statutory tax rate of 21% primarily due to state income taxes, net of federal income taxes, and certain unfavorable permanent book-tax differences due to market performance as well as meals and entertainment expenses. The effective tax rates for the three and nine months ended September 30, 2024 differed from the effective tax rates for the three and nine months ended September 30, 2023 due to changes in the Company’s permanent book-tax differences between those periods, specifically increased permanent add-back for meals and entertainment expenses.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Cash expenditures for interest and income taxes were as follows: Nine months ended September 30, 2024 2023 (In thousands) Interest paid $ 8,825 $ 12,848 Income taxes paid $ 39,183 $ 42,979 Non-cash investing transactions were as follows: September 30, 2024 September 30, 2023 (In thousands) Purchases of property, plant and equipment included in Accounts payable $ 293 $ 314

Business Segment Data

Business Segment Data	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business Segment Data	Business Segment Data The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two operating segments, which represent its two reportable segments: Electrical & Mechanical: The E&M segment provides services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services. Transmission & Distribution: The T&D segment provides services for the construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools. These segments are reflective of how the Company’s chief executive officer, who is the Company’s Chief Operating Decision Maker (“CODM”), evaluates performance and allocates resources. The CODM analyzes and uses segment operating income as a profitability measure, which helps drive decision-making. Information on the Company’s segments was as follows: Three months ended, September 30, 2024 September 30, 2023 E&M T&D E&M T&D (In thousands) External operating revenues $ 534,741 $ 226,244 $ 514,378 $ 203,028 Elimination operating revenues 2,154 2,260 2,555 1,400 Depreciation and amortization expense 1,618 4,753 1,557 4,412 Operating income 34,943 25,258 31,076 23,015 Interest expense (benefit) (54) 982 1,391 1,367 Income tax expense 9,806 6,249 7,509 5,587 Capital expenditures* $ 2,701 $ 15,256 $ 823 $ 6,583 __________________ * Capital expenditures for the three months ended September 30, 2024 and 2023 included noncash transactions for capital expenditure-related Accounts payable. Nine months ended, September 30, 2024 September 30, 2023 E&M T&D E&M T&D (In thousands) External operating revenues $ 1,476,151 $ 613,896 $ 1,672,948 $ 545,724 Elimination operating revenues 5,627 9,881 7,262 3,727 Depreciation and amortization expense 4,794 13,848 4,643 12,697 Operating income 100,771 60,082 100,268 51,314 Interest expense 117 3,030 4,645 3,239 Income tax expense 28,478 14,596 25,214 11,996 Capital expenditures* $ 5,641 $ 28,726 $ 3,714 $ 23,983 __________________ * Capital expenditures for the nine months ended September 30, 2024 and 2023 included noncash transactions for capital expenditure-related Accounts payable. All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the unaudited condensed consolidated financial statements. A reconciliation of reportable segment operating revenues to consolidated operating revenues was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) E&M operating revenue $ 536,895 $ 516,933 $ 1,481,778 $ 1,680,210 T&D operating revenue 228,504 204,428 623,777 549,451 Total reportable segment operating revenues 765,399 721,361 2,105,555 2,229,661 Eliminations (4,414) (3,955) (15,508) (10,989) Total consolidated operating revenues $ 760,985 $ 717,406 $ 2,090,047 $ 2,218,672 No customer accounted for more than 10% of total Operating revenues for the three or nine months ended September 30, 2024. Operating revenues from a single customer accounted for 14.6% and 18.4% of total Operating revenues for the three and nine months ended September 30, 2023, respectively, which were included in the E&M segment. No customer accounted for more than 10% of total trade receivables as of September 30, 2024. Trade receivables from a single customer accounted for 14.1% of total trade receivables as of December 31, 2023. A reconciliation of reportable segment assets to consolidated assets was as follows: September 30, 2024 December 31, 2023 (In thousands) E&M segment assets $ 828,937 $ 712,691 T&D segment assets 426,404 376,780 Total reportable segment assets 1,255,341 1,089,471 Other assets 44,832 43,628 Elimination of receivables (20,881) (22,517) Total consolidated assets $ 1,279,292 $ 1,110,582 A reconciliation of reportable segment operating income to consolidated income before income taxes and income from equity method investments was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) E&M operating income $ 34,943 $ 31,076 $ 100,771 $ 100,268 T&D operating income 25,258 23,015 60,082 51,314 Total reportable segment operating income 60,201 54,091 160,853 151,582 Other operating loss (6,492) (4,000) (16,951) (11,963) Interest expense 2,851 4,596 8,823 13,483 Other income 1,071 1,208 3,683 2,705 Total consolidated income before income taxes and income from equity method investments $ 51,929 $ 46,703 $ 138,762 $ 128,841

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
Deferred Compensation Arrangements [Abstract]
Employee Benefit Plans	Employee Benefit Plans Nonqualified Deferred Compensation Plans In 2012, MDU Resources established a nonqualified deferred compensation plan for certain key management employees, including certain employees of the Company. In 2020, the plan was frozen to new participants and no new Company contributions were made to the plan after December 31, 2020. Vesting for participants not fully vested was retained. To replace the plan originally established in 2012, a new nonqualified deferred compensation plan, with similar provisions, was adopted by MDU Resources in 2020 and became effective January 1, 2021. Expenses incurred by the Company under these plans were $0.4 million and $0.9 million for the three and nine months ended September 30, 2024, respectively. The Company recognized an immaterial benefit and an expense of $1.0 million for the three and nine months ended September 30, 2023, respectively.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is a party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage; personal injury; and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue a liability when the likelihood of an incurrence of a loss is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Litigation As of September 30, 2024 and December 31, 2023, the Company accrued for litigation-related contingent liabilities that have not been discounted of $1.4 million and $0.1 million, respectively, in Other accrued liabilities on the unaudited condensed consolidated balance sheets. As of September 30, 2024 and December 31, 2023, the Company also recorded corresponding insurance claim receivables of $1.4 million and $0.1 million, respectively, related to the accrued liabilities in Prepayments and other current assets on the unaudited condensed consolidated balance sheets. The Company determined that the outcome of the outstanding litigation cases should be covered by the Company’s insurance carrier, and any amounts due related to the litigation are expected to be paid directly by the Company’s insurance carrier. As such, the contingency liability and corresponding insurance claim receivables as of September 30, 2024 and December 31, 2023, reflect the fact that the Company would not be responsible for amounts resulting from the litigation. The Company will continue to monitor each matter and adjust accruals as necessary based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company’s financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred and are included in Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. Guarantees In the normal course of business, the Company has surety bonds related to construction contracts of its subsidiaries. These bonds relate to certain public and private sector contracts to secure contractual performance, including completion of agreed upon contract terms, timing and price, payments to subcontractors and suppliers, and protection for customers from fraudulent practices. In the event a subsidiary of the Company does not fulfill a bonded obligation, the Company would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds are expected to expire within the next 12 months; however, the Company likely will continue to enter into surety bonds for its subsidiaries in the future. As of September 30, 2024 and December 31, 2023, the maximum potential amount of payments the Company would be required to make under the outstanding surety bonds was approximately $845.3 million and $299.9 million, respectively, which were not reflected on the unaudited condensed consolidated balance sheets. The Company has outstanding guarantees to third parties that guarantee the performance of certain subsidiaries of the Company. These guarantees are related to contracts for contracting services. As of September 30, 2024 and December 31, 2023, the fixed maximum amounts guaranteed under these agreements aggregated to $557.5 million and $341.4 million, respectively. The scheduled expiration of the maximum amounts guaranteed aggregate to $13.3 million for the remainder of 2024, $186.7 million in 2025, $312.6 million in 2026, $43.5 million in 2027, $1.0 million in 2028 and $0.4 million thereafter. There were no amounts outstanding under the previously mentioned guarantees and the maximum amounts guaranteed were not reflected on the unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023. However, in the event of default under these guarantee obligations, the Company would be required to make payments to satisfy its guarantees. The Company also has outstanding letters of credit to third parties. As of September 30, 2024 and December 31, 2023, the fixed maximum amounts guaranteed under these letters of credit aggregated to $2.2 million and $0.2 million, respectively, all of which expire within the next 12 months. There were no amounts outstanding under the previously mentioned letters of credit as of September 30, 2024 or December 31, 2023. In the event of default under these letter-of-credit obligations, the Company would be obligated for reimbursement of payments made under the letters of credit. In addition, the Company has issued guarantees to third parties related to the routine purchase of maintenance items, materials and lease obligations for which no fixed maximum amounts have been specified. These guarantees have no scheduled maturity date. In the event a subsidiary of the Company defaults under these obligations, the Company would be required to make payments to satisfy these guarantees. An immaterial amount of outstanding guarantees by the Company were reflected on the unaudited condensed consolidated balance sheets in Operating lease right-of-use assets, Current portion of operating lease liabilities and/or Operating lease liabilities as of September 30, 2024 and December 31, 2023.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related-Party Transactions Allocation of Corporate Expenses Centennial and MDU Resources allocated expenses for corporate services provided to the Company, including costs related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. The Company was allocated $4.9 million and $27.6 million for the three and nine months ended September 30, 2024, respectively, and $4.5 million and $21.5 million for the three and nine months ended September 30, 2023, respectively, for these corporate services. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder allocated on the basis of percent of total capital invested, the percent of total average cash management program borrowings at MDU Resources, the percent of total average commercial paper borrowings at Centennial or other allocation methodologies that are considered to be a reasonable reflection of the utilization of the services provided to the benefits received. Some of the utilization factors considered include the following: number of employees paid and stated as cost per check; number of employees served; weighted factor of travel, managed units, national account spending, equipment and fleet acquisitions; purchase order dollars spent and purchase order line count; number of payments, vouchers or unclaimed property reports; labor hours; time tracked; and projected workload. These cost allocations were a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented. However, the allocations may not be indicative of the actual expenses that would have been incurred had the Company operated as a standalone company. Actual costs as a standalone company depend on a number of factors, including the chosen organizational structure, whether functions are outsourced or performed by Company employees, and strategic decisions made in areas such as selling and marketing, information technology and infrastructure. For an interim period of up to 20 months following the Separation, certain of these functions will continue to be provided by MDU Resources to the Company under a transition services agreement. Refer to Note 2 – Basis of Presentation and Note 16 – Subsequent Events for additional information. Cash Management and Financing Prior to the second quarter of 2023, Centennial had a commercial paper program and long-term borrowing arrangements in which the Company and certain of its subsidiaries participated. Centennial repaid all of its outstanding debt in the second quarter of 2023, and subsequently MDU Resources supported the Company’s borrowing needs through Centennial. The Company accounted for cash receipts and disbursements from MDU Resources and Centennial, through related-party receivables and payables. The Company had related-party agreements in place with Centennial for the financing of its capital needs and Centennial had a related-party agreement in place with MDU Resources. The Company’s cash that it legally owns and was not included in the commercial paper program is classified as Cash and cash equivalents on the unaudited condensed consolidated balance sheets. MDU Resources’ debt instruments contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt instruments and historically help finance the capital needs of the Company, MDU Resources must be in compliance with the applicable covenants and certain other conditions, all of which MDU Resources, as applicable, was in compliance with as of September 30, 2024. The borrowings under the commercial paper program with Centennial did not have stated maturities. MDU Resources committed to continue funding the Company through Centennial using its cash management program and revolving credit facility to allow the Company to meet its obligations as they became due prior to the Separation, thus the entire amount of Related-party notes payable was classified as noncurrent liabilities in the unaudited condensed consolidated balance sheets. Related-party notes payable was as follows: Weighted Average Interest Rate as of September 30, 2024 September 30, 2024 December 31, 2023 (In thousands) Borrowing arrangements with MDU Resources 6.10 % $ 214,525 $ 168,531 Total related-party notes payable $ 214,525 $ 168,531 The Company was allocated interest based on borrowings from or lending to the cash management and financing program as well as the funding related to these agreements as described above. The related-party interest expense associated with the Company’s participation in the cash management and financing program was $3.0 million and $9.1 million for the three and nine months ended September 30, 2024, respectively, and $4.7 million and $13.5 million for the three and nine months ended September 30, 2023, respectively. Other Related-Party Transactions The Company provided contracting services and equipment sales and short-term rentals to MDU Resources and affiliated companies. The amount charged for these services was $0.3 million for each of the nine months ended September 30, 2024 and 2023. There were no related services for each of the three months ended September 30, 2024 and 2023. Related-party transactions that were expected to be settled in cash were included as related-party receivables or payables in the unaudited condensed consolidated balance sheets as Due from related-party, Due from related-party - noncurrent, Due to related-party or Related-party notes payable. Related-party transactions that were not expected to be settled in cash were included within Other paid-in capital in the unaudited condensed consolidated balance sheets. Refer to Note 1 – Background and Nature of Operations for additional information on the Company’s service operations. The Company has entered into operating leases for land, buildings, equipment and office space with certain members of management and officers of the Company. Operating lease information for related-party leases was as follows: September 30, 2024 December 31, 2023 (In thousands) Operating lease right-of-use assets $ 68 $ 136 Current portion of operating lease liabilities 68 90 Operating lease liabilities $ — $ 46 Total rent expense related to related-party leases is included in Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. Rent expense was $0.2 million and $0.5 million for each of the three and nine months ended September 30, 2024 and 2023. Refer to Note 7 – Leases for additional information.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 31, 2024, the Separation was completed through MDU Resources’ Distribution of all of the outstanding shares of Everus common stock to holders of MDU Resources common stock. As a result of the Distribution, stockholders of MDU Resources received one share of the Company's common stock for every four shares of MDU Resources' common stock held at the close of business on October 21, 2024, the record date for the Distribution. Following the Separation, Everus is now a separate independent, publicly traded company under the ticker symbol “ECG” on the New York Stock Exchange. In connection with the Separation, which was governed by the separation and distribution agreement, the Company entered into various other agreements with MDU Resources to effect the Separation and provide a framework for its relationship with MDU Resources after the Separation, including a transition services agreement, a tax matters agreement and an employee matters agreement. The separation and distribution agreement, the tax matters agreement and the employee matters agreement determine the allocation of assets and liabilities between the companies following the Separation for those respective areas and include any necessary indemnifications related to liabilities and obligations. The transition services agreement provides for the performance of certain services by MDU Resources for the benefit of the Company, or in some cases certain services provided by the Company for the benefit of MDU Resources, for a limited period of up to 20 months following the Separation. On October 31, 2024, the Company entered into a five-year senior secured credit agreement (“the Credit Agreement”), whereby it has the capacity to incur indebtedness of up to $525.0 million, consisting of $300.0 million in aggregate principal amount of term loans and a $225.0 million revolving credit facility. Letters of credit are available under the Credit Agreement in an aggregate amount of up to $50.0 million. Everus drew $40.0 million under the revolving credit facility on the Separation date due to projected working capital needs. As of November 21, 2024, the date these financial statements were available to be issued, $40.0 million was still outstanding. The Company received net proceeds of $332.1 million, net of $7.9 million of debt issuance costs. In connection with the borrowings, the Company used $290.0 million of the net proceeds of such indebtedness to repay its $230.0 million outstanding indebtedness with Centennial and to pay a $60.0 million dividend to MDU Resources, with the remaining $42.1 million being retained by the Company. After the Separation, the Company will no longer rely on MDU Resources’ central cash management and financing program and will instead rely on its own credit and financing arrangements. The Company also entered into a captive insurance arrangement in order to manage its operational risk in connection with the Separation. The Company is in the process of assessing impacts that the captive insurance arrangement may have on its business, financial condition and/or financial results.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 41,767	$ 38,972	$ 28,214	$ 36,014	$ 38,649	$ 26,074	$ 108,953	$ 100,737

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. The accompanying unaudited condensed consolidated financial statements and footnotes were prepared on a “carve-out” basis in connection with the Separation and were derived from the unaudited condensed consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the unaudited condensed consolidated financial statements do not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company during the periods presented and may not be indicative of its future performance. The accompanying unaudited condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Pursuant to GAAP, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the annual audited consolidated financial statements included in the Company’s Form 10. The information includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the unaudited condensed consolidated financial statements and are of a normal recurring nature. The unaudited condensed consolidated balance sheets reflect the assets and liabilities of Centennial that were specifically identifiable as being directly attributable to the Company for the periods presented prior to the Separation. Earnings per share information has been retrospectively adjusted for all periods presented on the unaudited condensed consolidated statements of income to reflect the Distribution. Refer to Note 8 – Earnings Per Share for more information on the share count used in the earnings per share calculations. Following the Separation, the Company now performs certain functions using its own resources or purchased services. For an interim period of up to 20 months following the Separation, however, certain functions will continue to be provided by MDU Resources under a transition services agreement. Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which are reflected as Related-party notes payable on the unaudited condensed consolidated balance sheets. Interest expense in the unaudited condensed consolidated statements of income reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company no longer participates in MDU Resources’ centralized cash management program. The Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying unaudited condensed consolidated financial statements. Related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries, for general operating activities, the Company's participation in MDU Resources’ centralized cash management program through Centennial, and intercompany debt, were included in the unaudited condensed consolidated financial statements. These related-party transactions were historically settled in cash and were reflected in the unaudited condensed consolidated balance sheets as Due from related-party, Due from related-party - noncurrent, Due to related-party or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the unaudited condensed consolidated statements of cash flows within operating activities. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the unaudited condensed consolidated statements of cash flows within investing and financing activiti
New Accounting Standards	New Accounting Standards Changes to GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures: Standard Description Effective Date Impact on Financial Statements/Disclosures Recently adopted ASUs ASU 2022-06 – Reference Rate Reform (Topic 848): Deferral of Sunset Date In December 2022, the FASB included a sunset provision within ASC 848 based on expectations of when the London Inter-Bank Offered Rate (“LIBOR”) would cease to be published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023, which is beyond the current sunset date of ASC 848. The amendments in this Update defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must have identified a replacement rate by June 30, 2023. New contracts will incorporate a new reference rate, which includes the Secured Overnight Financing Rate (“SOFR”). Effective upon issuance (December 21, 2022) through December 31, 2024. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company determined the adoption of the guidance did not have a material impact on its unaudited condensed consolidated financial statements. Standard Description Effective Date Impact on Financial Statements/Disclosures Recently issued ASUs not yet adopted ASU 2023-05 - Business Combinations - Joint Venture Formations - Recognition and Initial Measurement In August 2023, the FASB issued guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture's separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture's financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). A joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. Effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. The Company is currently evaluating the impact the guidance will have on its interim and annual disclosures for the year ended December 31, 2025. ASU 2023-07 - Segment Reporting - Improvements to Reportable Segment Disclosures In November 2023, the FASB issued guidance on improving financial reporting by requiring disclosure on incremental segment information, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. Effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024, with prior periods disclosed in the period of adoption. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2024, and future interim periods. ASU 2023-09 - Income Taxes - Improvements to Income Tax Disclosures The FASB issued guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. Effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; loss contingencies; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual
Revenue from Contracts with Customers	Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. Contract Estimates and Changes in Estimates Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management's estimates of additional contract revenues that have been earned and are probable of collection.
Fair Value Measurements	The Company’s Level 2 money market funds are included as a part of Investments on the unaudited condensed consolidated balance sheets and are valued at the net asset value of shares held at the end of the period, based on published market quotations on active markets or using other known sources, including pricing from outside sources. The estimated fair value of the Company’s Level 2 insurance contracts is based on contractual cash surrender values that are determined primarily by investments in managed separate accounts of the insurer. These amounts approximate fair value. The managed separate accounts are valued based on other observable inputs or corroborated market data. Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in different estimates of fair value. The estimated fair values of the Company’s cash and cash equivalents, receivables, accounts payable and other accrued liabilities approximate their carrying value due to the short-term maturities of these instruments.
Earnings Per Share	Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any dilutive securities.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Receivables, Net	Receivables consist primarily of trade receivables from the sale of goods and services net of expected credit losses. Receivables, net is summarized as follows: September 30, 2024 December 31, 2023 (In thousands) Trade receivables: Completed contracts $ 33,425 $ 42,467 Contracts in progress 532,513 409,872 Retention receivables 67,279 84,474 Other 6,214 5,254 Receivables, gross 639,431 542,067 Less: expected credit losses 7,300 7,967 Receivables, net $ 632,131 $ 534,100
Schedule of Receivables Current Excepted Credit Losses	Details of the Company's expected credit losses, disclosed within Receivables, net for the respective periods presented below, were as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Balance at beginning of period $ 7,257 $ 4,717 $ 7,967 $ 2,161 Current expected credit loss provision 83 1,734 (51) 4,385 Less: write-offs charged against the allowance 84 27 672 181 Credit loss recoveries collected 44 — 56 59 Balance at end of period $ 7,300 $ 6,424 $ 7,300 $ 6,424

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of the Disaggregation of Revenue	The following tables present revenue disaggregated by contract type: Three months ended September 30, 2024 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 326,972 $ 106,936 $ 433,908 Unit-price 15,031 46,848 61,879 Cost reimbursable* 194,892 74,720 269,612 Total contract revenues 536,895 228,504 765,399 Eliminations (2,154) (2,260) (4,414) Total operating revenues $ 534,741 $ 226,244 $ 760,985 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Three months ended September 30, 2023 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 272,042 $ 92,607 $ 364,649 Unit-price 18,401 29,590 47,991 Cost reimbursable* 226,490 82,231 308,721 Total contract revenues 516,933 204,428 721,361 Eliminations (2,555) (1,400) (3,955) Total operating revenues $ 514,378 $ 203,028 $ 717,406 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Nine months ended September 30, 2024 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 966,035 $ 282,582 $ 1,248,617 Unit-price 49,254 118,016 167,270 Cost reimbursable* 466,489 223,179 689,668 Total contract revenues 1,481,778 623,777 2,105,555 Eliminations (5,627) (9,881) (15,508) Total operating revenues $ 1,476,151 $ 613,896 $ 2,090,047 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. Nine months ended September 30, 2023 Electrical & Mechanical Transmission & Distribution Total (In thousands) Fixed-price $ 784,334 $ 261,457 $ 1,045,791 Unit-price 62,488 62,401 124,889 Cost reimbursable* 833,388 225,593 1,058,981 Total contract revenues 1,680,210 549,451 2,229,661 Eliminations (7,262) (3,727) (10,989) Total operating revenues $ 1,672,948 $ 545,724 $ 2,218,672 __________________ * Includes time and material, time and equipment, and cost reimbursable plus fee contracts. The following table presents revenue disaggregated by customer type: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Commercial $ 327,403 $ 266,587 $ 860,088 $ 947,792 Industrial 76,493 116,013 236,349 367,331 Institutional 93,390 76,276 274,916 195,178 Renewables 10,414 19,244 27,551 43,947 Service & other 29,195 38,813 82,874 125,962 Total Electrical & Mechanical 536,895 516,933 1,481,778 1,680,210 Utility 206,669 188,680 559,922 508,850 Transportation 21,835 15,748 63,855 40,601 Total Transmission & Distribution 228,504 204,428 623,777 549,451 Eliminations (4,414) (3,955) (15,508) (10,989) Total operating revenues $ 760,985 $ 717,406 $ 2,090,047 $ 2,218,672
Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities	Costs, estimated earnings and billings on uncompleted contracts are summarized as follows: September 30, 2024 December 31, 2023 (In thousands) Costs incurred on uncompleted contracts $ 6,399,940 $ 6,390,641 Estimated earnings 875,983 840,994 Costs and estimated earnings on uncompleted contracts 7,275,923 7,231,635 Less: billings to date 7,323,483 7,271,337 Net contract liabilities $ (47,560) $ (39,702) Contract assets and contract liabilities consisted of the following: September 30, 2024 December 31, 2023 (In thousands) Unbilled revenue $ 174,102 $ 158,529 Contract assets $ 174,102 $ 158,529 Deferred revenue $ 220,478 $ 196,686 Accrued loss provision 1,184 1,545 Contract liabilities $ 221,662 $ 198,231 The following table presents the opening and closing balances of contract assets and contract liabilities as of: September 30, 2024 December 31, 2023 Contract Assets Contract Liabilities Net Contract Liabilities Contract Assets Contract Liabilities Net Contract Liabilities (In thousands) Balance at beginning of period $ 158,529 $ (198,231) $ (39,702) $ 153,907 $ (166,189) $ (12,282) Change during period 15,573 (23,431) (7,858) 4,622 (32,042) (27,420) Balance at end of period $ 174,102 $ (221,662) $ (47,560) $ 158,529 $ (198,231) $ (39,702)
Summary of Remaining Performance Obligations and Expected Revenue Recognition	The table below shows additional information regarding the Company’s remaining performance obligations as of September 30, 2024, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues: Within 12 months Greater than 12 months (In thousands) Remaining performance obligations: Electrical & Mechanical $ 1,913,264 $ 654,607 Transmission & Distribution 270,415 46,547 Total $ 2,183,679 $ 701,154

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Other Intangible Assets	Other amortizable intangible assets were as follows: September 30, 2024 December 31, 2023 (In thousands) Noncompete agreements $ — $ 292 Less: accumulated amortization — 292 Net noncompete agreements — — Customer relationships 10,450 10,450 Less: accumulated amortization 9,984 8,446 Net customer relationships 466 2,004 Total $ 466 $ 2,004
Schedule of Amortization Expense for Finite-Lived Intangible Assets	Future amortization expense for finite-lived intangible assets as of September 30, 2024 is estimated to be as follows: Remainder of 2024 2025 (In thousands) Amortization expense $ 349 $ 117

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets Measured on a Recurring Basis	The Company’s assets measured at fair value on a recurring basis were as follows: Fair Value Measurements as of September 30, 2024, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of September 30, 2024 (In thousands) Assets: Insurance contracts $ — $ 4,448 $ — $ 4,448 Total assets measured at fair value $ — $ 4,448 $ — $ 4,448 Fair Value Measurements as of December 31, 2023, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2023 (In thousands) Assets: Money market funds $ — $ 1,725 $ — $ 1,725 Insurance contracts — 5,005 — 5,005 Total assets measured at fair value $ — $ 6,730 $ — $ 6,730

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Summary of Operating Leases, Including Lease Terms, Discount Rates and Supplemental Cash Flow Information	The following table provides a summary of the Company's lease costs for operating leases: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) Lease costs: Operating lease cost $ 8,156 $ 6,693 $ 22,769 $ 19,448 Variable lease cost (1) 319 296 917 892 Short-term lease cost (1) 27,965 25,889 75,703 72,803 Total lease costs $ 36,440 $ 32,878 $ 99,389 $ 93,143 __________________ (1) Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 and the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2024 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amounts in the preceding table have been revised to correct the impact of this classification error for the nine months ended September 30, 2024 and 2023. The classification error will be corrected in future filings for the historical periods. The reclassification error had no impact to results of operations, balance sheets, or cash flows for any of the periods within the Form 10. The following is a summary of the lease terms and discount rates for operating leases: September 30, 2024 December 31, 2023 Weighted average remaining lease term 1.38 years 1.34 years Weighted average discount rate 5.51 % 4.94 % The following is a summary of other information and supplemental cash flow information related to operating leases: Nine months ended September 30, 2024 2023 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used for operating lease liabilities $ 22,653 $ 19,745 Right-of-use assets obtained in exchange for new operating lease liabilities $ 38,454 $ 21,164
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities	The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the unaudited condensed consolidated balance sheets was as follows: September 30, 2024 (In thousands) Remainder of 2024 $ 7,963 2025 26,851 2026 18,202 2027 11,052 2028 6,087 Thereafter 6,043 Total 76,198 Less: discount 6,841 Total operating lease liabilities $ 69,357
Components of Certain Equipment Leased to Third Parties Under Operating Leases	The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the unaudited condensed consolidated balance sheets, were as follows: September 30, 2024 December 31, 2023 (In thousands) Machinery and equipment $ 56,367 $ 56,186 Less: accumulated depreciation 29,427 29,134 Property, plant and equipment, net $ 26,940 $ 27,052

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	Basic and diluted earnings per share were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Net income $ 41,767 $ 36,014 $ 108,953 $ 100,737 Weighted average common shares outstanding - basic 50,972 50,972 50,972 50,972 Weighted average common shares outstanding - diluted 50,972 50,972 50,972 50,972 Earnings per share - basic $ 0.82 $ 0.71 $ 2.14 $ 1.98 Earnings per share - diluted $ 0.82 $ 0.71 $ 2.14 $ 1.98

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of After-Tax Changes in Components of AOCL	Therefore, the after-tax changes in the components of accumulated other comprehensive loss through the nine months ended September 30, 2023 were as follows: Net Unrealized Loss on Derivative Instruments Qualifying as Hedges Total Accumulated Other Comprehensive Loss (In thousands) As of December 31, 2022 $ (35) $ (35) Amounts reclassified from accumulated other comprehensive loss (11) (11) Net current-period other comprehensive loss (11) (11) As of March 31, 2023 (46) (46) Amounts reclassified from accumulated other comprehensive loss 46 46 Net current-period other comprehensive income 46 46 As of June 30, 2023 — — Amounts reclassified from accumulated other comprehensive loss — — Net current-period other comprehensive income — — As of September 30, 2023 $ — $ —
Summary of Reclassifications	Therefore, the following amounts were reclassified out of accumulated other comprehensive loss into net income for the nine months ended September 30, 2023: Nine months ended September 30, 2023 Location on Unaudited Condensed Consolidated Statement of Income (In thousands) Reclassification adjustment for loss on derivative instruments included in net income $ 36 Interest expense Reclassification tax benefit for loss on derivative instruments included in net income (1) Income taxes Total reclassifications $ 35

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	Cash expenditures for interest and income taxes were as follows: Nine months ended September 30, 2024 2023 (In thousands) Interest paid $ 8,825 $ 12,848 Income taxes paid $ 39,183 $ 42,979 Non-cash investing transactions were as follows: September 30, 2024 September 30, 2023 (In thousands) Purchases of property, plant and equipment included in Accounts payable $ 293 $ 314

Business Segment Data (Tables)

Business Segment Data (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information on the Company’s segments was as follows: Three months ended, September 30, 2024 September 30, 2023 E&M T&D E&M T&D (In thousands) External operating revenues $ 534,741 $ 226,244 $ 514,378 $ 203,028 Elimination operating revenues 2,154 2,260 2,555 1,400 Depreciation and amortization expense 1,618 4,753 1,557 4,412 Operating income 34,943 25,258 31,076 23,015 Interest expense (benefit) (54) 982 1,391 1,367 Income tax expense 9,806 6,249 7,509 5,587 Capital expenditures* $ 2,701 $ 15,256 $ 823 $ 6,583 __________________ * Capital expenditures for the three months ended September 30, 2024 and 2023 included noncash transactions for capital expenditure-related Accounts payable. Nine months ended, September 30, 2024 September 30, 2023 E&M T&D E&M T&D (In thousands) External operating revenues $ 1,476,151 $ 613,896 $ 1,672,948 $ 545,724 Elimination operating revenues 5,627 9,881 7,262 3,727 Depreciation and amortization expense 4,794 13,848 4,643 12,697 Operating income 100,771 60,082 100,268 51,314 Interest expense 117 3,030 4,645 3,239 Income tax expense 28,478 14,596 25,214 11,996 Capital expenditures* $ 5,641 $ 28,726 $ 3,714 $ 23,983 __________________ * Capital expenditures for the nine months ended September 30, 2024 and 2023 included noncash transactions for capital expenditure-related Accounts payable.
Reconciliation of Revenue from Segments to Consolidated	A reconciliation of reportable segment operating revenues to consolidated operating revenues was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) E&M operating revenue $ 536,895 $ 516,933 $ 1,481,778 $ 1,680,210 T&D operating revenue 228,504 204,428 623,777 549,451 Total reportable segment operating revenues 765,399 721,361 2,105,555 2,229,661 Eliminations (4,414) (3,955) (15,508) (10,989) Total consolidated operating revenues $ 760,985 $ 717,406 $ 2,090,047 $ 2,218,672
Reconciliation of Assets from Segments to Consolidated	A reconciliation of reportable segment assets to consolidated assets was as follows: September 30, 2024 December 31, 2023 (In thousands) E&M segment assets $ 828,937 $ 712,691 T&D segment assets 426,404 376,780 Total reportable segment assets 1,255,341 1,089,471 Other assets 44,832 43,628 Elimination of receivables (20,881) (22,517) Total consolidated assets $ 1,279,292 $ 1,110,582
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	A reconciliation of reportable segment operating income to consolidated income before income taxes and income from equity method investments was as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 (In thousands) E&M operating income $ 34,943 $ 31,076 $ 100,771 $ 100,268 T&D operating income 25,258 23,015 60,082 51,314 Total reportable segment operating income 60,201 54,091 160,853 151,582 Other operating loss (6,492) (4,000) (16,951) (11,963) Interest expense 2,851 4,596 8,823 13,483 Other income 1,071 1,208 3,683 2,705 Total consolidated income before income taxes and income from equity method investments $ 51,929 $ 46,703 $ 138,762 $ 128,841

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Related-party notes payable was as follows: Weighted Average Interest Rate as of September 30, 2024 September 30, 2024 December 31, 2023 (In thousands) Borrowing arrangements with MDU Resources 6.10 % $ 214,525 $ 168,531 Total related-party notes payable $ 214,525 $ 168,531 September 30, 2024 December 31, 2023 (In thousands) Operating lease right-of-use assets $ 68 $ 136 Current portion of operating lease liabilities 68 90 Operating lease liabilities $ — $ 46

Background and Nature of Oper_2

Background and Nature of Operations - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment $ / shares shares	Oct. 31, 2024 $ / shares shares	Oct. 30, 2024 shares	Dec. 31, 2023 $ / shares shares
Product Information [Line Items]
Common stock, issued (in shares)	1,000			1,000
Common stock, outstanding (in shares)	1,000			1,000
Par value (in dollars per share) | $ / shares	$ 1			$ 1
Number of operating segments | segment	2
Number of reportable segments | segment	2
Subsequent event
Product Information [Line Items]
Common stock, issued (in shares)		50,972,059	1,000
Common stock, outstanding (in shares)		50,972,059	1,000
Par value (in dollars per share) | $ / shares		$ 0.01

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Product Information [Line Items]
General corporate expenses					$ 21.5
Subsequent event
Product Information [Line Items]
Transition services agreement period	20 months
Related party
Product Information [Line Items]
General corporate expenses		$ 4.9	$ 4.5	$ 27.6	$ 21.5

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Product Information [Line Items]
Retention receivables	$ 67,279	$ 84,474
Other	6,214	5,254
Receivables, gross	639,431	542,067
Less: expected credit losses	7,300	7,967
Completed contracts
Product Information [Line Items]
Trade receivables	33,425	42,467
Contracts in progress
Product Information [Line Items]
Trade receivables	532,513	409,872
Nonrelated party
Product Information [Line Items]
Receivables, net	$ 632,131	$ 534,100

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Product Information [Line Items]
Receivables past due 90 days or more	$ 74.5	$ 42
Manufactured equipment held for resale and/or rental
Product Information [Line Items]
Inventories	40.6	37.2
Materials and supplies
Product Information [Line Items]
Materials and supplies	$ 6.3	$ 5.5

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Receivables Current Expected Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 7,257	$ 4,717	$ 7,967	$ 2,161
Current expected credit loss provision	83	1,734	(51)	4,385
Less: write-offs charged against the allowance	84	27	672	181
Credit loss recoveries collected	44	0	56	59
Balance at end of period	$ 7,300	$ 6,424	$ 7,300	$ 6,424

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Unexecuted change orders	$ 37,800		$ 37,800		$ 57,300
Change orders not approved by the customer	233,100		233,100		187,400
Claim position	42,700		42,700		42,700
Loss provision	1,184		1,184		1,545
Remaining outstanding billings on large project	31,200		31,200
Operating revenue recognized	47,400	$ 6,300	167,000	$ 162,600
Net increase in revenues from performance obligations satisfied in prior periods	25,800	$ 20,200	71,500	$ 41,400
Remaining performance obligation	2,880,000		2,880,000		2,010,000
Retention receivables	$ 100,100		$ 100,100		$ 105,800
Percentage of retainage outstanding expected to be collected within the next twelve months	67%		67%

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of the Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Operating revenue	$ 760,985	$ 717,406	$ 2,090,047	$ 2,218,672
Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	765,399	721,361	2,105,555	2,229,661
Eliminations
Disaggregation of Revenue [Line Items]
Operating revenue	(4,414)	(3,955)	(15,508)	(10,989)
Fixed-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	433,908	364,649	1,248,617	1,045,791
Unit-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	61,879	47,991	167,270	124,889
Cost reimbursable | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	269,612	308,721	689,668	1,058,981
Electrical & Mechanical
Disaggregation of Revenue [Line Items]
Operating revenue	534,741	514,378	1,476,151	1,672,948
Electrical & Mechanical | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	536,895	516,933	1,481,778	1,680,210
Electrical & Mechanical | Eliminations
Disaggregation of Revenue [Line Items]
Operating revenue	(2,154)	(2,555)	(5,627)	(7,262)
Electrical & Mechanical | Commercial | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	327,403	266,587	860,088	947,792
Electrical & Mechanical | Industrial | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	76,493	116,013	236,349	367,331
Electrical & Mechanical | Institutional | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	93,390	76,276	274,916	195,178
Electrical & Mechanical | Renewables | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	10,414	19,244	27,551	43,947
Electrical & Mechanical | Service & other | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	29,195	38,813	82,874	125,962
Electrical & Mechanical | Fixed-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	326,972	272,042	966,035	784,334
Electrical & Mechanical | Unit-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	15,031	18,401	49,254	62,488
Electrical & Mechanical | Cost reimbursable | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	194,892	226,490	466,489	833,388
Transmission & Distribution
Disaggregation of Revenue [Line Items]
Operating revenue	226,244	203,028	613,896	545,724
Transmission & Distribution | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	228,504	204,428	623,777	549,451
Transmission & Distribution | Eliminations
Disaggregation of Revenue [Line Items]
Operating revenue	(2,260)	(1,400)	(9,881)	(3,727)
Transmission & Distribution | Utility | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	206,669	188,680	559,922	508,850
Transmission & Distribution | Transportation | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	21,835	15,748	63,855	40,601
Transmission & Distribution | Fixed-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	106,936	92,607	282,582	261,457
Transmission & Distribution | Unit-price | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	46,848	29,590	118,016	62,401
Transmission & Distribution | Cost reimbursable | Operating segments
Disaggregation of Revenue [Line Items]
Operating revenue	$ 74,720	$ 82,231	$ 223,179	$ 225,593

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Costs incurred on uncompleted contracts	$ 6,399,940	$ 6,390,641
Estimated earnings	875,983	840,994
Costs and estimated earnings on uncompleted contracts	7,275,923	7,231,635
Less: billings to date	7,323,483	7,271,337
Net contract assets (liabilities)	$ (47,560)	$ (39,702)	$ (12,282)

Revenue from Contracts with C_6

Revenue from Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract assets
Unbilled revenue	$ 174,102	$ 158,529
Contract assets	174,102	158,529	$ 153,907
Contract liabilities
Deferred revenue	220,478	196,686
Accrued loss provision	1,184	1,545
Contract liabilities	$ 221,662	$ 198,231	$ 166,189

Revenue from Contracts with C_7

Revenue from Contracts with Customers - Contract Assets and Liabilities Rollforward (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract Assets
Balance at beginning of period	$ 158,529	$ 153,907	$ 153,907
Change during period	15,573	44,802	4,622
Balance at end of period	174,102		158,529
Contract Liabilities
Balance at beginning of period	(198,231)	(166,189)	(166,189)
Change during period	(23,431)	(12,566)	(32,042)
Balance at end of period	(221,662)		(198,231)
Net Contract Assets (Liabilities)
Balance at beginning of period	(39,702)	$ (12,282)	(12,282)
Change during period	(7,858)		(27,420)
Balance at end of period	$ (47,560)		$ (39,702)

Revenue from Contracts with C_8

Revenue from Contracts with Customers - Summary of Remaining Performance Obligations and Expected Revenue Recognition (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,880,000	$ 2,010,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,183,679
Performance obligation satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Electrical & Mechanical
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,913,264
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Transmission & Distribution
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	270,415
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 701,154
Performance obligation satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Electrical & Mechanical
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 654,607
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | Transmission & Distribution
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 46,547

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 143,224,000		$ 143,224,000		$ 143,224,000
Goodwill impairment	0	$ 0	0	$ 0
Amortization expense for finite-lived intangible assets	500,000	500,000	1,500,000	1,600,000
Impairments of finite-lived intangible assets	0	$ 0	0	$ 0
Electrical & Mechanical
Goodwill [Line Items]
Goodwill	115,900,000		115,900,000		115,900,000
Transmission & Distribution
Goodwill [Line Items]
Goodwill	$ 27,300,000		$ 27,300,000		$ 27,300,000

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, less accumulated amortization	$ 9,984	$ 8,738
Intangible assets, net (excluding goodwill)	466	2,004
Noncompete agreements
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	0	292
Intangible assets, less accumulated amortization	0	292
Finite-Lived Intangible Assets, Net	0	0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	10,450	10,450
Intangible assets, less accumulated amortization	9,984	8,446
Finite-Lived Intangible Assets, Net	$ 466	$ 2,004

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Schedule of Amortization Expense for Finite-Lived Intangible Assets (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 349
2025	$ 117

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gain (loss) on investments	$ 200	$ 0	$ 531	$ 0
Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	4,448		4,448		$ 5,005
Insurance contracts | Fair value, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value	$ 4,400		$ 4,400		$ 5,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets Measured on a Recurring Basis (Details) - Fair value, recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts	$ 4,448	$ 5,005
Money market funds		1,725
Total assets measured at fair value	4,448	6,730
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts	0	0
Money market funds		0
Total assets measured at fair value	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts	4,448	5,005
Money market funds		1,725
Total assets measured at fair value	4,448	6,730
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Insurance contracts	0	0
Money market funds		0
Total assets measured at fair value	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Revenue recognized from operating leases		$ 10,200	$ 11,000	$ 30,000	$ 34,000
Lease receivables		$ 8,600		$ 8,600		$ 9,300
Bismarck, ND headquarters
Lessee, Lease, Description [Line Items]
Operating lease term	60 months
Area of real estate property (in square feet) | ft²	16,188
Average annual rent payments	$ 303
Average annual common area maintenance charges	$ 102
Vehicles | Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		5 years		5 years
Equipment | Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		5 years		5 years
Building | Maximum
Lessee, Lease, Description [Line Items]
Operating lease term		35 years		35 years

Leases - Summary of Operating L

Leases - Summary of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 8,156	$ 6,693	$ 22,769	$ 19,448
Variable lease cost	319	296	917	892
Short-term lease cost	27,965	25,889	75,703	72,803
Total lease costs	$ 36,440	$ 32,878	$ 99,389	$ 93,143

Leases - Lease Term, Discount R

Leases - Lease Term, Discount Rate and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Leases [Abstract]
Weighted average remaining lease term	1 year 4 months 17 days		1 year 4 months 2 days
Weighted average discount rate	5.51%		4.94%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating lease liabilities	$ 22,653	$ 19,745
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 38,454	$ 21,164

Leases - Reconciliation of Futu

Leases - Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2024	$ 7,963
2025	26,851
2026	18,202
2027	11,052
2028	6,087
Thereafter	6,043
Total	76,198
Less: discount	6,841
Total operating lease liabilities	$ 69,357

Leases - Components of Certain

Leases - Components of Certain Equipment Leased to Third Parties Under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Machinery and equipment	$ 56,367	$ 56,186
Less: accumulated depreciation	29,427	29,134
Property, plant and equipment, net	$ 26,940	$ 27,052

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024	Oct. 30, 2024	Dec. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, issued (in shares)	1,000		1,000				1,000
Common stock, outstanding (in shares)	1,000		1,000				1,000
Anti-dilutive securities excluded for the computation of earnings per share (in shares)	0	0	0	0
Everus stock-based awards outstanding (in shares)	0	0	0	0
Subsequent event
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, issued (in shares)					50,972,059	1,000
Common stock, outstanding (in shares)					50,972,059	1,000

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income		$ 41,767	$ 38,972	$ 28,214	$ 36,014	$ 38,649	$ 26,074	$ 108,953	$ 100,737
Weighted average common shares outstanding - basic (in shares)	[1]	50,972,000			50,972,000			50,972,000	50,972,000
Weighted average common shares outstanding - diluted (in shares)	[1]	50,972,000			50,972,000			50,972,000	50,972,000
Earnings per share - basic (in dollars per share)		$ 0.82			$ 0.71			$ 2.14	$ 1.98
Earnings per share - diluted (in dollars per share)		$ 0.82			$ 0.71			$ 2.14	$ 1.98
[1]    Prior to the Separation (as defined below), Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution (as defined below), 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to reflect the Everus shares outstanding on the Distribution date. Refer to Note 1 and Note 2 for more information.

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of After-Tax Changes in Components of AOCL (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 489,991	$ 420,687	$ 394,595	$ 382,247	$ 448,850	$ 382,247
Amounts reclassified from accumulated other comprehensive loss		0	46	(11)
Net current-period other comprehensive income (loss)	0	0	46	(11)	0	35
Ending balance	$ 453,303	444,396	420,687	394,595	$ 453,303	444,396
Total Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		0	(46)	(35)		(35)
Net current-period other comprehensive income (loss)			46	(11)
Ending balance		0	0	(46)		0
Net Unrealized Loss on Derivative Instruments Qualifying as Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		0	(46)	(35)		(35)
Amounts reclassified from accumulated other comprehensive loss		0	46	(11)
Net current-period other comprehensive income (loss)		0	46	(11)
Ending balance		$ 0	$ 0	$ (46)		$ 0

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Summary of Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	$ 2,851			$ 4,596			$ 8,823	$ 13,483
Income taxes	13,995			11,423			37,606	32,822
Net income	$ 41,767	$ 38,972	$ 28,214	$ 36,014	$ 38,649	$ 26,074	$ 108,953	100,737
Reclassification out of accumulated other comprehensive income | Reclassification adjustment for loss on derivative instruments included in net income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense								36
Income taxes								(1)
Net income								$ 35

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	$ 13,995	$ 11,423	$ 37,606	$ 32,822
Effective income tax rate (as a percent)	25.10%	24.10%	25.70%	24.60%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Supplemental Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 8,825	$ 12,848
Income taxes paid	39,183	42,979
Purchases of property, plant and equipment included in Accounts payable	$ 293	$ 314

Business Segment Data - Narrati

Business Segment Data - Narrative (Details) - segment	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Number of operating segments		2
Number of reportable segments		2
Single customer | Customer concentration risk | Operating revenue
Segment Reporting Information [Line Items]
Concentration risk (as a percentage)	14.60%		18.40%
Single customer | Customer concentration risk | Trade receivables
Segment Reporting Information [Line Items]
Concentration risk (as a percentage)				14.10%

Business Segment Data - Summary

Business Segment Data - Summary of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ (760,985)	$ (717,406)	$ (2,090,047)	$ (2,218,672)
Operating income	53,709	50,091	143,902	139,619
Interest expense (benefit)	2,851	4,596	8,823	13,483
Income tax expense	13,995	11,423	37,606	32,822
Operating segments
Segment Reporting Information [Line Items]
Operating revenue	(765,399)	(721,361)	(2,105,555)	(2,229,661)
Operating income	60,201	54,091	160,853	151,582
Eliminations
Segment Reporting Information [Line Items]
Operating revenue	4,414	3,955	15,508	10,989
Electrical & Mechanical
Segment Reporting Information [Line Items]
Operating revenue	(534,741)	(514,378)	(1,476,151)	(1,672,948)
Electrical & Mechanical | Operating segments
Segment Reporting Information [Line Items]
Operating revenue	(536,895)	(516,933)	(1,481,778)	(1,680,210)
Depreciation and amortization expense	1,618	1,557	4,794	4,643
Operating income	34,943	31,076	100,771	100,268
Interest expense (benefit)	(54)	1,391	117	4,645
Income tax expense	9,806	7,509	28,478	25,214
Capital expenditures	2,701	823	5,641	3,714
Electrical & Mechanical | Eliminations
Segment Reporting Information [Line Items]
Operating revenue	2,154	2,555	5,627	7,262
Transmission & Distribution
Segment Reporting Information [Line Items]
Operating revenue	(226,244)	(203,028)	(613,896)	(545,724)
Transmission & Distribution | Operating segments
Segment Reporting Information [Line Items]
Operating revenue	(228,504)	(204,428)	(623,777)	(549,451)
Depreciation and amortization expense	4,753	4,412	13,848	12,697
Operating income	25,258	23,015	60,082	51,314
Interest expense (benefit)	982	1,367	3,030	3,239
Income tax expense	6,249	5,587	14,596	11,996
Capital expenditures	15,256	6,583	28,726	23,983
Transmission & Distribution | Eliminations
Segment Reporting Information [Line Items]
Operating revenue	$ 2,260	$ 1,400	$ 9,881	$ 3,727

Business Segment Data - Summa_2

Business Segment Data - Summary of Segment Operating Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating revenue	$ 760,985	$ 717,406	$ 2,090,047	$ 2,218,672
Operating segments
Segment Reporting Information [Line Items]
Operating revenue	765,399	721,361	2,105,555	2,229,661
Eliminations
Segment Reporting Information [Line Items]
Operating revenue	(4,414)	(3,955)	(15,508)	(10,989)
Electrical & Mechanical
Segment Reporting Information [Line Items]
Operating revenue	534,741	514,378	1,476,151	1,672,948
Electrical & Mechanical | Operating segments
Segment Reporting Information [Line Items]
Operating revenue	536,895	516,933	1,481,778	1,680,210
Electrical & Mechanical | Eliminations
Segment Reporting Information [Line Items]
Operating revenue	(2,154)	(2,555)	(5,627)	(7,262)
Transmission & Distribution
Segment Reporting Information [Line Items]
Operating revenue	226,244	203,028	613,896	545,724
Transmission & Distribution | Operating segments
Segment Reporting Information [Line Items]
Operating revenue	228,504	204,428	623,777	549,451
Transmission & Distribution | Eliminations
Segment Reporting Information [Line Items]
Operating revenue	$ (2,260)	$ (1,400)	$ (9,881)	$ (3,727)

Business Segment Data - Summa_3

Business Segment Data - Summary of Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 1,279,292	$ 1,110,582
Operating segments
Segment Reporting Information [Line Items]
Total assets	1,255,341	1,089,471
Operating segments | Electrical & Mechanical
Segment Reporting Information [Line Items]
Total assets	828,937	712,691
Operating segments | Transmission & Distribution
Segment Reporting Information [Line Items]
Total assets	426,404	376,780
Other reconciling items
Segment Reporting Information [Line Items]
Total assets	44,832	43,628
Eliminations
Segment Reporting Information [Line Items]
Total assets	$ (20,881)	$ (22,517)

Business Segment Data - Summa_4

Business Segment Data - Summary of Operating Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Operating income (loss)	$ 53,709	$ 50,091	$ 143,902	$ 139,619
Interest expense	2,851	4,596	8,823	13,483
Other income	1,071	1,208	3,683	2,705
Income before income taxes and income from equity method investments	51,929	46,703	138,762	128,841
Operating segments
Segment Reporting Information [Line Items]
Operating income (loss)	60,201	54,091	160,853	151,582
Other reconciling items
Segment Reporting Information [Line Items]
Operating income (loss)	(6,492)	(4,000)	(16,951)	(11,963)
Electrical & Mechanical | Operating segments
Segment Reporting Information [Line Items]
Operating income (loss)	34,943	31,076	100,771	100,268
Interest expense	(54)	1,391	117	4,645
Transmission & Distribution | Operating segments
Segment Reporting Information [Line Items]
Operating income (loss)	25,258	23,015	60,082	51,314
Interest expense	$ 982	$ 1,367	$ 3,030	$ 3,239

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Compensation Arrangements [Abstract]
Deferred compensation expense	$ 0.4	$ 0	$ 0.9	$ 1

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Loss contingency accrual	$ 1,400,000	$ 100,000
Loss contingency receivable	1,400,000	100,000
Fixed maximum amounts guaranteed remainder of year	13,300,000
Fixed maximum amounts guaranteed by year 2025	186,700,000
Fixed maximum amounts guaranteed by year 2026	312,600,000
Fixed maximum amounts guaranteed by year 2027	43,500,000
Fixed maximum amounts guaranteed by year 2028	1,000,000
Fixed maximum amounts guaranteed by thereafter	400,000
Guarantor obligations outstanding	0	0
Surety Bond
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	845,300,000	299,900,000
Performance Guarantee
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	557,500,000	341,400,000
Letter of credit
Loss Contingencies [Line Items]
Maximum borrowing capacity	$ 2,200,000	200,000
Letters of credit, term	12 months
Outstanding letters of credit	$ 0	$ 0

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
General corporate expenses				$ 21,500,000
Operating lease cost	$ 8,156,000	$ 6,693,000	$ 22,769,000	19,448,000
Related party
Related Party Transaction [Line Items]
General corporate expenses	4,900,000	4,500,000	27,600,000	21,500,000
Operating lease cost	200,000	200,000	500,000	500,000
Cash management and financing program | Related party
Related Party Transaction [Line Items]
Interest expense	3,000,000	4,700,000	9,100,000	13,500,000
MDU Resources, Services, Sales, and Rental Transactions | Related party
Related Party Transaction [Line Items]
Related party transaction	$ 0	$ 0	$ 300,000	$ 300,000

Related Party Transactions - In

Related Party Transactions - Intercompany Long-Term Borrowing Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Related-party notes payable	$ 214,525	$ 168,531
Notes payable | Cash management and financing program | Related party
Related Party Transaction [Line Items]
Weighted Average Interest Rate as of September 30, 2024	6.10%
Related-party notes payable	$ 214,525	$ 168,531

Related Party Transactions - Op

Related Party Transactions - Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Operating lease right-of-use assets	$ 68,852	$ 53,233
Current portion of operating lease liabilities	26,110	21,143
Operating lease liabilities	43,247	32,504
Related party
Related Party Transaction [Line Items]
Operating lease right-of-use assets	68	136
Current portion of operating lease liabilities	68	90
Operating lease liabilities	$ 0	$ 46

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) $ in Millions		9 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Nov. 21, 2024 USD ($)	Dec. 31, 2023 USD ($)
Letter of credit
Subsequent Event [Line Items]
Letters of credit, term		12 months
Maximum borrowing capacity		$ 2.2		$ 0.2
Subsequent event
Subsequent Event [Line Items]
Transition services agreement period	20 months
Proceeds from debt	$ 332.1
Debt issuance costs	7.9
Repayments of debt and payment of dividends	290
Cash retained from debt agreement	$ 42.1
Subsequent event | MDU Resources
Subsequent Event [Line Items]
Common stock distribution ratio	0.25
Subsequent event | MDU Resources
Subsequent Event [Line Items]
Payments of dividends	$ 60
Subsequent event | Centennial
Subsequent Event [Line Items]
Debt repayment	$ 230
Subsequent event | Line of credit | Senior secured credit agreement
Subsequent Event [Line Items]
Letters of credit, term	5 years
Maximum borrowing capacity	$ 525
Subsequent event | Term loan | Line of credit | Senior secured credit agreement
Subsequent Event [Line Items]
Face amount	300
Subsequent event | Revolving credit facility | Line of credit | Senior secured credit agreement
Subsequent Event [Line Items]
Maximum borrowing capacity	225
Outstanding balance	40		$ 40
Subsequent event | Letter of credit | Line of credit | Senior secured credit agreement
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 50