Cover Page Document
Cover Page Document - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 08, 2024 | |
Cover [Abstract] | ||
Document type | 10-K | |
Document annual report | true | |
Document period end date | Dec. 31, 2023 | |
Document transition report | false | |
Entity file number | 000-11917 | |
Entity registrant name | THE DAVEY TREE EXPERT COMPANY | |
Entity well-known seasoned issuer | No | |
Entity voluntary filers | No | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Non-accelerated Filer | |
Entity emerging growth company | false | |
Entity small business | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Entity shell company | false | |
Entity common stock, shares outstanding | 41,366,167 | |
Entity public float | $ 780,899,259 | |
Entity central index key | 0000277638 | |
Current fiscal year end date | --12-31 | |
Document fiscal year focus | 2023 | |
Document fiscal period focus | FY | |
Amendment flag | false | |
Entity incorporation, state or country code | OH | |
Entity tax identification number | 34-0176110 | |
Entity address, address description | 1500 North Mantua Street | |
Entity address, address line one | P.O. Box 5193 | |
Entity address, city or town | Kent | |
Entity address, state or province | OH | |
Entity address, postal zip code | 44240 | |
City area code | 330 | |
Local phone number | 673-9511 | |
Entity Listing, Par Value Per Share | $ 0.50 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Cleveland, Ohio |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 11,070,000 | $ 18,526,000 |
Accounts receivable, net | 360,470,000 | 321,810,000 |
Operating supplies | 18,369,000 | 17,976,000 |
Prepaid expenses | 44,534,000 | 32,080,000 |
Other current assets | 72,237,000 | 51,872,000 |
Total current assets | 506,680,000 | 442,264,000 |
Property and equipment: | ||
Land and land improvements | 28,177,000 | 26,023,000 |
Buildings and leasehold improvements | 99,964,000 | 80,768,000 |
Equipment | 684,562,000 | 663,207,000 |
Less accumulated depreciation | 500,025,000 | 501,459,000 |
Property, Plant and Equipment, Net | 312,678,000 | 268,539,000 |
Right-of-use assets - operating leases | 110,248,000 | 104,612,000 |
Marketable securities and other investments | 34,565,000 | 28,909,000 |
Loss Contingency, Receivable | 200,000,000 | 7,500,000 |
Other assets | 11,875,000 | 15,341,000 |
Intangible assets, net | 20,214,000 | 18,949,000 |
Goodwill | 84,800,000 | 70,107,000 |
Total assets | 1,281,060,000 | 956,221,000 |
Property and equipment | 812,703,000 | 769,998,000 |
Current liabilities: | ||
Current portion of long-term debt, finance lease liabilities and short-term debt | 45,766,000 | 26,872,000 |
Current portion of operating lease liabilities | 39,043,000 | 34,652,000 |
Accounts payable | 59,140,000 | 50,171,000 |
Accrued expenses | 81,944,000 | 77,454,000 |
Self-insurance accruals | 50,379,000 | 56,221,000 |
Total current liabilities | 276,272,000 | 245,370,000 |
Long-term debt | 148,261,000 | 155,777,000 |
Senior unsecured notes | 134,916,000 | 74,991,000 |
Lease liabilities - finance leases | 13,544,000 | 9,481,000 |
Lease liabilities - operating leases | 71,134,000 | 68,878,000 |
Self-insurance accruals | 84,053,000 | 77,926,000 |
Litigation accrual | 200,000,000 | 7,500,000 |
Other liabilities | 11,726,000 | 16,520,000 |
Total liabilities | 939,906,000 | 656,443,000 |
Redeemable common shares related to 401KSOP and Employee Stock Ownership Plan (ESOP) 8,499 and 9,188 shares at redemption value as of December 31, 2023 and 2022 | 188,680,000 | 169,978,000 |
Common shareholders' equity: | ||
Common shares, $.50 par value, per share; 96,000 shares authorized; 77,328 and 76,640 shares issued and outstanding before deducting treasury shares and which excludes 8,499 and 9,188 shares subject to redemption as of December 31, 2023 and 2022 | 39,308,000 | 38,550,000 |
Additional paid-in capital | 197,962,000 | 162,828,000 |
Common shares subscribed, unissued | 22,832,000 | 23,864,000 |
Retained earnings | 330,436,000 | 293,993,000 |
Accumulated other comprehensive loss | (4,785,000) | (5,588,000) |
Stockholders' equity before treasury stock | 585,753,000 | 513,647,000 |
Less: Cost of Common shares held in treasury; 44,480 shares in 2023 and 43,110 in 2022 | 416,616,000 | 363,502,000 |
Common shares subscription receivable | 16,663,000 | 20,345,000 |
Total common shareholders' equity | 152,474,000 | 129,800,000 |
Total liabilities and shareholders' equity | $ 1,281,060,000 | $ 956,221,000 |
Redeemable stock, outstanding | 8,499,086 | 9,188,010 |
Common stock, shares issued | 77,328,434 | 76,639,510 |
Treasury stock, shares | 44,480,126 | 43,110,036 |
Common stock, par value (in dollars per share) | $ 0.50 | $ 0.50 |
Common stock, shares authorized | 96,000,000 | 96,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Revenues | $ 1,693,481 | $ 1,511,081 | $ 1,378,053 |
Costs and expenses: | |||
Operating | 1,089,605 | 976,316 | 884,232 |
Selling | 305,624 | 271,882 | 242,453 |
General and administrative | 132,571 | 116,036 | 99,784 |
Depreciation | 53,571 | 51,969 | 52,927 |
Amortization of intangible assets | 5,072 | 3,228 | 3,044 |
Gain on sale of assets, net | (7,169) | (8,586) | (5,653) |
Costs and expenses | 1,579,274 | 1,410,845 | 1,276,787 |
Income from operations | 114,207 | 100,236 | 101,266 |
Other income (expense): | |||
Interest expense | (13,745) | (6,129) | (4,973) |
Interest income | 1,894 | 955 | 175 |
Other income (expense), net | (5,120) | (9,863) | (7,021) |
Income before income taxes | 97,236 | 85,199 | 89,447 |
Income taxes | 25,096 | 23,909 | 23,748 |
Net income | $ 72,140 | $ 61,290 | $ 65,699 |
Earnings per share--basic | |||
Earnings per share--basic | $ / shares | $ 1.66 | $ 1.38 | $ 1.46 |
Earnings per share--diluted | $ / shares | $ 1.58 | $ 1.31 | $ 1.38 |
Weighted-average shares outstanding: | |||
Basic | shares | 43,451,661 | 44,447,675 | 45,081,254 |
Diluted | shares | 45,537,698 | 46,737,371 | 47,590,076 |
Stock split, conversion ratio | 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 72,140 | $ 61,290 | $ 65,699 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustments gains (losses) | 589 | (1,857) | 84 |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | 291 | (199) | 0 |
Defined benefit pension plans: | |||
Net gain (loss) arising during the year | (77) | 553 | 141 |
Amortization of defined benefit pension items: | |||
Net actuarial loss | 0 | 71 | 102 |
Prior service cost | 0 | 17 | 47 |
Amortization of defined benefit pension items: | 0 | 88 | 149 |
Defined benefit pension plan adjustments | (77) | 641 | 290 |
Total other comprehensive income (loss), net of tax | 803 | (1,415) | 374 |
Comprehensive income | $ 72,943 | $ 59,875 | $ 66,073 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity $ in Thousands | USD ($) $ / shares shares | 3.99% Senior unsecured notes [Member] | 4.00% Senior unsecured notes [Member] | Common shares USD ($) | Additional paid-in capital USD ($) | Common shares subscribed, unissued USD ($) | Retained earnings USD ($) | Accumulated other comprehensive income (loss), net of tax USD ($) | Treasury Stock, Common USD ($) | Common shares subscription receivable USD ($) |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2020 | $ 79,674 | $ 37,801 | $ 110,069 | $ 0 | $ 206,711 | $ (4,547) | $ (270,360) | $ 0 | ||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||||
Net income | 65,699 | 65,699 | ||||||||
Change in 401KSOP and ESOP related shares | (16,550) | 578 | 12,405 | (29,533) | ||||||
Shares sold to employees | 21,190 | 10,899 | 10,291 | |||||||
Options exercised | 4,330 | (443) | 4,773 | |||||||
Stock-based compensation | $ 2,967 | 2,967 | ||||||||
Dividends declared per share | $ / shares | $ 0.06 | |||||||||
Dividends | $ (2,898) | (2,898) | ||||||||
Defined benefit pension plans | 290 | |||||||||
Net of tax amount | 374 | 374 | ||||||||
Shares purchased | (50,946) | (50,946) | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2021 | 103,840 | 38,379 | 135,897 | 0 | 239,979 | (4,173) | (306,242) | 0 | ||
Balance at the end of the year at Dec. 31, 2021 | $ (4,173) | |||||||||
Common shares, at end of year at Dec. 31, 2021 | shares | 76,435,752 | |||||||||
Balance at the beginning of the year at Dec. 31, 2020 | $ (4,547) | |||||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||||
Net income | 61,290 | 61,290 | ||||||||
Change in 401KSOP and ESOP related shares | (48) | 171 | 3,517 | (3,736) | ||||||
Shares sold to employees | 30,235 | 16,357 | 13,878 | |||||||
Options exercised | 2,644 | (673) | 3,317 | |||||||
Options exercised | 6,318 | 1,560 | 23,864 | 1,239 | (20,345) | |||||
Stock-based compensation | $ 6,170 | 6,170 | ||||||||
Dividends declared per share | $ / shares | $ 0.08 | |||||||||
Dividends | $ (3,540) | (3,540) | ||||||||
Defined benefit pension plans | 641 | |||||||||
Net of tax amount | (1,415) | (1,415) | ||||||||
Shares purchased | (75,694) | (75,694) | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2022 | 129,800 | 38,550 | 162,828 | 23,864 | 293,993 | (5,588) | (363,502) | (20,345) | ||
Balance at the end of the year at Dec. 31, 2022 | $ (5,588) | |||||||||
Common shares, at end of year at Dec. 31, 2022 | shares | 76,639,510 | |||||||||
Common shares, at beginning of year at Dec. 31, 2021 | shares | 76,435,752 | |||||||||
Balance at the beginning of the year at Dec. 31, 2021 | $ (4,173) | |||||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||||
Shares purchased, shares | shares | 4,165,582 | |||||||||
Shares sold | shares | (1,771,075) | |||||||||
Net income | $ 72,140 | 72,140 | ||||||||
Change in 401KSOP and ESOP related shares | (18,692) | 758 | 12,397 | (31,847) | ||||||
Shares sold to employees | 38,664 | 18,252 | 20,412 | |||||||
Options exercised | 2,232 | (1,707) | 3,939 | |||||||
Options exercised | 3,953 | 692 | (1,032) | 611 | 3,682 | |||||
Stock-based compensation | $ 5,500 | 5,500 | ||||||||
Dividends declared per share | $ / shares | $ 0.09 | |||||||||
Dividends | $ (3,850) | (3,850) | ||||||||
Defined benefit pension plans | (77) | |||||||||
Net of tax amount | 803 | 803 | ||||||||
Shares purchased | (78,076) | (78,076) | ||||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2023 | $ 152,474 | $ 39,308 | $ 197,962 | $ 22,832 | $ 330,436 | $ (4,785) | $ (416,616) | $ (16,663) | ||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||||
Stock split, conversion ratio | 2 | |||||||||
Balance at the end of the year at Dec. 31, 2023 | $ (4,785) | |||||||||
Common shares, at end of year at Dec. 31, 2023 | shares | 77,328,434 | |||||||||
Common shares, at beginning of year at Dec. 31, 2022 | shares | 76,639,510 | |||||||||
Balance at the beginning of the year at Dec. 31, 2022 | $ (5,588) | |||||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||||
Common shares, subscribed, value | $ (26,720) | |||||||||
Common shares, subscribed, shares | shares | (1,476,250) | |||||||||
Shares purchased, shares | shares | 3,972,974 | |||||||||
Shares sold | shares | (2,014,365) | |||||||||
Senior unsecured notes, interest rate | 3.99% | 4% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 72,140 | $ 61,290 | $ 65,699 |
Adjustments to reconcile net income to net cash provided by operating activities net of assets/liabilities acquired: | |||
Depreciation | 53,571 | 51,969 | 52,927 |
Amortization | 5,072 | 3,228 | 3,044 |
Gain on sale of assets | (7,169) | (8,586) | (5,653) |
Deferred income taxes | 1,175 | (2,070) | (1,652) |
Other | 2,790 | 5,593 | 4,091 |
Changes in operating assets and liabilities, net of assets acquired: | |||
Accounts receivable | (38,086) | (33,714) | (24,853) |
Accounts payable and accrued expenses | 7,720 | 4,812 | (26,349) |
Increase (Decrease) in Self Insurance Reserve | 284 | 8,185 | 16,685 |
Increase (Decrease) in Inventories | 17,664 | 0 | 0 |
Other assets and liabilities, net | (8,383) | (12,809) | (7,970) |
Adjustments to reconcile net income to net cash provided by operating activities | (690) | 16,608 | 10,270 |
Net cash provided by operating activities | 71,450 | 77,898 | 75,969 |
Capital expenditures: | |||
Equipment | (65,286) | (68,802) | (50,929) |
Land and buildings | (22,036) | (20,438) | (16,599) |
Purchases of businesses, net of cash acquired and debt incurred | (21,497) | (21,826) | (11,725) |
Proceeds from sales of property and equipment | 12,231 | 10,557 | 6,955 |
Purchases of marketable securities | (47,199) | (46,833) | (14,888) |
Proceeds from sale of marketable securities | 43,912 | 15,826 | 8 |
Net cash used in investing activities | (99,875) | (131,516) | (87,178) |
Financing activities | |||
Revolving credit facility borrowings | 788,165 | 662,531 | 420,443 |
Revolving credit facility payments | 796,982 | 558,930 | 374,324 |
Proceeds from notes payable | 164,107 | 71,152 | 235,083 |
Payments of notes payable | (93,327) | (78,903) | (235,087) |
Payments of financing leases | (3,973) | (2,987) | (3,348) |
Purchases of common shares for treasury | (78,076) | (75,694) | (50,946) |
Sales of common shares from treasury | 41,172 | 35,588 | 25,520 |
Cash received on common-share subscriptions | 3,682 | 3,610 | 0 |
Dividends | (3,850) | (3,540) | (2,898) |
Net cash provided by financing activities | 20,918 | 52,827 | 14,443 |
Effect of exchange rate changes on cash | 51 | (143) | 25 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total | (7,456) | (934) | 3,259 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,526 | 19,460 | |
Cash, beginning of year | 18,526 | 19,460 | |
Cash, end of year | $ 11,070 | $ 18,526 | $ 19,460 |
Our Business
Our Business | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Our Business | Our Business We provide a wide range of arboricultural, horticultural, environmental and consulting services to residential, utility, commercial and government entities throughout the United States and Canada. We have two reportable operating segments organized by type or class of customer: Residential and Commercial, and Utility. Residential and Commercial --Residential and Commercial provides services to our residential and commercial customers including: the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life; the practice of landscaping, grounds maintenance, tree surgery, tree feeding and tree spraying; the application of fertilizer, herbicides and insecticides; and natural resource management and consulting, forestry research and development, and environmental planning. Utility --Utility is principally engaged in providing services to our utility customers--investor-owned, municipal utilities, and rural electric cooperatives--including: the practice of line-clearing and vegetation management around power lines and rights-of-way and chemical brush control, natural resource management and consulting, forestry research and development and environmental planning. We also maintain research, technical support and laboratory diagnostic facilities. When we refer to "we," "us," "our," "Davey Tree," and the "Company," we mean The Davey Tree Expert Company, unless the context indicates otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation --The consolidated financial statements include the accounts of Davey Tree and our wholly-owned subsidiaries and were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates in Financial Statement Preparation --The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts. Estimates are used for, but not limited to, accounts receivable valuation, depreciable lives of fixed assets, long-lived asset and goodwill valuation, self-insurance accruals, stock valuation and revenue recognition. Actual results could differ from those estimates. Our business continues to be impacted, in varying degrees, by a number of macro-economic factors, including higher fuel costs, rising interest rates and a highly competitive labor market, which have created an inflationary environment and cost pressures. The Company’s fiscal quarters each contain thirteen operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains fourteen operating weeks. Mitigation Banking Credit Inventory-- Our mitigation banking business creates and sells wetland, stream and other environmental credits and provides services to those engaged in permittee-responsible mitigation and environmental restoration. We record mitigation bank credit inventory at the lower of cost or net realizable value. Inventory costs are based on estimated total costs for each mitigation bank, which could change as we perform mitigation banking activities. Property and Equipment --Property and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years Intangible Assets --Intangible assets with finite lives, primarily customer lists, noncompete agreements and tradenames, are amortized by the straight-line method based on their estimated useful lives, ranging from one year to seven years. Long-Lived Assets --We assess potential impairment to our long-lived assets, other than goodwill, when there is evidence that events or changes in circumstances have made recovery of the asset’s carrying value unlikely and the carrying amount of the asset exceeds the estimated future undiscounted cash flow. In the event the assessment indicates that the carrying amounts may not be recoverable, an impairment loss would be recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of the estimated future cash flows. Goodwill --Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identified net assets acquired. Goodwill is not amortized, but tested for impairment annually or when events or circumstances indicate that impairment may have occurred. Annually, we perform the impairment tests for goodwill during the fourth quarter. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. Impairment of goodwill is tested at the reporting-unit level, which for us are also our business segments. Impairment of goodwill is tested by comparing the reporting unit’s carrying value, including goodwill, to the fair value of the reporting unit. The fair values of the reporting units are estimated using discounted projected cash flows. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying value of the goodwill allocated to that reporting unit. We conducted our annual impairment tests and determined that no impairment loss was required to be recognized in 2023 or for any prior periods. There were no events or circumstances from the date of our assessment through December 31, 2023 that would impact this conclusion. Self-Insurance Accruals --We are generally self-insured for losses and liabilities related primarily to workers’ compensation, vehicle liability and general liability claims. We use commercial insurance as a risk-reduction strategy to minimize catastrophic losses. Self-insurance accruals consist of the projected settlement value of reported and unreported claims. Ultimate losses are accrued based upon estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company-specific experience. Our self-insurance accruals include claims for which the ultimate losses will develop over a period of years. Estimating ultimate losses of reported and unreported claims is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain. Accordingly, our estimates of ultimate losses can change as claims mature. Our accruals also are affected by changes in the number of new claims incurred and claim severity. The methods for estimating the ultimate losses and the total cost of claims were determined by third-party consulting actuaries; the resulting accruals are reviewed by management, and any adjustments arising from changes in estimates are reflected in income. Our self-insurance accruals are based on estimates and, while we believe that the amounts accrued are adequate and not excessive, the ultimate claims may be in excess of or less than the amounts provided. Changes in claims incurred, claim severity, or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. Stock-Based Compensation - -Stock-based compensation cost for all share-based payment plans is measured at fair value on the date of grant and recognized over the employee service period on the straight-line recognition method for awards expected to vest. The fair value of all stock-based payment plans—stock option plans, stock-settled stock appreciation rights, and performance-based restricted stock units as well as our Employee Stock Purchase Plan—is determined by the number of awards granted and the price of our common stock. The fair value of each award is estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. Income Taxes --We compute taxes on income in accordance with the tax rules and regulations where the income is earned. The income tax rates imposed by these taxing authorities vary. Taxable income may differ from pretax income for financial reporting purposes. We compute and recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. Changes in tax rates and laws are reflected in income in the period when such changes are enacted. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. Earnings Per Share --Basic earnings per share is determined by dividing the income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted-average number of shares is increased to include the effect of stock awards that were granted and outstanding during the period. Revenue Recognition --We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. See Note S for a detailed description of our revenue recognition policy. Concentration of Credit Risk --Credit risk represents the accounting loss that would be recognized if the counterparties failed to perform as contracted. The principal financial instruments subject to credit risk are as follows: Cash --To limit our exposure, we transact our business and maintain banking relationships with high credit-quality financial institutions. Accounts Receivable --Our residential and commercial customers are located geographically throughout the United States and Canada and, as to commercial customers, within differing industries; thus, minimizing credit risk. The credit exposure of utility services customers is directly affected by conditions within the utility industries as well as the financial condition of individual customers. One utility customer approximated 10% of revenues during 2023, 11% in 2022 and 13% in 2021. To reduce credit risk, we evaluate the credit of customers, but generally do not require advance payments or collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. Foreign Currency Translation and Transactions --Assets and liabilities of our Canadian operations are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in the consolidated balance sheet, classified in shareholders’ equity as a separate component of accumulated other comprehensive income (loss). Gains or losses resulting from Canadian-dollar transactions with the Canadian operations are converted to U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is classified in the statement of operations as a component of other non-operating income (expense), net. Comprehensive Income (Loss) --Comprehensive income (loss) includes net income and other comprehensive income or loss. Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Guidance | Recent Accounting Guidance Accounting Standards Adopted in 2023 Accounting Standards Update 2020-04, Reference Rate Reform (Topic 848) --In March 2020, the FASB issued Accounting Standards Update ("ASU") 2020-04, "Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The guidance of this ASU is designed to provide relief from the accounting analysis and impacts that may otherwise be required for modifications to agreements (e.g., loans, debt securities, derivatives, borrowings) necessitated by reference rate reform. It also provides optional expedients to enable companies to continue to apply hedge accounting to certain hedging relationships impacted by reference rate reform. Application of the guidance is optional, is only available in certain situations, and is only available for companies to apply until December 31, 2022. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. In January 2023, we adopted ASU 2020-04 and amended our amended and restated credit agreement to replace the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The amendment did not have a material impact to the Company’s financial statements. Accounting Standards Update 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations-- In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. This guidance requires annual and interim disclosure of the key terms of outstanding supplier finance programs and a roll-forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. These amendments are effective for fiscal years beginning after December 15, 2022, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. In January 2023, we adopted ASU 2022-04 and have no material supplier finance program obligations. Accounting Standards not yet Adopted Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures-- In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard provides improvements to reportable segment disclosure requirements through amendments that require disclosure of significant segment expenses and other segment items on an interim and annual basis and requires all annual disclosures about a reportable segment’s profit or loss and assets to be made on an interim basis. The standard also requires the disclosure of the chief operating decision maker’s (“CODM”) title and position and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The standard also clarifies that if the CODM uses more than one measure in assessing segment performance and deciding how to allocate resources, a company may report the additional segment profit or loss measure(s) and that companies with a single reportable segment must provide all disclosures required by this amendment. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The standard should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. Accounting Standards Update 2023-07, Income Taxes (Topic 740): Improvements to Income Tax Disclosures-- In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new standard was issued to improve transparency and decision usefulness of income tax disclosures by providing information that helps investors better understand how an entity’s operations, tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. The amendments in this update primarily relate to requiring greater disaggregated disclosure of information in the rate reconciliation, income taxes paid, income (loss) from continuing operations before income tax expense (benefit), and income tax expense (benefit) from continuing operations. The ASU is effective for fiscal years beginning after December 15, 2024, and early adoption is permitted. The standard can be applied prospectively or retrospectively. The Company is currently evaluating this guidance to determine the impact it may have on its consolidated financial statements. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations [Text Block] | Business Combinations Our investments in businesses were: (a) $34,077 in 2023, including liabilities assumed of $5,285 and debt issued of $7,046; (b) $46,229 in 2022, including liabilities assumed of $15,592 and debt issued of $7,445; and (c) $18,399 in 2021, including $3,713 of liabilities assumed and debt issued of $2,961. The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. The purchase price allocations may be revised as we finalize the fair value of the assets acquired and liabilities assumed. The Company’s intangible assets consist of tradenames, non-competition agreements and customer relationships. The tradenames and customer relationship intangible assets were assigned an average useful life of seven years, and the non-competition agreements were assigned an average useful life of five years. The excess of the purchase price over the estimated fair values of the net assets acquired was recorded as an increase in goodwill of approximately $14,758 in 2023 ($14,758 of which is deductible for tax purposes), $14,255 in 2022 ($14,255 of which is deductible for tax purposes) and $7,723 in 2021 ($2,228 of which is deductible for tax purposes). The results of operations of acquired businesses have been included in the consolidated statements of operations beginning as of the effective dates of acquisition. The effect of these acquisitions on our consolidated revenues and results of operations, either individually or in the aggregate, for the years ended December 31, 2023, 2022 and 2021 was not significant. |
Accounts Receivable, Net and Su
Accounts Receivable, Net and Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | |
Accounts Receivable, Net and Supplemental Balance Sheet Information | Accounts Receivable, Net and Supplemental Balance Sheet Information Accounts receivable, net, consisted of the following: December 31, Accounts receivable, net 2023 2022 Accounts receivable $ 263,426 $ 242,427 Unbilled receivables (1) 99,485 82,605 362,911 325,032 Less allowances for credit losses 2,441 3,222 Total $ 360,470 $ 321,810 (1) Unbilled receivables consist of work-in-process in accordance with the terms of contracts, primarily with utility services customers. The following items comprised the amounts included in the balance sheets: December 31, Other current assets 2023 2022 Refundable income taxes $ — $ 14 Mitigation bank credit inventory 28,385 6,351 Assets invested for self-insurance 20,959 24,828 Payroll taxes refundable 22,591 18,283 Other 302 2,396 Total $ 72,237 $ 51,872 December 31, Property and equipment, net 2023 2022 Land and land improvements $ 28,177 $ 26,023 Buildings and leasehold improvements 99,964 80,768 Equipment 684,562 663,207 812,703 769,998 Less accumulated depreciation 500,025 501,459 Total $ 312,678 $ 268,539 Interest incurred on funds used to construct company-owned buildings and equipment is capitalized and amortized over the estimated useful life of the related assets. Capitalized interest totaled $4,961 and $2,049 in 2023 and 2022, respectively. December 31, Other assets, noncurrent 2023 2022 Investment--cost-method affiliate $ 1,405 $ 1,258 Deferred income taxes 6,001 6,828 Cloud computing arrangements 107 2,652 Other 4,362 4,603 Total $ 11,875 $ 15,341 December 31, Accrued expenses 2023 2022 Employee compensation $ 40,656 $ 35,536 Accrued compensated absences 14,483 13,034 Self-insured medical claims 2,309 2,806 Customer advances, deposits 1,275 7,736 Income taxes payable 1,135 6,573 Taxes, other than income 6,017 5,764 Other 16,069 6,005 Total $ 81,944 $ 77,454 December 31, Other liabilities, noncurrent 2023 2022 Pension and retirement plans $ 5,630 $ 8,336 Other 6,096 8,184 Total $ 11,726 $ 16,520 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information follows: Year Ended December 31, Supplemental cash flow information 2023 2022 2021 Interest paid $ 18,200 $ 5,855 $ 4,929 Income taxes paid, net 29,677 18,367 34,094 Noncash transactions: Debt issued for purchases of businesses $ 7,046 $ 7,445 $ 2,961 Detail of acquisitions: Assets acquired: Cash $ 249 $ 1,365 $ 292 Accounts receivable 211 10,794 509 Mitigation bank credit inventory — 6,351 — Operating supplies 1,538 48 1,044 Prepaid expense 141 126 203 Equipment 7,220 2,309 4,049 Other assets 2,658 412 1,574 Intangible assets 7,302 10,569 3,005 Goodwill 14,758 14,255 7,723 Liabilities assumed (5,285) (15,592) (3,713) Debt issued for purchases of businesses (7,046) (7,445) (2,961) Cash paid $ 21,746 $ 23,192 $ 11,725 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | Marketable Securities The following table summarizes available-for-sale debt securities by asset type: Available-For-Sale Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2023 Fixed maturity: United States Government and agency securities $ 36,409 $ 411 $ (18) $ 36,802 Corporate notes and bonds 260 — — 260 Total available-for-sale debt securities $ 36,669 $ 411 $ (18) $ 37,062 December 31, 2022 Fixed maturity: United States Government and agency securities $ 25,485 $ 84 $ (315) $ 25,254 Corporate notes and bonds 315 — (51) 264 Total available-for-sale debt securities $ 25,800 $ 84 $ (366) $ 25,518 Marketable securities are composed of available-for-sale debt securities and marketable equity securities and all marketable securities are held at fair value. We carry a portion of our marketable securities portfolio in long-term assets since they are generally held for the settlement of our insurance claims processed through our wholly owned captive insurance subsidiary. Available-for-sale debt securities are included in other current assets and marketable securities and other investments totaling $37,062 and $25,518 at December 31, 2023 and December 31, 2022, respectively. Realized gains and losses on sales of available-for-sale debt securities are recognized in net income on the specific identification basis. Changes in the fair values of available-for-sale debt securities that are determined to be holding gains or losses are recorded through accumulated other comprehensive income (loss) net of applicable taxes, within shareholders' equity. In assessing whether a credit loss exists, we evaluate our ability to hold the investment, the strength of the underlying collateral and the extent to which the investment's amortized cost or cost, as appropriate, exceeds its related fair value. As of December 31, 2023 and December 31, 2022 we held approximately $12,102 and $18,110 in marketable equity securities, respectively. Realized and unrealized gains and losses on marketable equity securities are included in other income (expense) in the Consolidated Statements of Operations. The net carrying values of available-for-sale debt securities at December 31, 2023 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Amortized Cost Fair Value Due: Less than one year $ 17,860 $ 18,100 One year through five years 18,809 18,962 Six years through ten years — — After ten years — — Total $ 36,669 $ 37,062 |
Identified Intangible Assets an
Identified Intangible Assets and Goodwill, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identified Intangible Assets and Goodwill, Net [Text Block] | Intangible Assets and Goodwill, Net The carrying amounts of the identified intangible assets and goodwill acquired in connection with our acquisitions were as follows: Weighted-Average December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated Amortized intangible assets: Customer lists/relationships 3.9 years $ 41,679 $ 29,252 $ 36,745 $ 26,243 Employment-related 2.5 years 13,007 9,957 12,242 8,931 Tradenames 3.8 years 12,860 8,123 12,219 7,083 Amortized intangible assets 67,546 $ 47,332 61,206 $ 42,257 Less accumulated amortization 47,332 42,257 Intangible assets, net $ 20,214 $ 18,949 Goodwill $ 84,800 $ 70,107 The changes in the carrying amounts of goodwill, by segment, for the years ended December 31, 2023 and December 31, 2022 were as follows: Balance at January 1, 2023 Acquisitions Translation Balance at December 31, 2023 Utility $ 4,941 $ — $ — $ 4,941 Residential and Commercial 65,166 14,758 (65) 79,859 Total $ 70,107 $ 14,758 $ (65) $ 84,800 Balance at January 1, 2022 Acquisitions Translation Balance at December 31, 2022 Utility $ 4,911 $ 30 $ — $ 4,941 Residential and Commercial 51,069 14,225 (128) 65,166 Total $ 55,980 $ 14,255 $ (128) $ 70,107 Future aggregate amortization expense of intangible assets -- The aggregate amortization expense of intangible assets, as of December 31, 2023, in each of the next five years was as follows: Future Amortization Expense Year ending December 31, 2024 $ 5,155 2025 4,361 2026 3,519 2027 2,934 2028 2,140 Thereafter 2,105 $ 20,214 |
Short and Long-Term Debt and Co
Short and Long-Term Debt and Commitments Related to Letters of Credit | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short and Long-Term Debt and Commitments Related to Letters of Credit [Text Block] | Short and Long-Term Debt and Commitments Related to Letters of Credit Short-term debt consisted of the following: December 31, 2023 2022 Notes payable $ 543 $ — Current portion of long-term debt 40,429 23,826 Current portion of finance leases 4,794 3,046 $ 45,766 $ 26,872 We have short-term lines of credit with several banks totaling $11,133. At December 31, 2023, we had $8,201 available under the lines of credit with borrowings outstanding of $543 and $2,389 committed through issued letters of credit, Borrowings outstanding generally bear interest at the banks' prime rate or the Secured Overnight Financing Rate ("SOFR") plus a margin adjustment of 1.86%. Long-term debt consisted of the following: December 31, 2023 2022 Revolving credit facility Swing-line borrowings $ 6,616 $ 25,433 SOFR borrowings 135,000 125,000 141,616 150,433 3.99% Senior unsecured notes 50,000 50,000 4.00% Senior unsecured notes 25,000 25,000 6.19% Senior unsecured notes 75,000 — Term loans 32,442 29,680 324,058 255,113 Less debt issuance costs 452 519 Less current portion 40,429 23,826 $ 283,177 $ 230,768 Revolving Credit Facility -- In August 2021, the Company amended and restated its revolving credit facility with its existing bank group. The amended and restated credit agreement, which expires in August 2026, permits borrowings, as defined, of up to $325,000, including a letter of credit sublimit of $150,000 and a swing-line commitment of $30,000. Under certain circumstances, the amount available under the revolving credit facility may be increased to $425,000. The revolving credit facility contains certain affirmative and negative covenants customary for this type of facility and includes financial covenant ratios with respect to a maximum leverage ratio (not to exceed 3.00 to 1.00 with exceptions in case of material acquisitions) and a minimum interest coverage ratio (not less than 3.00 to 1.00), in each case subject to certain further restrictions as described in the credit agreement. As of December 31, 2023, we had unused commitments under the revolving credit facility approximating $180,760 and $144,240 committed, which consisted of $141,616 borrowings and issued letters of credit of $2,624. In January 2023, we amended our amended and restated credit agreement to update the benchmark interest rate provisions to replace LIBOR with SOFR. As of December 31, 2023, borrowings outstanding bore interest, at the Company's option, of either (a) the base rate or (b) SOFR plus a margin adjustment ranging from .875% to 1.50%--with the margin adjustments based on the Company's leverage ratio at the time of borrowing. As of December 31, 2023, the base rate was the greater of (i) the agent bank’s prime rate, (ii) Adjusted Term SOFR plus 1.50%, or (iii) the federal funds rate plus .50%. A commitment fee ranging from .10% to .225% is also required based on the average daily unborrowed commitment. 3.99% Senior Unsecured Notes-- On September 21, 2018, we issued 3.99% Senior Notes, Series A (the "3.99% Senior Notes"), in the aggregate principal amount of $50,000. The 3.99% Senior Notes are due September 21, 2028. The 3.99% Senior Notes were issued pursuant to a Note Purchase and Private Shelf Agreement (the "Note Purchase and Shelf Agreement") between the Company, PGIM, Inc. and the purchasers of the 3.99% Senior Notes, which was amended in September 2021. Among other things, the amendment increased the total facility limit to $150,000 and extended the issuance period for subsequent series of promissory notes to be issued and sold pursuant to the Note Purchase and Shelf Agreement to September 2024. The amendment also amended certain provisions and covenants to generally conform them to the corresponding provisions and covenants in the amended and restated revolving credit agreement. In addition, the amendment and restatement of the revolving credit agreement in August 2021 provided that the Company is permitted to incur indebtedness arising under the Note Purchase and Shelf Agreement in an aggregate principal amount not to exceed $150,000. As the Company has previously issued notes in an aggregate amount of $150,000 under the Note Purchase and Shelf Agreement, it no longer has capacity to issue subsequent series of promissory notes pursuant to the Note Purchase and Shelf Agreement (the "Shelf Notes"). The 3.99% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable semiannually and five equal, annual principal payments of $10,000 commence on September 21, 2024 (the sixth anniversary of issuance). The Note Purchase and Shelf Agreement contains customary events of default and covenants related to limitations on indebtedness and transactions with affiliates and the maintenance of certain financial ratios. The Company may prepay at any time all, or from time to time any part of, the outstanding principal amount of the 3.99% Senior Notes, subject to the payment of a make-whole amount. 4.00% Senior Unsecured Notes-- On February 5, 2019, we issued 4.00% Senior Notes, Series B (the "4.00% Senior Notes") pursuant to the Note Purchase and Shelf Agreement in the aggregate principal amount of $25,000. The 4.00% Senior Notes are due September 21, 2028. The 4.00% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable semiannually and five equal, annual principal payments commence on September 21, 2024. 6.19% Senior Unsecured Notes-- On November 28, 2023, we issued 6.19% Senior Notes, Series C (the "6.19% Senior Notes") pursuant to the Note Purchase and Shelf Agreement in the aggregate principal amount of $75,000. The 6.19% Senior Notes are due November 28, 2028. The 6.19% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable quarterly and three annual principal payments commence on November 28, 2026. The net proceeds of all senior notes were used to pay down borrowings under our revolving credit facility. Term loans --Periodically, the Company will enter into term loans for the procurement of insurance or to finance acquisitions. Term Loans, Weighted-Average Interest Rate --The weighted-average interest rate on the term loans approximated 5.19% at December 31, 2023 and 3.14% at December 31, 2022. Aggregate Maturities of Long-Term Debt --Aggregate maturities of long-term debt for the five years subsequent to December 31, 2023 were as follows: 2024--$40,429; 2025--$19,846; 2026--$173,783; 2027--$45,000; and 2028--$45,000. Accounts Receivable Securitization Facility --In June 2023, the Company amended its Accounts Receivable Securitization Facility (the "AR Securitization program") to extend the scheduled termination date for an additional one year period, to July 21, 2024. In addition to extending the termination date, the amendment allows the borrower, a wholly-owned subsidiary of the Company, under certain circumstances, to increase the limit of its AR Securitization facility to $150,000. The AR Securitization program has a limit of $90,000, of which $89,689 were issued for LCs as of December 31, 2023 and December 31, 2022. Under the AR Securitization program, Davey Tree transfers by selling or contributing current and future trade receivables to a wholly-owned, bankruptcy-remote financing subsidiary which pledges a perfected first priority security interest in the trade receivables--equal to the issued LCs as of December 31, 2023--to the bank in exchange for the bank issuing LCs. Fees payable to the bank include: (a) an LC issuance fee, payable on each settlement date, in the amount of .90% per annum on the aggregate amount of all LCs outstanding plus outstanding reimbursement obligations (e.g., arising from drawn LCs), if any, and (b) an unused LC fee, payable monthly, equal to (i) .35% per annum for each day on which the sum of the total LCs outstanding plus any outstanding reimbursement obligations is greater than or equal to 50% of the facility limit and (ii) .45% per annum for each day on which the sum of the total LCs outstanding plus any outstanding reimbursement obligations is less than 50% of the facility limit. If an LC is drawn and the bank is not immediately reimbursed in full for the drawn amount, any outstanding reimbursement obligation will accrue interest at a per annum rate equal to the term SOFR, plus .10% or, in certain circumstances, a base rate equal to the greatest of (i) the bank’s prime rate and (ii) the federal funds rate plus .50% and (iii) 1.00% above the Daily one month SOFR plus .10% and, following any default, 2.00% plus the greater of (a) the term SOFR plus .10% and (b) a base rate equal to the greatest of (i), (ii) and (iii) above. The agreements underlying the AR Securitization program contain various customary representations and warranties, covenants, and default provisions which provide for the termination and acceleration of the commitments under the AR Securitization program in circumstances including, but not limited to, failure to make payments when due, breach of a representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. Total Commitments Related to Issued Letters of Credit --As of December 31, 2023, total commitments related to issued LCs were $94,702, of which $2,624 were issued under the revolving credit facility, $89,689 were issued under the AR Securitization program and $2,389 were issued under short-term lines of credit. As of December 31, 2022, total commitments related to issued letters of credit were $94,435, of which $2,624 were issued under the revolving credit facility, $89,689 were issued under the AR Securitization program and $2,122 were issued under short-term lines of credit. As of December 31, 2023, we were in compliance with all debt covenants. |
Self-Insurance Accruals
Self-Insurance Accruals | 12 Months Ended |
Dec. 31, 2023 | |
Self-Insurance Accruals [Abstract] | |
Self-Insurance Accruals [Text Block] | Self-Insurance Accruals Components of our self-insurance accruals for workers’ compensation, vehicle liability and general liability were as follows: December 31, 2023 2022 Workers' compensation $ 58,434 $ 61,409 Vehicle liability 26,712 18,606 General liability 49,286 54,132 Total 134,432 134,147 Less current portion 50,379 56,221 Noncurrent portion $ 84,053 $ 77,926 The changes in our self-insurance accruals are summarized in the table below. December 31, 2023 2022 Balance, beginning of year $ 134,147 $ 125,966 Provision for claims 58,082 52,790 Payment of claims (57,797) (44,609) Balance, end of year $ 134,432 $ 134,147 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 110,248 $ 104,612 Finance lease assets Property and equipment, net 18,613 12,948 Total lease assets $ 128,861 $ 117,560 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 39,043 $ 34,652 Non-current operating lease liabilities Lease liabilities - operating leases 71,134 68,878 Total operating lease liabilities 110,177 103,530 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 4,794 3,046 Non-current finance lease liabilities Lease liabilities - finance leases 13,544 9,481 Total finance lease liabilities 18,338 12,527 Total lease liabilities $ 128,515 $ 116,057 The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 31,945 $ 26,243 Operating lease cost Selling expense 12,942 11,433 Operating lease cost General and administrative expense 1,159 1,186 Finance lease cost: Amortization of right-of-use assets Depreciation 4,113 3,052 Interest expense on lease liabilities Interest expense 490 278 Other lease cost (1) Operating expense 7,957 4,814 Other lease cost (1) Selling expense 1,808 1,190 Other lease cost (1) General and administrative expense 45 87 Total lease cost $ 60,459 $ 48,283 (1) Other lease cost includes short-term lease costs and variable lease costs. We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease terms as of December 31, 2023 was 3.4 years for operating leases and 4.4 years for finance leases. The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral.The weighted average discount rates used to measure our lease liabilities as of December 31, 2023 were 4.25% for operating leases and 4.34% for finance leases. Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (45,184) $ (39,674) Operating cash flows from finance leases (485) (278) Financing cash flows from finance leases (3,973) (2,987) Right-of-use assets obtained in exchange for lease obligations: Operating leases 47,331 57,681 Finance leases 9,598 4,409 Maturity Analysis of Lease Liabilities As of December 31, 2023 Operating Finance Year ending December 31, 2024 $ 42,926 $ 5,566 2025 33,876 4,942 2026 21,579 4,071 2027 12,050 2,449 2028 4,895 1,647 Thereafter 2,884 1,570 Total lease payments 118,210 20,245 Less interest 8,033 1,907 Total $ 110,177 $ 18,338 |
Leases | Leases We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 110,248 $ 104,612 Finance lease assets Property and equipment, net 18,613 12,948 Total lease assets $ 128,861 $ 117,560 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 39,043 $ 34,652 Non-current operating lease liabilities Lease liabilities - operating leases 71,134 68,878 Total operating lease liabilities 110,177 103,530 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 4,794 3,046 Non-current finance lease liabilities Lease liabilities - finance leases 13,544 9,481 Total finance lease liabilities 18,338 12,527 Total lease liabilities $ 128,515 $ 116,057 The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 31,945 $ 26,243 Operating lease cost Selling expense 12,942 11,433 Operating lease cost General and administrative expense 1,159 1,186 Finance lease cost: Amortization of right-of-use assets Depreciation 4,113 3,052 Interest expense on lease liabilities Interest expense 490 278 Other lease cost (1) Operating expense 7,957 4,814 Other lease cost (1) Selling expense 1,808 1,190 Other lease cost (1) General and administrative expense 45 87 Total lease cost $ 60,459 $ 48,283 (1) Other lease cost includes short-term lease costs and variable lease costs. We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The weighted average remaining lease terms as of December 31, 2023 was 3.4 years for operating leases and 4.4 years for finance leases. The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral.The weighted average discount rates used to measure our lease liabilities as of December 31, 2023 were 4.25% for operating leases and 4.34% for finance leases. Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (45,184) $ (39,674) Operating cash flows from finance leases (485) (278) Financing cash flows from finance leases (3,973) (2,987) Right-of-use assets obtained in exchange for lease obligations: Operating leases 47,331 57,681 Finance leases 9,598 4,409 Maturity Analysis of Lease Liabilities As of December 31, 2023 Operating Finance Year ending December 31, 2024 $ 42,926 $ 5,566 2025 33,876 4,942 2026 21,579 4,071 2027 12,050 2,449 2028 4,895 1,647 Thereafter 2,884 1,570 Total lease payments 118,210 20,245 Less interest 8,033 1,907 Total $ 110,177 $ 18,338 |
Common Shares, Redeemable Commo
Common Shares, Redeemable Common Shares and Preferred Shares | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Shares, Redeemable Common Shares and Preferred Shares [Text Block] | Common Shares, Redeemable Common Shares and Preferred Shares Preferred Shares --We have authorized a class of 4,000,000 preferred shares, no par value, of which none were issued as of December 31, 2023. Redeemable Common Shares - Our Davey 401KSOP and ESOP Plan includes a put option for shares of the Company’s common stock distributed from the plan. Due to the Company’s obligation under the put option, shares held in the Davey 401KSOP and ESOP Plan as well as distributed shares subject to the put option are reclassified from permanent equity to temporary equity. The number of redeemable common shares for each of the three years in the period ended December 31, 2023 was as follows: 2023--8,499,086; 2022--9,188,010; and 2021--9,391,790. Common Shares --The number of common shares authorized is 96,000,000, par value $.50. The number of common shares issued during each of the three years in the period ended December 31, 2023 was as follows: 2023--77,328,434; 2022--76,639,510; and 2021--76,435,752. The number of shares in the treasury for each of the three years in the period ended December 31, 2023 was as follows: 2023--44,480,126; 2022--43,110,036; and 2021--41,325,298. Our common and redeemable common shares are not listed or traded on an established public trading market, and market prices are, therefore, not available. Semiannually, an independent stock valuation firm assists with the appraisal of the fair market value of our common and redeemable common shares based upon our performance and financial condition. Since 1979, we have provided a ready market for all shareholders through our direct purchase of their common shares, although we are under no obligation to do so (other than repurchases pursuant to the put option under the Davey 401KSOP and ESOP Plan, as described in Note N). During 2023, purchases of common shares, both redeemable and common, totaled 3,972,974 shares for $78,076 in cash; we also had direct sales to directors and employees of 151,055 shares for $5,226, excluding those shares issued through either the exercise of options or the Employee Stock Purchase Plan. We also sold 721,546 shares to our 401(k) plan for $14,000 and issued 526,147 shares to participant accounts to satisfy our liability for the 2022 and 2023 employer match in the amount of $10,240. The liability accrued at December 31, 2023 for the 2023 employer match was $2,447. There were also 615,917 shares purchased during 2023 under the Employee Stock Purchase Plan. We also engaged in a subscription offering during 2022 which is described further below. Common and Redeemable Shares Outstanding -- The table below reconciles the activity of the common and redeemable shares outstanding: Common Shares Redeemable Total Shares outstanding, December 31, 2021 35,110,432 9,391,790 44,502,222 Shares purchased (3,020,253) (1,145,329) (4,165,582) Shares sold 829,526 941,549 1,771,075 Stock subscription offering, employee cash purchases 152,800 — 152,800 Options exercised 456,969 — 456,969 Shares outstanding, December 31, 2022 33,529,474 9,188,010 42,717,484 Shares purchased (2,560,912) (1,412,062) (3,972,974) Shares sold 1,291,227 723,138 2,014,365 Stock subscription offering, employee cash purchases 13,662 — 13,662 Options exercised 574,857 — 574,857 Shares outstanding, December 31, 2023 32,848,308 8,499,086 41,347,394 On December 31, 2023, we had 41,347,394 common shares outstanding and employee options exercisable to purchase 1,488,455 common shares, and partially-paid subscriptions for 1,259,250 common shares and purchase rights outstanding for 455,754 common shares. Stock Subscription Offering --Beginning April 2022, the Company offered to eligible employees and nonemployee directors the right to subscribe to a maximum of 2,666,667 common shares of the Company (including shares that may be issued upon the exercise of stock rights) at $18.10 per share in accordance with the provisions of The Davey Tree Expert Company 2014 Omnibus Stock Plan and the rules of the Compensation Committee of the Company's Board of Directors. The offering period ended on August 1, 2022 and resulted in the subscription of 1,476,250 common shares for $26,720 at $18.10 per share. A participant in the subscription offering who purchased common shares for an aggregate purchase price of less than $5 was required to pay with cash. All participants (excluding Company directors and officers) who purchased common shares for an aggregate purchase price of $5 or more had an option to finance their purchase through a down-payment of at least 10% of the total purchase price and a promissory note with a term of seven years for the balance due with interest at 3.15%. Payments on the promissory can be made either by payroll deductions or annual lump-sum payments of both principal and interest. Common shares purchased in the offering were pledged as security for the payment of the promissory note and the common shares will not be issued until the promissory note is paid-in-full. Dividends will be paid on all subscribed shares, subject to forfeiture to the extent that payment is not ultimately made for the shares. All participants in the offering who purchased in excess of $5 of common shares were granted a "right" to purchase one additional common share at a price of $18.10 per share for every three common shares purchased in the offering. As a result of the stock subscription, rights to purchase 489,169 common shares were granted. Each right may be exercised at the rate of one-seventh per year and will expire seven years after the date that the right was granted. A purchaser may not exercise a right once he or she ceases to be the Company's employee or non-employee director, as applicable. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other adjustments that relate to foreign currency translation adjustments and defined benefit pension plan adjustments. We do not provide income taxes on currency translation adjustments, as the earnings of our Canadian operations are considered to be indefinitely reinvested. The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: Foreign Available for Sale Securities Defined Accumulated Balance at January 1, 2021 $ (3,738) $ — $ (809) $ (4,547) Foreign currency translation adjustments 84 — — 84 Amounts reclassified from accumulated other comprehensive income (loss) — — 201 201 Tax effect — — (52) (52) Unrecognized amounts from defined benefit pension plans — — 110 110 Tax effect — — 31 31 Net of tax amount 84 — 290 374 Balance at December 31, 2021 $ (3,654) $ — $ (519) $ (4,173) Foreign currency translation adjustments (1,857) — — (1,857) Unrealized gain (loss) on available-for-sale securities — (245) — (245) Amounts reclassified from accumulated other comprehensive income (loss) — (8) 119 111 Tax effect — 54 (31) 23 Unrecognized amounts from defined benefit pension plans — — 705 705 Tax effect — — (152) (152) Net of tax amount (1,857) (199) 641 (1,415) Balance at December 31, 2022 $ (5,511) $ (199) $ 122 $ (5,588) Foreign currency translation adjustments 589 — — 589 Unrealized gain (loss) on available-for-sale securities — 95 — 95 Amounts reclassified from accumulated other comprehensive income (loss) — 272 — 272 Tax effect — (76) — (76) Unrecognized amounts from defined benefit pension plans — — (103) (103) Tax effect — — 26 26 Net of tax amount 589 291 (77) 803 Balance at December 31, 2023 $ (4,922) $ 92 $ 45 $ (4,785) The amounts reclassified from accumulated other comprehensive income (loss) related to defined benefit pension plans for 2023, 2022 and 2021 are included in net periodic pension expense classified in the statement of operations as general and administrative expense or other income (expense). |
The Davey 401KSOP and Employee
The Davey 401KSOP and Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
The Davey 401KSOP and Employee Stock Ownership Plan [Text Block] | The Davey 401KSOP and Employee Stock Ownership Plan On March 15, 1979, we consummated a plan, which transferred control of the Company to our employees. As a part of this plan, we initially sold 120,000 common shares (presently, 46,080,000 common shares adjusted for stock splits) to our Employee Stock Ownership Trust ("ESOT") for $2,700. The Employee Stock Ownership Plan ("ESOP"), in conjunction with the related ESOT, provided for the grant to certain employees of certain ownership rights in, but not possession of, the common shares held by the trustee of the ESOT. Annual allocations of shares have been made to individual accounts established for the benefit of the participants. Defined Contribution and Savings Plans-- Most employees are eligible to participate in The Davey 401KSOP and ESOP Plan. Effective January 1, 1997, the plan commenced operations and retained the existing ESOP participant accounts and incorporated a deferred savings plan (a "401(k) plan") feature. Participants in the 401(k) plan are allowed to make before-tax contributions, within Internal Revenue Service established limits, through payroll deductions. Effective January 1, 2020, we amended the 401(k) plan to be a safe harbor 401K plan. Under the amendment, the Company made changes to the hardship provisions and will make quarterly contributions in cash or our common shares equal to, 100% of the first three percent and 50% of the next two percent of each participant's before-tax contributions, subject to IRS limitations, which will be fully vested. This represents a potential maximum contribution of four percent. All nonbargaining domestic employees who attained 21 years of age and completed one year of service are eligible to participate. In May 2004, we adopted the 401K Match Restoration Plan, a defined contribution plan that supplements the retirement benefits of certain employees that participate in the savings plan feature of The Davey 401KSOP and ESOP Plan, but are limited in contributions because of tax rules and regulations. Our common shares are not listed or traded on an established public trading market, and market prices are, therefore, not available. Semiannually, an independent stock valuation firm assists with the appraisal of the fair market value of our common shares based upon our performance and financial condition. The Davey 401KSOP and ESOP Plan includes a put option for shares of the Company’s common stock distributed from the plan. Shares may be distributed from the Davey 401KSOP and ESOP Plan to former participants of the plan, their beneficiaries, donees or heirs (each, a "participant"). Since our common stock is not currently traded on an established securities market, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for two 60-day periods after distribution of the shares from the Davey 401KSOP and ESOP. The fair value of distributed shares subject to the put option totaled $5,272 and $1,833 as of December 31, 2023 and December 31, 2022, respectively. The fair value of the shares held in the Davey 401KSOP and ESOP totaled $183,408 and $168,145 as of December 31, 2023 and December 31, 2022, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held in the Davey 401KSOP and ESOP (collectively referred to as 401KSOP and ESOP related shares) are recorded at fair value, classified as temporary equity in the mezzanine section of the consolidated balance sheets and totaled $188,680 and $169,978 as of December 31, 2023 and December 31, 2022, respectively. Changes in the fair value of the Davey 401KSOP and ESOP Plan related shares are reflected in retained earnings while net share activity associated with the Davey 401KSOP and ESOP Plan related shares are first reflected in additional paid-in capital and then retained earnings if additional paid-in capital is insufficient. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Our shareholders approved the 2014 Omnibus Stock Plan (the "2014 Stock Plan") at our annual meeting of shareholders on May 20, 2014. The 2014 Stock Plan replaced the expired 2004 Omnibus Stock Plan (the "2004 plan") previously approved by the shareholders in 2004. The 2014 Stock Plan is administered by the Compensation Committee of the Board of Directors and has a term of ten years. All directors of the Company and employees of the Company and its subsidiaries are eligible to participate in the 2014 Stock Plan. The 2014 Stock Plan (similar to the 2004 plan) continues the maintenance of the Employee Stock Purchase Plan, as well as provisions for the grant of stock options and other stock-based incentives. The 2014 Stock Plan provides for the grant of five percent of the number of the Company’s common shares outstanding as of the first day of each fiscal year plus the number of common shares that were available for grant of awards, but not granted, in prior years. In no event, however, may the number of common shares available for the grant of awards in any fiscal year exceed ten percent of the common shares outstanding as of the first day of that fiscal year. Common shares subject to an award that is forfeited, terminated, or canceled without having been exercised are generally added back to the number of shares available for grant under the 2014 Stock Plan. Stock-based compensation expense under all share-based payment plans—our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights ("SSARs"), and restricted stock units ("RSUs")—included in the results of operations was as follows: Year Ended December 31, 2023 2022 2021 Compensation expense, all share-based payment plans $ 6,723 $ 7,930 $ 4,625 Income tax benefit 1,293 1,722 793 Stock-based compensation consisted of the following: Employee Stock Purchase Plan --Under the Employee Stock Purchase Plan, all full-time employees with one year of service are eligible to purchase, through payroll deduction, common shares. Employee purchases under the Employee Stock Purchase Plan are at 85% of the fair market value of the common shares--a 15% discount. Compensation costs are recognized as payroll deductions are made. The 15% discount of total shares purchased under the plan resulted in compensation cost recognized of $1,712 in 2023, $1,824 in 2022 and $1,632 in 2021. Stock Options Plan --The stock options outstanding were awarded under a graded vesting schedule, measured at fair value, and have a term of ten years. Compensation costs for stock options are recognized over the requisite service period on the straight-line recognition method. Compensation cost recognized for stock options was $217 in 2023, $407 in 2022 and $429 in 2021. Beginning in 2021, management and the Compensation Committee replaced the issuance of stock options with performance-based restricted stock units ("PRSUs") for certain employees. Stock-Settled Stock Appreciation Rights --A SSAR is an award that allows the recipient to receive common shares equal to the appreciation in the fair market value of our common shares between the date the award was granted and the conversion date of the shares vested. Effective January 1, 2019, management and the Compensation Committee replaced the issuance of future SSARs with PRSUs for certain management employees. As of December 31, 2022, all outstanding SSARs have vested. Compensation costs for SSARs are determined using a fair-value method and amortized over the requisite service period. "Intrinsic value" is defined as the amount by which the fair market value of a common share exceeds the grant date price of a SSAR. There was no compensation expense for SSARs in 2023. Compensation expense for SSARs totaled $84 in 2022 and $157 in 2021. Restricted Stock Units --During the year ended December 31, 2023, the Compensation Committee of the Board of Directors awarded 224,540 PRSUs to certain management employees and 14,378 restricted stock units ("RSUs") to nonemployee directors. The Compensation Committee made similar awards in prior periods. The awards vest over specified periods. The following table summarizes PRSUs and RSUs as of December 31, 2023: Restricted Stock Units Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2023 766,267 $ 14.95 Granted 238,918 18.29 Forfeited — — Vested (71,342) 12.18 Unvested, December 31, 2023 933,843 $ 16.02 1.3 years $ 5,763 $ 19,424 Employee PRSUs 885,572 $ 15.97 1.3 years $ 5,388 $ 18,420 Nonemployee Director RSUs 48,271 $ 16.79 1.4 years $ 375 $ 1,004 Compensation cost for PRSUs and RSUs is determined using a fair-value method and amortized on the straight-line recognition method over the requisite service period. "Intrinsic value" is defined as the amount by which the fair market value of a common share exceeds the grant date price of a PRSU or an RSU. Compensation expense on PRSUs and RSUs totaled $4,794 in 2023, $5,615 in 2022 and $2,407 in 2021. The fair value of each stock-based award was estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumptions: Year Ended December 31, 2023 2022 2021 Volatility rate 9.6 % 9.7 % 9.9 % Risk-free interest rate 4.1 % 1.7 % .3 % Expected dividend yield .4 % .4 % .4 % Expected life of awards (years) 3.0 3.0 3.0 General Stock Option Information --The following table summarizes activity under the stock option plans for the year ended December 31, 2023: Stock Options Number of Weighted- Weighted- Unrecognized Aggregate Outstanding, January 1, 2023 2,072,949 $ 8.59 Granted — — Exercised (263,318) 7.00 Forfeited (120,800) 5.80 Outstanding, December 31, 2023 1,688,831 $ 9.04 3.4 years $ 155 $ 19,861 Exercisable, December 31, 2023 1,488,455 $ 8.69 3.1 years $ 18,025 "Intrinsic value" is defined as the amount by which the market price of a common share exceeds the exercise price of an option. Information regarding the stock options outstanding at December 31, 2023 is summarized below: Stock Options Number Weighted-Average Weighted- Number Weighted- Employee options: $ 6.60 257,324 0.5 years $ 6.60 257,324 $ 6.60 7.53 253,200 1.5 years 7.53 253,200 7.53 8.18 288,000 2.5 years 8.18 288,000 8.18 8.80 182,800 3.5 years 8.80 182,800 8.80 9.55 200,350 4.5 years 9.55 200,350 9.55 10.55 41,425 5.2 years 10.55 30,305 10.55 10.55 184,266 5.5 years 10.55 134,928 10.55 12.10 46,506 6.2 years 12.10 23,788 12.10 12.10 234,960 6.5 years 12.10 117,760 12.10 1,688,831 3.4 years $ 9.04 1,488,455 $ 8.69 We issue common shares from treasury upon the exercise of stock options and SSARs, the vesting of PRSUs and RSUs or purchases under the Employee Stock Purchase Plan. Tax Benefits of Stock-Based Compensation-- Our total income tax benefit from share-based awards--as recognized in our consolidated statement of operations--for the last three years was: $1,293 in 2023, $1,722 in 2022, and $793 in 2021. Tax benefits for share-based awards are accrued as stock compensation expense and recognized in our consolidated statement of operations. Tax benefits on share-based awards are realized when: (a) SSARs are exercised; (b) PRSUs and RSUs vest; and (c) stock options are exercised. When actual tax benefits realized exceed the tax benefits accrued for share-based awards, we realize an excess tax benefit. We had excess tax benefits of: $1,109 in 2023, $1,067 in 2022, and $1,102 in 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 21, 2020, the President of the United States signed into law the “Consolidated Appropriations Act, 2021” which included COVID-19 economic relief and extensions of certain expiring tax provisions. Additional pandemic relief tax measures included an expansion of the employee retention credit, enhanced charitable contribution deductions and a temporary full deduction for business expenses for food and beverages provided by a restaurant. These benefits did not have a material impact on the respective tax provision. In 2021, as part of the Organization for Economic Co-operation and Development's ("OECD") Inclusive Framework, 140 member countries agreed to the implementation of the Pillar Two Global Minimum Tax ("Pillar Two") of 15%. The OECD continues to release additional guidance, including administrative guidance on how Pillar Two rules should be interpreted and applied by jurisdictions as they adopt Pillar Two. A number of countries have utilized the administrative guidance as a starting point for legislation that is effective January 1, 2024. The Company is continuing to evaluate the potential impact on future periods of Pillar Two, pending legislative adoption by individual countries. Income (loss) before income taxes was attributable to the following sources: Year Ended December 31, 2023 2022 2021 United States $ 99,116 $ 90,379 $ 89,086 Canada (1,879) (5,180) 361 Total $ 97,237 $ 85,199 $ 89,447 The provision for income taxes follows: Year Ended December 31, 2023 2022 2021 Current provision (benefit): Federal $ 17,708 $ 18,795 $ 18,101 State 6,275 7,173 7,221 Canadian (62) 11 78 Total current 23,921 25,979 25,400 Deferred taxes 1,175 (2,070) (1,652) Total taxes on income $ 25,096 $ 23,909 $ 23,748 A reconciliation of the expected statutory U.S. federal rate to our actual effective income tax rate follows: Year Ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.4 6.1 5.5 Effect of Canadian income taxes — (.2) .1 Nondeductible expenses .7 1.9 1.5 Stock compensation (.8) (.8) (.9) ESOP dividend deduction (.2) (.2) (.1) Uncertain tax adjustments and audit settlement .1 — (.5) Valuation allowance (.3) — — Other, net (.1) .4 — Effective income tax rate 25.8 % 28.2 % 26.6 % Deferred income taxes reflect the tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recorded when it is more-likely-than-not that an income tax benefit will not be realized. Significant components of our noncurrent net deferred tax assets and liabilities at December 31, were as follows: December 31, 2023 2022 Deferred tax assets: Self-insurance accruals $ 28,198 $ 28,183 Accrued compensated absences 2,451 1,931 Accrued expenses and other liabilities 880 808 Accrued stock compensation 4,093 3,298 Foreign tax credit carryforward 1,359 1,569 Lease obligations 21,958 20,938 Intangibles 81 — Other future deductible amounts, net 5,236 5,988 64,256 62,715 Less deferred tax asset valuation allowance 864 1,185 63,392 61,530 Deferred tax liabilities: Intangibles — 652 Prepaid expenses 5,874 5,142 Lease right of use assets 21,986 21,177 Property and equipment 29,531 27,731 57,391 54,702 Net deferred tax asset--noncurrent $ 6,001 $ 6,828 We treat all of our Canadian subsidiary earnings through December 31, 2023 as permanently reinvested and have not provided any U.S. federal or state tax thereon. As of December 31, 2023, approximately $23,830 of undistributed earnings attributable to our Canadian operations was considered to be indefinitely invested. Presently, our intention is to reinvest the earnings permanently. If, in the future, these earnings are distributed to the U.S. in the form of dividends or otherwise, or if the Company determines such earnings will be remitted in the foreseeable future, the Company would be subject to Canadian withholding taxes. It is not practicable to estimate the amount of taxes that would be payable upon remittance of these earnings given the various tax planning alternatives that we could employ should we decide to repatriate those earnings. As of December 31, 2020, we recorded a valuation allowance on foreign tax credit carryforwards that arose due to the transition toll tax on the deemed repatriation of deferred foreign earnings of non-U.S. operations due to the Tax Cuts and Jobs Act. Management presently believes that it is more-likely-than-not that the deferred tax asset, related to the foreign tax credits that expire in 2027, will not be fully realized. The criteria considered in making the determination included the ability to utilize tax-planning strategies, historical and projected operating results, and the period of time over which the foreign tax credit can be utilized. The amount of income taxes that we pay is subject to audit by U.S. federal, state, local and Canadian tax authorities, which may result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is highly judgmental. Uncertain tax positions are recognized only if they are more-likely-than-not to be upheld during examination based on their technical merits. The measurement of the uncertain tax position is based on the largest benefit amount that is more-likely-than-not (determined on a cumulative probability basis) to be realized upon settlement of the matter. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate settlement, a further charge to expense may result. The balance of unrecognized benefits and the amount of related interest and penalties at December 31, were as follows: December 31, 2023 2022 Unrecognized tax benefits $ 1,022 $ 638 Portion, if recognized, would reduce tax expense and effective tax rate 369 311 Accrued interest on unrecognized tax benefits 47 53 We recognize interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company is routinely under audit by U.S. federal, state, local and Canadian authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. With the exception of U.S. state jurisdictions and Canada, the Company is no longer subject to examination by tax authorities for the years through 2019. As of December 31, 2023, we believe it is reasonably possible that the total amount of unrecognized tax benefits will not significantly increase or decrease. The changes in our unrecognized tax benefits are summarized in the table below: Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 638 $ 700 $ 1,183 Additions based on tax positions related to the current year 436 24 4 Additions for tax positions of prior years 39 — — Reductions for tax positions of prior years — (8) (13) Lapses in statutes of limitations (91) (78) (474) Balance, end of year $ 1,022 $ 638 $ 700 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information [Text Block] | Earnings Per Share Information Earnings per share was computed as follows: Year Ended December 31, 2023 2022 2021 Income available to common shareholders: Net income $ 72,140 $ 61,290 $ 65,699 Weighted-average shares: Basic: Outstanding 42,192,411 43,890,081 45,081,254 Partially-paid share subscriptions 1,259,250 557,594 — Basic weighted-average shares 43,451,661 44,447,675 45,081,254 Diluted: Basic from above 43,451,661 44,447,675 45,081,254 Incremental shares from assumed: Exercise of stock subscription purchase rights 37,638 — — Exercise of stock options and awards 2,048,399 2,289,696 2,508,822 Diluted weighted-average shares 45,537,698 46,737,371 47,590,076 Share data: Earnings per share--basic $ 1.66 $ 1.38 $ 1.46 Earnings per share--diluted $ 1.58 $ 1.31 $ 1.38 |
Operations by Business Segment
Operations by Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Operations by Business Segment and Geographic Information | Operations by Business Segment and Geographic Information We provide a wide range of arboricultural, horticultural, environmental and consulting services to residential, utility, commercial and government entities throughout the United States and Canada. We have two reportable operating segments organized by type or class of customer: Residential and Commercial, and Utility. Residential and Commercial --Residential and Commercial provides services to our residential and commercial customers including: the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life; the practice of landscaping, grounds maintenance, tree surgery, tree feeding and tree spraying; the application of fertilizer, herbicides and insecticides; and natural resource management and consulting, forestry research and development, and environmental planning. Utility --Utility is principally engaged in providing services to our utility customers--investor-owned, municipal utilities, and rural electric cooperatives--including: the practice of line-clearing and vegetation management around power lines and rights-of-way and chemical brush control, natural resource management and consulting, forestry research and development and environmental planning. All other operating activities, including research, technical support and laboratory diagnostic facilities, are included in "All Other." Measurement of Segment Profit and Loss and Segment Assets --We evaluate performance and allocate resources based primarily on operating income and also actively manage business unit operating assets. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that (a) we compute and recognize depreciation expense for our segments only by the straight-line method and (b) state income taxes are allocated to the segments. Corporate expenses are substantially allocated among the operating segments, but the nature of expenses allocated may differ from year-to-year. There are no intersegment revenues. Segment assets are those generated or directly used by each segment, and include accounts receivable, operating supplies, and property and equipment. Information on reportable segments and reconciliation to the consolidated financial statements follows: Utility Residential All Reconciling Consolidated Fiscal Year 2023 Revenues $ 934,977 $ 754,455 $ 4,049 $ — $ 1,693,481 Income (loss) from operations 63,414 71,822 (12,211) (8,818) (a) 114,207 Interest expense (13,745) (13,745) Interest income 1,894 1,894 Other income (expense), net (5,120) (5,120) Income before income taxes $ 97,236 Depreciation $ 21,565 $ 29,843 $ — $ 2,163 (b) $ 53,571 Amortization 1,873 3,199 — — 5,072 Capital expenditures 21,716 43,147 — 22,459 87,322 Segment assets, total 399,059 367,745 — 514,256 (c) 1,281,060 Fiscal Year 2022 Revenues $ 840,553 $ 666,972 $ 3,556 $ — $ 1,511,081 Income (loss) from operations 62,267 58,310 (14,993) (5,348) (a) 100,236 Interest expense (6,129) (6,129) Interest income 955 955 Other income (expense), net (9,863) (9,863) Income before income taxes $ 85,199 Depreciation $ 22,791 $ 26,294 $ — $ 2,884 (b) $ 51,969 Amortization 776 2,452 — — 3,228 Capital expenditures 26,178 44,173 — 18,387 88,738 Segment assets, total 362,399 313,401 — 280,421 (c) 956,221 Fiscal Year 2021 Revenues $ 765,072 $ 610,666 $ 2,315 $ — $ 1,378,053 Income (loss) from operations 73,893 60,261 (27,016) (5,872) (a) 101,266 Interest expense (4,973) (4,973) Interest income 175 175 Other income (expense), net (7,021) (7,021) Income before income taxes $ 89,447 Depreciation $ 25,364 $ 24,634 $ — $ 2,929 (b) $ 52,927 Amortization 611 2,430 — 3 3,044 Capital expenditures 23,303 36,506 — 15,882 75,691 Segment assets, total 298,070 275,204 — 199,667 (c) 772,941 Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: (a) Reclassification of depreciation expense and allocation of corporate expenses. (b) Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. (c) Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. Geographic Information -- The following presents revenues and long-lived assets by geographic territory: Year Ended December 31, 2023 2022 2021 Revenues United States $ 1,594,546 $ 1,426,019 $ 1,292,496 Canada 98,935 85,062 85,557 $ 1,693,481 $ 1,511,081 $ 1,378,053 December 31, 2023 2022 2021 Long-lived assets, net United States $ 741,294 $ 484,740 $ 397,624 Canada 33,086 29,217 27,062 $ 774,380 $ 513,957 $ 424,686 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Revenue from contracts with customers [Text Block] | Revenue Recognition We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Nature of Performance Obligations and Significant Judgments At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service (or bundle of goods and services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. A description of our performance obligations is included below. • Residential and Commercial Services - We provide a wide array of services for our residential and commercial customers including the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life, landscaping, grounds maintenance, the application of fertilizer, herbicides and insecticides, natural resource management and consulting, forestry research and development, and environmental planning. A contract with a customer may include only one of these services, all of these services, or a combination of these services. For contracts in which we provide all, or a combination of, these services, we believe that the nature of our promise is to provide an integrated property management service for our customer. In these contracts, the customer has effectively outsourced the care and maintenance of its property grounds to us during the duration of the contract as we are responsible for providing a continuous delivery of outsourced maintenance activities over the contract term. As such, for contracts that contain a combination of services, we have concluded that we have a single performance obligation, which is accounted for as a series of distinct services. • Utility Services - We provide a suite of vegetation management or arboricultural services to our utility customers (investor-owned, municipal utilities, and rural electric cooperatives) including the practice of line-clearing and vegetation management around power lines and rights-of-way, chemical brush control, natural resource management and consulting, forestry research and development, and environmental planning. A contract with a customer may include only one of these services, all of these services, or a combination of these services. For contracts in which we provide all, or a combination of, these services, we believe that the nature of our promise is to provide an integrated overall vegetation management service, rather than the performance of discrete activities or services for the customer. As such, for contracts that contain a combination of services, we have concluded that we have a single performance obligation, which is accounted for as a series of distinct services. Contracts with our customers generally originate upon the completion of a quote for services for residential and commercial customers or the receipt of a purchase order (or similar work order) for utility customers. In some cases, our contracts are governed by master services agreements, in which case our contract under ASC 606 consists of the combination of the master services agreement and the quote/purchase order. Many of our contracts have a stated duration of one year or less or contain termination clauses that allow the customer to cancel the contract after a specified notice period, which is typically less than 90 days. Due to the fact that many of our arrangements allow the customer to terminate for convenience, the duration of the contract for revenue recognition purposes generally does not extend beyond the services that we have actually transferred. As a result, many of our contracts are, in effect, day-to-day or month-to-month contracts. Revenue from our residential, commercial, and utility performance obligations is recognized over time as the customer simultaneously receives and consumes the benefits of our services as we perform them. Many of our contracts compensate us based on an agreed upon price for each increment of service provided to the customer. Therefore, revenue is mainly recognized as each increment of service is provided to the customer at the amount to which we are contractually entitled. For contracts that contain a fixed price, we generally use a units-delivered based output method to measure progress. Revenue from our consulting services is also recognized over time and we use a cost-based input method to measure progress. Payment for our services is generally due within 30 days of such services being provided to the customer. The transaction price for our contracts is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each service purchased. Certain of our contracts contain variable consideration, including index-based pricing, chargebacks, and prompt payment discounts. The Company estimates variable consideration and performs a constraint analysis for these contracts on the basis of both historical information and current trends. However, these types of variable consideration do not have a material effect on the Company’s revenue, either individually or in the aggregate. In addition, although our contracts generally include fixed pricing for each increment of service, the ultimate quantity of services that will be required in order to fulfill our performance obligations is unknown at contract inception. Therefore, our total transaction price ultimately varies based on the quantity and types of services provided to our customer. However, this type of variable consideration is allocated entirely to the distinct services within the series to which it relates. Disaggregation of Revenue The following tables disaggregate our revenue for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 by major sources: Year Ended December 31, 2023 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 563,222 $ 411,508 $ (756) $ 973,974 Grounds maintenance — 185,994 — 185,994 Storm damage services 12,049 13,123 — 25,172 Consulting and other 359,706 143,830 4,805 508,341 Total revenues $ 934,977 $ 754,455 $ 4,049 $ 1,693,481 Geography: United States $ 881,428 $ 709,069 $ 4,049 $ 1,594,546 Canada 53,549 45,386 — 98,935 Total revenues $ 934,977 $ 754,455 $ 4,049 $ 1,693,481 Year Ended December 31, 2022 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 545,048 $ 383,148 $ (174) $ 928,022 Grounds maintenance — 169,948 — 169,948 Storm damage services 21,437 9,665 — 31,102 Consulting and other 274,068 104,211 3,730 382,009 Total revenues $ 840,553 $ 666,972 $ 3,556 $ 1,511,081 Geography: United States $ 800,590 $ 621,873 $ 3,556 $ 1,426,019 Canada 39,963 45,099 — 85,062 Total revenues $ 840,553 $ 666,972 $ 3,556 $ 1,511,081 Year Ended December 31, 2021 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 530,632 $ 358,589 $ (337) $ 888,884 Grounds maintenance — 155,543 — 155,543 Storm damage services 16,763 6,690 — 23,453 Consulting and other 217,677 89,844 2,652 310,173 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Geography: United States $ 723,577 $ 566,604 $ 2,315 $ 1,292,496 Canada 41,495 44,062 — 85,557 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Contract Balances Our contract liabilities consist of advance payments, billings in excess of costs incurred and deferred revenue. The Company has recognized $2,266 and $1,997 of revenue for the twelve months ended December 31, 2023 and December 31, 2022, respectively, that was included in the contract liability balance at December 31, 2022 and December 31, 2021, respectively. Net contract liabilities consisted of the following: December 31, December 31, Contract liabilities - current $ 3,430 $ 3,723 Contract liabilities - noncurrent 3,700 4,145 Net contract liabilities $ 7,130 $ 7,868 Practical Expedients & Accounting Policy Elections • Remaining performance obligations - The Company’s contracts for service revenue have an original duration of one year or less. Therefore, because of the short duration of these contracts, the Company has not disclosed the transaction price for the future performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. • Incremental costs of obtaining a contract - The Company’s contracts for service revenue have an original duration of one year or less. Therefore, the Company has elected to expense these costs as incurred. • Right to invoice - For the Company’s contracts in which it has the right to invoice the customer on the basis of actual work performed (i.e., output), the Company has elected to measure the satisfaction of performance obligation(s) on the basis of actual work performed, as the invoiced amount directly corresponds to the value transferred to the customer. • Sales taxes - The Company has, as an accounting policy election, decided to exclude from the measurement of the transaction price all sales taxes assessed by a governmental authority. • Significant financing component - The Company’s contracts do not allow for payment terms which exceed one year, and thus need not account for the effects of a significant financing component. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements and financial instruments | Fair Value Measurements and Financial Instruments FASB ASC 820, "Fair Value Measurements and Disclosures" ("Topic 820") defines fair value based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principal or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Valuation Hierarchy --Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The hierarchy prioritizes the inputs into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 inputs are observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Our assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and December 31, 2022, were as follows: Fair Value Measurements at December 31, 2023 Using: Total Quoted Significant Significant Description December 31, 2023 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 2,859 $ 2,859 $ — $ — Certificates of deposits, noncurrent 3,500 3,500 — — Available-for-sale debt securities: United States Government and agency securities 36,802 36,802 — — Corporate notes and bonds 260 260 — — Total available-for-sale debt securities 37,062 37,062 — — Marketable equity securities: Mutual funds 6,842 6,842 — — Corporate stocks 3,780 3,780 — — Exchange traded funds 1,480 1,480 — — Total marketable equity securities 12,102 12,102 — — Liabilities: Deferred compensation $ 1,572 $ — $ — $ 1,572 Fair Value Measurements at December 31, 2022 Using: Total Quoted Significant Significant Description December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 3,750 $ 3,750 $ — $ — Certificates of deposits, noncurrent 6,359 6,359 — — Available-for-sale debt securities: United States Government and agency securities 25,254 25,254 — — Corporate notes and bonds 264 264 — — Total available-for-sale debt securities 25,518 25,518 — — Marketable equity securities: Mutual funds 13,873 13,873 — — Corporate stocks 3,007 3,007 — — Exchange traded funds 1,230 1,230 — — Total marketable equity securities 18,110 18,110 — — Liabilities: Deferred compensation $ 4,597 $ — $ 4,597 $ — The assets invested for self-insurance are certificates of deposits, stocks, bonds, mutual funds and exchange traded funds--classified as Level 1--based on quoted market prices of the identical underlying securities in active markets. The estimated fair value of the deferred compensation--classified as Level 3--is based on the value of the Company's common shares, determined by independent valuation. The Company's common shares are not listed or traded on an established public trading market and market prices are, therefore, not available. Semiannually, for purposes of the Davey 401KSOP and ESOP, the fair market value of the common shares is determined by an independent stock valuation firm. The semiannual valuations utilize two approaches in determining the fair value of the common shares, a market approach and an income approach. Each approach utilizes Company performance and financial condition, using a peer group of comparable companies selected by the firm as well as significant unobservable inputs such as projected earnings and cash flow, EBITDA and cost of capital. The results of each valuation approach are utilized in a weighted average calculation to arrive at the fair market value. The peer group at December 31, 2023 consisted of: ABM Industries Incorporated; Comfort Systems USA, Inc.; Dycom Industries, Inc.; FirstService Corporation; MYR Group, Inc.; Quanta Services, Inc.; Rollins, Inc.; and Scotts Miracle-Gro Company. The semiannual valuations are effective for a period of six months and the per-share price established by those valuations is the price at which the Board of Directors of the Company has determined that the common shares will be bought and sold during that six-month period in transactions involving the Company or one of its employee benefit or stock purchase plans. The Company provides a ready market for all shareholders through its direct purchase of their common shares, although the Company is under no obligation to do so (other than for repurchases pursuant to the put option, as described in Note N). Fair Value of Financial Instruments --The fair values of our current financial assets and current liabilities, including cash, accounts receivable, accounts payable, and accrued expenses among others, approximate their reported carrying values because of their short-term nature. Financial instruments classified as noncurrent assets and liabilities and their carrying values and fair values were as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Available-for-sale debt securities $ 37,062 $ 37,062 $ 25,518 $ 25,518 Marketable equity securities 12,102 12,102 18,110 18,110 Liabilities: Revolving credit facility, noncurrent 141,616 141,616 150,433 150,433 Senior unsecured notes 135,000 130,959 75,000 74,968 Term loans, noncurrent 7,012 7,252 5,854 5,610 Total $ 283,628 $ 279,827 $ 231,287 $ 231,011 The carrying value of our revolving credit facility approximates fair value--classified as Level 2--as the interest rates on the amounts outstanding are variable. The fair value of our senior unsecured notes and term loans--classified as Level 2--is determined based on expected future weighted-average interest rates with the same remaining maturities. Management has evaluated the classification of the common shares and determined that due to significant unobservable inputs used in the independent stock valuation, the shares are more appropriately categorized as Level 3 investments. Market Risk-- In the normal course of business, we are exposed to market risk related to changes in foreign currency exchange rates, changes in interest rates and changes in fuel prices. We do not hold or issue derivative financial instruments for trading or speculative purposes. In prior years, we have used derivative financial instruments to manage risk, in part, associated with changes in interest rates and changes in fuel prices. Presently, we are not engaged in any hedging or derivative activities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit At December 31, 2023, we were contingently liable to our principal banks in the amount of $94,702 for letters of credit outstanding primarily related to insurance coverage. Surety Bonds In certain circumstances, we have performance obligations that are supported by surety bonds in connection with our contractual commitments. Litigation We are party to a number of lawsuits, threatened lawsuits and other claims arising out of the normal course of business. On a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we do not record an accrual, consistent with applicable accounting guidance. Based on information currently available to us, advice of counsel, and available insurance coverage, we believe that our established accruals are adequate and the liabilities arising from the legal proceedings will not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the inherent uncertainty in legal proceedings, there can be no assurance that the ultimate resolution of a matter will not exceed established accruals. As a result, the outcome of a particular matter or a combination of matters may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period. Georgia Wrongful Death Suit In November 2017, a wrongful death lawsuit was filed in Savannah, Georgia in the State Court of Chatham County (“State Court”) against Davey Tree, its subsidiary, Wolf Tree, Inc. (“Wolf Tree”), a former Davey employee, a Wolf Tree employee, and two former Wolf Tree employees. That complaint, as subsequently amended, alleges various acts of negligence and seeks compensatory damages for the wrongful death of the plaintiff’s husband, a Wolf Tree employee, who was shot and killed in August 2017. In July 2018, a related survival action was filed in Savannah, Georgia by the deceased’s estate against Davey Tree, its subsidiary, Wolf Tree, and four current and former employees, which arises out of the same allegations, seeks compensatory and punitive damages and also includes three Racketeer Influenced and Corrupt Organizations Act (“RICO”) claims under Georgia law seeking treble damages. The 2018 case was removed to the United States District Court for the Southern District of Georgia, Savannah Division (“Federal Court”), on August 2, 2018. The cases were mediated unsuccessfully in December 2018 and the State Court case was originally set for trial on January 22, 2019. However, as discussed below, the two civil cases were ultimately stayed for more than four years. On December 6, 2018, a former Wolf Tree employee pled guilty to conspiracy to conceal, harbor, and shield illegal aliens. On December 21, 2018, the United States Department of Justice (“DOJ”) filed a motion to stay both actions on the grounds that on December 7, 2018, an indictment was issued charging two former Wolf Tree employees and another individual with various crimes, including conspiracy to murder the deceased. The State Court case was stayed on December 28, 2018 and the Federal Court case was stayed on January 8, 2019. On January 29, 2019, the State Court ordered the parties to return to mediation, which occurred on April 17, 2019, but was unsuccessful in resolving the matters. By November 2022, all three of the individually charged defendants had either been convicted at trial or pled guilty to Federal criminal charges in the Federal Court related to their involvement with the murder and other illegal activities. All three criminal defendants have now been sentenced. Since the individual defendants' criminal matters are now resolved, the State Court permitted limited additional discovery and amended motions for summary judgment. The Company’s motion for summary judgment was argued before the State Court in October of 2023 and remains pending. The State Court has set a civil jury trial for the week of July 29 to August 2, 2024. The stay in the Federal Court case was lifted on April 4, 2023. The Company moved to dismiss the alleged civil RICO claims, further filed a motion to stay the case until the motion to dismiss was decided, and moved for partial summary judgment on certain state law claims. The Federal Court granted the Company’s motion to stay discovery pending resolution of the motion to dismiss. The Federal Court has not yet set a trial date. Previously, on December 17, 2018, the United States Attorney's Office for the Southern District of Georgia (“United States Attorney”) informed the Company and Wolf Tree that they are also under investigation for potential civil or other violations of immigration and other laws relating to the subject matters of the criminal investigation referenced above. The Company and Wolf Tree fully cooperated with the investigation. On July 12, 2023, the Company and Wolf Tree entered into a non-prosecution and settlement agreement (the “settlement agreement”) with the United States Attorney’s Office for the Southern District of Georgia and the United States Department of Homeland Security (“DHS”), resolving the investigation for potential violations of immigration and other laws by the Company and Wolf Tree. The United States Attorney recognized that, since August 2017, both the Company and Wolf Tree have fully cooperated with the criminal and civil investigation and, in entering into the settlement agreement, the United States Attorney took into consideration the Company’s and Wolf Tree’s implementation of a significant compliance program. The Company and Wolf Tree agreed to pay $3,984 as part of the settlement agreement, including civil penalties, forfeiture and restitution, an amount the Company and Wolf Tree had previously reserved. The United States Attorney agreed that it will not bring any criminal charges against the Company or Wolf Tree concerning the subject matter of the investigation and released the Company and Wolf Tree from civil liability concerning certain immigration code provisions. The DHS also agreed to release the Company and Wolf Tree from administrative liability relating to the subject matter of the investigation, all of which are subject to standard reservations of rights and certain reserved claims. The settlement agreement closes the investigation by the United States Attorney and DHS. The settlement is not an admission of liability by the Company or Wolf Tree. The civil cases in the State Court of Chatham County in Georgia and the United States District Court for the Southern District of Georgia, Savannah Division relating to the same subject matter, remain pending. In both civil cases, the Company and Wolf Tree have denied all liability and are vigorously defending against the actions. The Company also has retained separate counsel for some of the individual defendants, each of whom has denied all liability and also are vigorously defending the actions. Northern California Wildfire Cases Five lawsuits were filed that name contractors for PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (together, “PG&E”), including Davey Tree, with respect to claims arising from a wildfire event that occurred in Pacific Gas and Electric Company’s service territory in northern California beginning on October 8, 2017. An action was brought on August 8, 2019 in Napa County Superior Court, entitled Walker, et al. v. Davey Tree Surgery Company, et al ., Case No. 19CV001194. An action was brought on October 8, 2019 in San Francisco County Superior Court, entitled Abram, et al. v. ACRT, Inc., et. al , Case No. CGC-19-579861. An action was brought on October 7, 2019 in San Francisco Superior Court, entitled Adams, et al. v. Davey Resource Group, Inc., et al., Case No. CGC-19-579828. An action was brought on October 8, 2019 in Sacramento Superior Court, entitled Antone, et al. v. ACRT, Inc. et al., Case No. 34-2019-00266662. An action was brought on October 7, 2019 in Sacramento Superior Court, entitled Bennett, et al. v. ACRT, Inc. et al. , Case No. 2019-00266501. Three additional actions were brought on January 28, 2021 in San Francisco County Superior Court, by fire victims represented by a trust (“Plaintiffs’ Trust”), which was assigned contractual rights in the PG&E bankruptcy proceedings. These cases are entitled John K. Trotter, Trustee of the PG&E Fire Victim Trust v. Davey Resource Group, Inc., et al ., Case No. CGC-21-589438; John K. Trotter, Trustee of the PG&E Fire Victim Trust v. Davey Resource Group, Inc., et al ., Case No. CGC-21-589439; and John K. Trotter, Trustee of the PG&E Fire Victim Trust v. ACRT Pacific, LLC, et al ., Case No. CGC-21-589441. On September 22, 2021, the Court granted Davey Tree’s petition to coordinate all cases as a California Judicial Council Coordination Proceeding, In Re North Bay Fire Cases, JCCP No. 4955. As a result of the coordination order, all of the actions were stayed in their home jurisdictions, subject to further court order. In November 2022, Davey Tree filed a cross-complaint against the Plaintiffs’ Trust and PG&E related to the contractual obligations of limitation of liability and hold harmless. Since that time, Davey Tree has dismissed the cross-complaint against PG&E without prejudice. The Plaintiffs’ Trust filed a demurrer which challenged Davey Tree’s claim that the hold harmless provisions in its contracts with PG&E are an obligation of the Plaintiffs’ Trust. In response to the demurrer, Davey Tree filed an amended cross-complaint against the Plaintiffs’ Trust on April 13, 2023. The Plaintiffs’ Trust has since filed another demurrer seeking to dismiss the cross complaint by Davey Tree, and Davey Tree has filed a response. The Plaintiffs’ Trust filed a motion for summary adjudication which challenged the limitation of liability as set forth in the assigned contracts. The Court denied the motion for summary adjudication in an order entered April 12, 2023. At a case management conference in JCCP No. 4955 on February 24, 2022, the Court ordered that Davey Tree and the plaintiffs participate in a mediation. The mediation commenced on October 17, 2022. At a case management conference on September 26, 2023, the parties reported to the Court that they had reached a settlement in principle and needed additional time to work on a long form settlement agreement. The parties jointly requested that the Court continue trial dates and other proceedings while the parties attempt to reach final terms on a global resolution. The Court originally set a trial date for October 2, 2023 involving the claim of the Plaintiffs’ Trust as to the Atlas burn location. On July 26, 2023, based on a joint request by the parties, the Court vacated the October 2, 2023 Atlas trial date and reset the Atlas trial for February 26, 2024, which has been vacated. The Court in the Walker case set a trial date of March 4, 2024 for claims related to the Patrick burn location. Pursuant to the parties’ stipulation, that trial date has been continued to August 19, 2024. Davey Tree has responded to all claims asserted by the plaintiffs in these actions, denying all liability, and is vigorously defending against plaintiffs' alleged claims. However, we believe that a range of losses is probable and we have accrued our best estimate within this range which is also equal to our total coverage limits under our self-insurance and third party insurance providers for the 2017-2018 policy year of $220,000. We believe that any losses would be recovered through our self-insurance and third party insurance providers and have accrued a corresponding insurance recoverable within our Condensed Consolidated Balance Sheet as of December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of consolidation and basis of presentation [Text Block] | Principles of Consolidation and Basis of Presentation --The consolidated financial statements include the accounts of Davey Tree and our wholly-owned subsidiaries and were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates in financial statement preparation [Policy Text Block] | Use of Estimates in Financial Statement Preparation --The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts. Estimates are used for, but not limited to, accounts receivable valuation, depreciable lives of fixed assets, long-lived asset and goodwill valuation, self-insurance accruals, stock valuation and revenue recognition. Actual results could differ from those estimates. Our business continues to be impacted, in varying degrees, by a number of macro-economic factors, including higher fuel costs, rising interest rates and a highly competitive labor market, which have created an inflationary environment and cost pressures. |
Mitigation Banking Credit Inventory --Inventory, Policy [Policy Text Block] | Mitigation Banking Credit Inventory-- Our mitigation banking business creates and sells wetland, stream and other environmental credits and provides services to those engaged in permittee-responsible mitigation and environmental restoration. We record mitigation bank credit inventory at the lower of cost or net realizable value. Inventory costs are based on estimated total costs for each mitigation bank, which could change as we perform mitigation banking activities. |
Property and equipment [Policy Text Block] | Property and Equipment --Property and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years |
Intangible assets [Policy Text Block] | Intangible Assets --Intangible assets with finite lives, primarily customer lists, noncompete agreements and tradenames, are amortized by the straight-line method based on their estimated useful lives, ranging from one year to seven years. |
Long-lived assets [Policy Text Block] | Long-Lived Assets --We assess potential impairment to our long-lived assets, other than goodwill, when there is evidence that events or changes in circumstances have made recovery of the asset’s carrying value unlikely and the carrying amount of the asset exceeds the estimated future undiscounted cash flow. In the event the assessment indicates that the carrying amounts may not be recoverable, an impairment loss would be recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of the estimated future cash flows. |
Goodwill [Policy Text Block] | Goodwill --Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identified net assets acquired. Goodwill is not amortized, but tested for impairment annually or when events or circumstances indicate that impairment may have occurred. Annually, we perform the impairment tests for goodwill during the fourth quarter. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. Impairment of goodwill is tested at the reporting-unit level, which for us are also our business segments. Impairment of goodwill is tested by comparing the reporting unit’s carrying value, including goodwill, to the fair value of the reporting unit. The fair values of the reporting units are estimated using discounted projected cash flows. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying value of the goodwill allocated to that reporting unit. We conducted our annual impairment tests and determined that no impairment loss was required to be recognized in 2023 or for any prior periods. There were no events or circumstances from the date of our assessment through December 31, 2023 that would impact this conclusion. |
Self-insurance accruals [Policy Text Block] | Self-Insurance Accruals --We are generally self-insured for losses and liabilities related primarily to workers’ compensation, vehicle liability and general liability claims. We use commercial insurance as a risk-reduction strategy to minimize catastrophic losses. Self-insurance accruals consist of the projected settlement value of reported and unreported claims. Ultimate losses are accrued based upon estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company-specific experience. Our self-insurance accruals include claims for which the ultimate losses will develop over a period of years. Estimating ultimate losses of reported and unreported claims is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain. Accordingly, our estimates of ultimate losses can change as claims mature. Our accruals also are affected by changes in the number of new claims incurred and claim severity. The methods for estimating the ultimate losses and the total cost of claims were determined by third-party consulting actuaries; the resulting accruals are reviewed by management, and any adjustments arising from changes in estimates are reflected in income. Our self-insurance accruals are based on estimates and, while we believe that the amounts accrued are adequate and not excessive, the ultimate claims may be in excess of or less than the amounts provided. Changes in claims incurred, claim severity, or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. |
Stock-based compensation [Policy Text Block] | Stock-Based Compensation - -Stock-based compensation cost for all share-based payment plans is measured at fair value on the date of grant and recognized over the employee service period on the straight-line recognition method for awards expected to vest. The fair value of all stock-based payment plans—stock option plans, stock-settled stock appreciation rights, and performance-based restricted stock units as well as our Employee Stock Purchase Plan—is determined by the number of awards granted and the price of our common stock. The fair value of each award is estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. |
Income taxes [Policy Text Block] | Income Taxes --We compute taxes on income in accordance with the tax rules and regulations where the income is earned. The income tax rates imposed by these taxing authorities vary. Taxable income may differ from pretax income for financial reporting purposes. We compute and recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. Changes in tax rates and laws are reflected in income in the period when such changes are enacted. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. |
Earnings per share [Policy Text Block] | Earnings Per Share --Basic earnings per share is determined by dividing the income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted-average number of shares is increased to include the effect of stock awards that were granted and outstanding during the period. |
Revenue recognition [Policy Text Block] | Revenue Recognition --We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. See Note S for a detailed description of our revenue recognition policy. |
Concentration of credit risk [Policy Text Block] | Concentration of Credit Risk --Credit risk represents the accounting loss that would be recognized if the counterparties failed to perform as contracted. The principal financial instruments subject to credit risk are as follows: Cash --To limit our exposure, we transact our business and maintain banking relationships with high credit-quality financial institutions. Accounts Receivable --Our residential and commercial customers are located geographically throughout the United States and Canada and, as to commercial customers, within differing industries; thus, minimizing credit risk. The credit exposure of utility services customers is directly affected by conditions within the utility industries as well as the financial condition of individual customers. One utility customer approximated 10% of revenues during 2023, 11% in 2022 and 13% in 2021. To reduce credit risk, we evaluate the credit of customers, but generally do not require advance payments or collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. |
Foreign currency translation and transactions [Policy Text Block] | Foreign Currency Translation and Transactions --Assets and liabilities of our Canadian operations are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in the consolidated balance sheet, classified in shareholders’ equity as a separate component of accumulated other comprehensive income (loss). Gains or losses resulting from Canadian-dollar transactions with the Canadian operations are converted to U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is classified in the statement of operations as a component of other non-operating income (expense), net. |
Comprehensive income (loss) [Policy Text Block] | Comprehensive Income (Loss) --Comprehensive income (loss) includes net income and other comprehensive income or loss. Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. |
Business combinations [Policy Text Block] | The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. |
Commitments and contingencies [Policy Text Block] | On a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we do not record an accrual, consistent with applicable accounting guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Property, plant and equipment [Table Text Block] | Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years December 31, Property and equipment, net 2023 2022 Land and land improvements $ 28,177 $ 26,023 Buildings and leasehold improvements 99,964 80,768 Equipment 684,562 663,207 812,703 769,998 Less accumulated depreciation 500,025 501,459 Total $ 312,678 $ 268,539 |
Accounts Receivable, Net and _2
Accounts Receivable, Net and Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | |
Schedule of accounts receivable [Table Text Block] | Accounts receivable, net, consisted of the following: December 31, Accounts receivable, net 2023 2022 Accounts receivable $ 263,426 $ 242,427 Unbilled receivables (1) 99,485 82,605 362,911 325,032 Less allowances for credit losses 2,441 3,222 Total $ 360,470 $ 321,810 |
Schedule of other current assets [Table Text Block] | The following items comprised the amounts included in the balance sheets: December 31, Other current assets 2023 2022 Refundable income taxes $ — $ 14 Mitigation bank credit inventory 28,385 6,351 Assets invested for self-insurance 20,959 24,828 Payroll taxes refundable 22,591 18,283 Other 302 2,396 Total $ 72,237 $ 51,872 |
Property, plant and equipment [Table Text Block] | Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years December 31, Property and equipment, net 2023 2022 Land and land improvements $ 28,177 $ 26,023 Buildings and leasehold improvements 99,964 80,768 Equipment 684,562 663,207 812,703 769,998 Less accumulated depreciation 500,025 501,459 Total $ 312,678 $ 268,539 |
Schedule of other assets, noncurrent [Table Text Block] | December 31, Other assets, noncurrent 2023 2022 Investment--cost-method affiliate $ 1,405 $ 1,258 Deferred income taxes 6,001 6,828 Cloud computing arrangements 107 2,652 Other 4,362 4,603 Total $ 11,875 $ 15,341 |
Schedule of accrued expenses [Table Text Block] | December 31, Accrued expenses 2023 2022 Employee compensation $ 40,656 $ 35,536 Accrued compensated absences 14,483 13,034 Self-insured medical claims 2,309 2,806 Customer advances, deposits 1,275 7,736 Income taxes payable 1,135 6,573 Taxes, other than income 6,017 5,764 Other 16,069 6,005 Total $ 81,944 $ 77,454 |
Schedule of other liabilities, noncurrent [Table Text Block] | December 31, Other liabilities, noncurrent 2023 2022 Pension and retirement plans $ 5,630 $ 8,336 Other 6,096 8,184 Total $ 11,726 $ 16,520 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information follows: Year Ended December 31, Supplemental cash flow information 2023 2022 2021 Interest paid $ 18,200 $ 5,855 $ 4,929 Income taxes paid, net 29,677 18,367 34,094 Noncash transactions: Debt issued for purchases of businesses $ 7,046 $ 7,445 $ 2,961 Detail of acquisitions: Assets acquired: Cash $ 249 $ 1,365 $ 292 Accounts receivable 211 10,794 509 Mitigation bank credit inventory — 6,351 — Operating supplies 1,538 48 1,044 Prepaid expense 141 126 203 Equipment 7,220 2,309 4,049 Other assets 2,658 412 1,574 Intangible assets 7,302 10,569 3,005 Goodwill 14,758 14,255 7,723 Liabilities assumed (5,285) (15,592) (3,713) Debt issued for purchases of businesses (7,046) (7,445) (2,961) Cash paid $ 21,746 $ 23,192 $ 11,725 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table summarizes available-for-sale debt securities by asset type: Available-For-Sale Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2023 Fixed maturity: United States Government and agency securities $ 36,409 $ 411 $ (18) $ 36,802 Corporate notes and bonds 260 — — 260 Total available-for-sale debt securities $ 36,669 $ 411 $ (18) $ 37,062 December 31, 2022 Fixed maturity: United States Government and agency securities $ 25,485 $ 84 $ (315) $ 25,254 Corporate notes and bonds 315 — (51) 264 Total available-for-sale debt securities $ 25,800 $ 84 $ (366) $ 25,518 |
Investments Classified by Contractual Maturity Date | The net carrying values of available-for-sale debt securities at December 31, 2023 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Amortized Cost Fair Value Due: Less than one year $ 17,860 $ 18,100 One year through five years 18,809 18,962 Six years through ten years — — After ten years — — Total $ 36,669 $ 37,062 |
Identified Intangible Assets _2
Identified Intangible Assets and Goodwill, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of acquired finite-lived intangible assets by major class [Table Text Block] | The carrying amounts of the identified intangible assets and goodwill acquired in connection with our acquisitions were as follows: Weighted-Average December 31, 2023 December 31, 2022 Carrying Accumulated Carrying Accumulated Amortized intangible assets: Customer lists/relationships 3.9 years $ 41,679 $ 29,252 $ 36,745 $ 26,243 Employment-related 2.5 years 13,007 9,957 12,242 8,931 Tradenames 3.8 years 12,860 8,123 12,219 7,083 Amortized intangible assets 67,546 $ 47,332 61,206 $ 42,257 Less accumulated amortization 47,332 42,257 Intangible assets, net $ 20,214 $ 18,949 Goodwill $ 84,800 $ 70,107 |
Schedule of goodwill [Table Text Block] | The changes in the carrying amounts of goodwill, by segment, for the years ended December 31, 2023 and December 31, 2022 were as follows: Balance at January 1, 2023 Acquisitions Translation Balance at December 31, 2023 Utility $ 4,941 $ — $ — $ 4,941 Residential and Commercial 65,166 14,758 (65) 79,859 Total $ 70,107 $ 14,758 $ (65) $ 84,800 Balance at January 1, 2022 Acquisitions Translation Balance at December 31, 2022 Utility $ 4,911 $ 30 $ — $ 4,941 Residential and Commercial 51,069 14,225 (128) 65,166 Total $ 55,980 $ 14,255 $ (128) $ 70,107 |
Schedule of finite-lived intangible assets, future amortization expense [Table Text Block] | The aggregate amortization expense of intangible assets, as of December 31, 2023, in each of the next five years was as follows: Future Amortization Expense Year ending December 31, 2024 $ 5,155 2025 4,361 2026 3,519 2027 2,934 2028 2,140 Thereafter 2,105 $ 20,214 |
Short and Long-Term Debt and _2
Short and Long-Term Debt and Commitments Related to Letters of Credit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of short-term debt [Table Text Block] | Short-term debt consisted of the following: December 31, 2023 2022 Notes payable $ 543 $ — Current portion of long-term debt 40,429 23,826 Current portion of finance leases 4,794 3,046 $ 45,766 $ 26,872 |
Schedule of long-term debt instruments [Table Text Block] | Long-term debt consisted of the following: December 31, 2023 2022 Revolving credit facility Swing-line borrowings $ 6,616 $ 25,433 SOFR borrowings 135,000 125,000 141,616 150,433 3.99% Senior unsecured notes 50,000 50,000 4.00% Senior unsecured notes 25,000 25,000 6.19% Senior unsecured notes 75,000 — Term loans 32,442 29,680 324,058 255,113 Less debt issuance costs 452 519 Less current portion 40,429 23,826 $ 283,177 $ 230,768 |
Self-Insurance Accruals (Tables
Self-Insurance Accruals (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Self-Insurance Accruals [Abstract] | |
Schedule of self-insurance accruals | Components of our self-insurance accruals for workers’ compensation, vehicle liability and general liability were as follows: December 31, 2023 2022 Workers' compensation $ 58,434 $ 61,409 Vehicle liability 26,712 18,606 General liability 49,286 54,132 Total 134,432 134,147 Less current portion 50,379 56,221 Noncurrent portion $ 84,053 $ 77,926 |
Schedule of changes in self-insurance accruals | The changes in our self-insurance accruals are summarized in the table below. December 31, 2023 2022 Balance, beginning of year $ 134,147 $ 125,966 Provision for claims 58,082 52,790 Payment of claims (57,797) (44,609) Balance, end of year $ 134,432 $ 134,147 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of assets and liabilities, leases | The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 110,248 $ 104,612 Finance lease assets Property and equipment, net 18,613 12,948 Total lease assets $ 128,861 $ 117,560 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 39,043 $ 34,652 Non-current operating lease liabilities Lease liabilities - operating leases 71,134 68,878 Total operating lease liabilities 110,177 103,530 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 4,794 3,046 Non-current finance lease liabilities Lease liabilities - finance leases 13,544 9,481 Total finance lease liabilities 18,338 12,527 Total lease liabilities $ 128,515 $ 116,057 |
Lease, cost | The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 31,945 $ 26,243 Operating lease cost Selling expense 12,942 11,433 Operating lease cost General and administrative expense 1,159 1,186 Finance lease cost: Amortization of right-of-use assets Depreciation 4,113 3,052 Interest expense on lease liabilities Interest expense 490 278 Other lease cost (1) Operating expense 7,957 4,814 Other lease cost (1) Selling expense 1,808 1,190 Other lease cost (1) General and administrative expense 45 87 Total lease cost $ 60,459 $ 48,283 (1) Other lease cost includes short-term lease costs and variable lease costs. |
Supplemental cash flow information, leases | Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (45,184) $ (39,674) Operating cash flows from finance leases (485) (278) Financing cash flows from finance leases (3,973) (2,987) Right-of-use assets obtained in exchange for lease obligations: Operating leases 47,331 57,681 Finance leases 9,598 4,409 |
Finance and operating lease, liability, maturity | Maturity Analysis of Lease Liabilities As of December 31, 2023 Operating Finance Year ending December 31, 2024 $ 42,926 $ 5,566 2025 33,876 4,942 2026 21,579 4,071 2027 12,050 2,449 2028 4,895 1,647 Thereafter 2,884 1,570 Total lease payments 118,210 20,245 Less interest 8,033 1,907 Total $ 110,177 $ 18,338 |
Common Shares, Redeemable Com_2
Common Shares, Redeemable Common Shares and Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of stock by class [Table Text Block] | Common and Redeemable Shares Outstanding -- The table below reconciles the activity of the common and redeemable shares outstanding: Common Shares Redeemable Total Shares outstanding, December 31, 2021 35,110,432 9,391,790 44,502,222 Shares purchased (3,020,253) (1,145,329) (4,165,582) Shares sold 829,526 941,549 1,771,075 Stock subscription offering, employee cash purchases 152,800 — 152,800 Options exercised 456,969 — 456,969 Shares outstanding, December 31, 2022 33,529,474 9,188,010 42,717,484 Shares purchased (2,560,912) (1,412,062) (3,972,974) Shares sold 1,291,227 723,138 2,014,365 Stock subscription offering, employee cash purchases 13,662 — 13,662 Options exercised 574,857 — 574,857 Shares outstanding, December 31, 2023 32,848,308 8,499,086 41,347,394 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: Foreign Available for Sale Securities Defined Accumulated Balance at January 1, 2021 $ (3,738) $ — $ (809) $ (4,547) Foreign currency translation adjustments 84 — — 84 Amounts reclassified from accumulated other comprehensive income (loss) — — 201 201 Tax effect — — (52) (52) Unrecognized amounts from defined benefit pension plans — — 110 110 Tax effect — — 31 31 Net of tax amount 84 — 290 374 Balance at December 31, 2021 $ (3,654) $ — $ (519) $ (4,173) Foreign currency translation adjustments (1,857) — — (1,857) Unrealized gain (loss) on available-for-sale securities — (245) — (245) Amounts reclassified from accumulated other comprehensive income (loss) — (8) 119 111 Tax effect — 54 (31) 23 Unrecognized amounts from defined benefit pension plans — — 705 705 Tax effect — — (152) (152) Net of tax amount (1,857) (199) 641 (1,415) Balance at December 31, 2022 $ (5,511) $ (199) $ 122 $ (5,588) Foreign currency translation adjustments 589 — — 589 Unrealized gain (loss) on available-for-sale securities — 95 — 95 Amounts reclassified from accumulated other comprehensive income (loss) — 272 — 272 Tax effect — (76) — (76) Unrecognized amounts from defined benefit pension plans — — (103) (103) Tax effect — — 26 26 Net of tax amount 589 291 (77) 803 Balance at December 31, 2023 $ (4,922) $ 92 $ 45 $ (4,785) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Disclosure of share-based compensation arrangements by share-based payment award | Stock-based compensation expense under all share-based payment plans—our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights ("SSARs"), and restricted stock units ("RSUs")—included in the results of operations was as follows: Year Ended December 31, 2023 2022 2021 Compensation expense, all share-based payment plans $ 6,723 $ 7,930 $ 4,625 Income tax benefit 1,293 1,722 793 |
Schedule of share-based compensation, restricted stock units award activity | The following table summarizes PRSUs and RSUs as of December 31, 2023: Restricted Stock Units Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2023 766,267 $ 14.95 Granted 238,918 18.29 Forfeited — — Vested (71,342) 12.18 Unvested, December 31, 2023 933,843 $ 16.02 1.3 years $ 5,763 $ 19,424 Employee PRSUs 885,572 $ 15.97 1.3 years $ 5,388 $ 18,420 Nonemployee Director RSUs 48,271 $ 16.79 1.4 years $ 375 $ 1,004 |
Schedule of share-based payment award, stock options, valuation assumptions | The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumptions: Year Ended December 31, 2023 2022 2021 Volatility rate 9.6 % 9.7 % 9.9 % Risk-free interest rate 4.1 % 1.7 % .3 % Expected dividend yield .4 % .4 % .4 % Expected life of awards (years) 3.0 3.0 3.0 |
Schedule of share-based compensation, stock options, activity | The following table summarizes activity under the stock option plans for the year ended December 31, 2023: Stock Options Number of Weighted- Weighted- Unrecognized Aggregate Outstanding, January 1, 2023 2,072,949 $ 8.59 Granted — — Exercised (263,318) 7.00 Forfeited (120,800) 5.80 Outstanding, December 31, 2023 1,688,831 $ 9.04 3.4 years $ 155 $ 19,861 Exercisable, December 31, 2023 1,488,455 $ 8.69 3.1 years $ 18,025 |
Schedule of share-based compensation, shares authorized under stock option plans, by exercise price range | Information regarding the stock options outstanding at December 31, 2023 is summarized below: Stock Options Number Weighted-Average Weighted- Number Weighted- Employee options: $ 6.60 257,324 0.5 years $ 6.60 257,324 $ 6.60 7.53 253,200 1.5 years 7.53 253,200 7.53 8.18 288,000 2.5 years 8.18 288,000 8.18 8.80 182,800 3.5 years 8.80 182,800 8.80 9.55 200,350 4.5 years 9.55 200,350 9.55 10.55 41,425 5.2 years 10.55 30,305 10.55 10.55 184,266 5.5 years 10.55 134,928 10.55 12.10 46,506 6.2 years 12.10 23,788 12.10 12.10 234,960 6.5 years 12.10 117,760 12.10 1,688,831 3.4 years $ 9.04 1,488,455 $ 8.69 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign [Table Text Block] | Income (loss) before income taxes was attributable to the following sources: Year Ended December 31, 2023 2022 2021 United States $ 99,116 $ 90,379 $ 89,086 Canada (1,879) (5,180) 361 Total $ 97,237 $ 85,199 $ 89,447 |
Schedule of components of income tax expense (benefit) [Table Text Block] | The provision for income taxes follows: Year Ended December 31, 2023 2022 2021 Current provision (benefit): Federal $ 17,708 $ 18,795 $ 18,101 State 6,275 7,173 7,221 Canadian (62) 11 78 Total current 23,921 25,979 25,400 Deferred taxes 1,175 (2,070) (1,652) Total taxes on income $ 25,096 $ 23,909 $ 23,748 |
Schedule of effective income tax rate reconciliation [Table Text Block] | A reconciliation of the expected statutory U.S. federal rate to our actual effective income tax rate follows: Year Ended December 31, 2023 2022 2021 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.4 6.1 5.5 Effect of Canadian income taxes — (.2) .1 Nondeductible expenses .7 1.9 1.5 Stock compensation (.8) (.8) (.9) ESOP dividend deduction (.2) (.2) (.1) Uncertain tax adjustments and audit settlement .1 — (.5) Valuation allowance (.3) — — Other, net (.1) .4 — Effective income tax rate 25.8 % 28.2 % 26.6 % |
Deferred tax assets and liabilities, noncurrent [Table Text Block] | Significant components of our noncurrent net deferred tax assets and liabilities at December 31, were as follows: December 31, 2023 2022 Deferred tax assets: Self-insurance accruals $ 28,198 $ 28,183 Accrued compensated absences 2,451 1,931 Accrued expenses and other liabilities 880 808 Accrued stock compensation 4,093 3,298 Foreign tax credit carryforward 1,359 1,569 Lease obligations 21,958 20,938 Intangibles 81 — Other future deductible amounts, net 5,236 5,988 64,256 62,715 Less deferred tax asset valuation allowance 864 1,185 63,392 61,530 Deferred tax liabilities: Intangibles — 652 Prepaid expenses 5,874 5,142 Lease right of use assets 21,986 21,177 Property and equipment 29,531 27,731 57,391 54,702 Net deferred tax asset--noncurrent $ 6,001 $ 6,828 |
Summary of unrecognized income tax benefits [Table Text Block] | The balance of unrecognized benefits and the amount of related interest and penalties at December 31, were as follows: December 31, 2023 2022 Unrecognized tax benefits $ 1,022 $ 638 Portion, if recognized, would reduce tax expense and effective tax rate 369 311 Accrued interest on unrecognized tax benefits 47 53 |
Schedule of unrecognized tax benefits roll forward [Table Text Block] | The changes in our unrecognized tax benefits are summarized in the table below: Year Ended December 31, 2023 2022 2021 Balance, beginning of year $ 638 $ 700 $ 1,183 Additions based on tax positions related to the current year 436 24 4 Additions for tax positions of prior years 39 — — Reductions for tax positions of prior years — (8) (13) Lapses in statutes of limitations (91) (78) (474) Balance, end of year $ 1,022 $ 638 $ 700 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share calculation [Table Text Block] | Earnings per share was computed as follows: Year Ended December 31, 2023 2022 2021 Income available to common shareholders: Net income $ 72,140 $ 61,290 $ 65,699 Weighted-average shares: Basic: Outstanding 42,192,411 43,890,081 45,081,254 Partially-paid share subscriptions 1,259,250 557,594 — Basic weighted-average shares 43,451,661 44,447,675 45,081,254 Diluted: Basic from above 43,451,661 44,447,675 45,081,254 Incremental shares from assumed: Exercise of stock subscription purchase rights 37,638 — — Exercise of stock options and awards 2,048,399 2,289,696 2,508,822 Diluted weighted-average shares 45,537,698 46,737,371 47,590,076 Share data: Earnings per share--basic $ 1.66 $ 1.38 $ 1.46 Earnings per share--diluted $ 1.58 $ 1.31 $ 1.38 |
Operations by Business Segmen_2
Operations by Business Segment and Geographic Information Operations by business segment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment [Table Text Block] | Information on reportable segments and reconciliation to the consolidated financial statements follows: Utility Residential All Reconciling Consolidated Fiscal Year 2023 Revenues $ 934,977 $ 754,455 $ 4,049 $ — $ 1,693,481 Income (loss) from operations 63,414 71,822 (12,211) (8,818) (a) 114,207 Interest expense (13,745) (13,745) Interest income 1,894 1,894 Other income (expense), net (5,120) (5,120) Income before income taxes $ 97,236 Depreciation $ 21,565 $ 29,843 $ — $ 2,163 (b) $ 53,571 Amortization 1,873 3,199 — — 5,072 Capital expenditures 21,716 43,147 — 22,459 87,322 Segment assets, total 399,059 367,745 — 514,256 (c) 1,281,060 Fiscal Year 2022 Revenues $ 840,553 $ 666,972 $ 3,556 $ — $ 1,511,081 Income (loss) from operations 62,267 58,310 (14,993) (5,348) (a) 100,236 Interest expense (6,129) (6,129) Interest income 955 955 Other income (expense), net (9,863) (9,863) Income before income taxes $ 85,199 Depreciation $ 22,791 $ 26,294 $ — $ 2,884 (b) $ 51,969 Amortization 776 2,452 — — 3,228 Capital expenditures 26,178 44,173 — 18,387 88,738 Segment assets, total 362,399 313,401 — 280,421 (c) 956,221 Fiscal Year 2021 Revenues $ 765,072 $ 610,666 $ 2,315 $ — $ 1,378,053 Income (loss) from operations 73,893 60,261 (27,016) (5,872) (a) 101,266 Interest expense (4,973) (4,973) Interest income 175 175 Other income (expense), net (7,021) (7,021) Income before income taxes $ 89,447 Depreciation $ 25,364 $ 24,634 $ — $ 2,929 (b) $ 52,927 Amortization 611 2,430 — 3 3,044 Capital expenditures 23,303 36,506 — 15,882 75,691 Segment assets, total 298,070 275,204 — 199,667 (c) 772,941 Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: (a) Reclassification of depreciation expense and allocation of corporate expenses. (b) Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. (c) Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Schedule of revenue from external customers and long-lived assets attributed to foreign countries by geographic area [Table Text Block] | Geographic Information -- The following presents revenues and long-lived assets by geographic territory: Year Ended December 31, 2023 2022 2021 Revenues United States $ 1,594,546 $ 1,426,019 $ 1,292,496 Canada 98,935 85,062 85,557 $ 1,693,481 $ 1,511,081 $ 1,378,053 December 31, 2023 2022 2021 Long-lived assets, net United States $ 741,294 $ 484,740 $ 397,624 Canada 33,086 29,217 27,062 $ 774,380 $ 513,957 $ 424,686 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue Recognition [Abstract] | |
Disaggregation of revenue [Table Text Block] | The following tables disaggregate our revenue for the years ended December 31, 2023, December 31, 2022 and December 31, 2021 by major sources: Year Ended December 31, 2023 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 563,222 $ 411,508 $ (756) $ 973,974 Grounds maintenance — 185,994 — 185,994 Storm damage services 12,049 13,123 — 25,172 Consulting and other 359,706 143,830 4,805 508,341 Total revenues $ 934,977 $ 754,455 $ 4,049 $ 1,693,481 Geography: United States $ 881,428 $ 709,069 $ 4,049 $ 1,594,546 Canada 53,549 45,386 — 98,935 Total revenues $ 934,977 $ 754,455 $ 4,049 $ 1,693,481 Year Ended December 31, 2022 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 545,048 $ 383,148 $ (174) $ 928,022 Grounds maintenance — 169,948 — 169,948 Storm damage services 21,437 9,665 — 31,102 Consulting and other 274,068 104,211 3,730 382,009 Total revenues $ 840,553 $ 666,972 $ 3,556 $ 1,511,081 Geography: United States $ 800,590 $ 621,873 $ 3,556 $ 1,426,019 Canada 39,963 45,099 — 85,062 Total revenues $ 840,553 $ 666,972 $ 3,556 $ 1,511,081 Year Ended December 31, 2021 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 530,632 $ 358,589 $ (337) $ 888,884 Grounds maintenance — 155,543 — 155,543 Storm damage services 16,763 6,690 — 23,453 Consulting and other 217,677 89,844 2,652 310,173 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Geography: United States $ 723,577 $ 566,604 $ 2,315 $ 1,292,496 Canada 41,495 44,062 — 85,557 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 |
Contract with customer, asset and liability [Table Text Block] | Net contract liabilities consisted of the following: December 31, December 31, Contract liabilities - current $ 3,430 $ 3,723 Contract liabilities - noncurrent 3,700 4,145 Net contract liabilities $ 7,130 $ 7,868 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis [Table Text Block] | Our assets and liabilities measured at fair value on a recurring basis at December 31, 2023 and December 31, 2022, were as follows: Fair Value Measurements at December 31, 2023 Using: Total Quoted Significant Significant Description December 31, 2023 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 2,859 $ 2,859 $ — $ — Certificates of deposits, noncurrent 3,500 3,500 — — Available-for-sale debt securities: United States Government and agency securities 36,802 36,802 — — Corporate notes and bonds 260 260 — — Total available-for-sale debt securities 37,062 37,062 — — Marketable equity securities: Mutual funds 6,842 6,842 — — Corporate stocks 3,780 3,780 — — Exchange traded funds 1,480 1,480 — — Total marketable equity securities 12,102 12,102 — — Liabilities: Deferred compensation $ 1,572 $ — $ — $ 1,572 Fair Value Measurements at December 31, 2022 Using: Total Quoted Significant Significant Description December 31, 2022 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 3,750 $ 3,750 $ — $ — Certificates of deposits, noncurrent 6,359 6,359 — — Available-for-sale debt securities: United States Government and agency securities 25,254 25,254 — — Corporate notes and bonds 264 264 — — Total available-for-sale debt securities 25,518 25,518 — — Marketable equity securities: Mutual funds 13,873 13,873 — — Corporate stocks 3,007 3,007 — — Exchange traded funds 1,230 1,230 — — Total marketable equity securities 18,110 18,110 — — Liabilities: Deferred compensation $ 4,597 $ — $ 4,597 $ — |
Fair value, by balance sheet grouping [Table Text Block] | Financial instruments classified as noncurrent assets and liabilities and their carrying values and fair values were as follows: December 31, 2023 December 31, 2022 Carrying Fair Carrying Fair Assets: Available-for-sale debt securities $ 37,062 $ 37,062 $ 25,518 $ 25,518 Marketable equity securities 12,102 12,102 18,110 18,110 Liabilities: Revolving credit facility, noncurrent 141,616 141,616 150,433 150,433 Senior unsecured notes 135,000 130,959 75,000 74,968 Term loans, noncurrent 7,012 7,252 5,854 5,610 Total $ 283,628 $ 279,827 $ 231,287 $ 231,011 |
Our Business Reportable segment
Our Business Reportable segments (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Segment reporting, disclosure of entity's reportable segments | |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Accounting Policies [Abstract] | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 |
Stock split, conversion ratio | 2 | |
Common stock, shares authorized | shares | 96,000,000 | 96,000,000 |
Minimum [Member] | ||
Property, plant and equipment [Line Items] | ||
Intangible assets, estimated useful life (in years) | 1 year | |
Maximum [Member] | ||
Property, plant and equipment [Line Items] | ||
Intangible assets, estimated useful life (in years) | 7 years | |
Land improvements | Minimum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 5 years | |
Land improvements | Maximum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 20 years | |
Buildings | Minimum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 5 years | |
Buildings | Maximum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 30 years | |
Equipment | Minimum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 3 years | |
Equipment | Maximum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 20 years | |
Leasehold improvements | Minimum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 5 years | |
Leasehold improvements | Maximum [Member] | ||
Property, plant and equipment [Line Items] | ||
Property and equipment, estimated useful lives (in years) | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Goodwill impairment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Concentration of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer concentration risk [Member] | Revenue Benchmark | |||
Concentration risk, percentage | 10% | 11% | 13% |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business acquisition [Line Items] | |||
Investments in businesses | $ 34,077 | $ 46,229 | $ 18,399 |
Liabilities assumed | 5,285 | 15,592 | 3,713 |
Debt issued for purchases of businesses | (7,046) | (7,445) | (2,961) |
Goodwill | 14,758 | 14,255 | 7,723 |
Goodwill acquired during period, tax deductible amount | 14,758 | 14,255 | 2,228 |
Cash | 249 | 1,365 | 292 |
Accounts receivable | 211 | 10,794 | 509 |
Operating supplies | 0 | 6,351 | 0 |
business combination recognized identifiable assets acquired and liabilities assumed operating supplies | 1,538 | 48 | 1,044 |
Prepaid expense | 141 | 126 | 203 |
Equipment | 7,220 | 2,309 | 4,049 |
Other assets | 2,658 | 412 | 1,574 |
Intangible assets | 7,302 | 10,569 | 3,005 |
Cash paid | $ 21,746 | $ 23,192 | $ 11,725 |
Customer Lists [Member] | |||
Business acquisition [Line Items] | |||
Intangible assets, estimated useful life (in years) | 7 years | ||
Tradenames | |||
Business acquisition [Line Items] | |||
Intangible assets, estimated useful life (in years) | 7 years | ||
Noncompete agreements [Member] | |||
Business acquisition [Line Items] | |||
Intangible assets, estimated useful life (in years) | 5 years |
Accounts Receivable, Net and _3
Accounts Receivable, Net and Supplemental Balance Sheet Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts receivable, net | ||
Accounts receivable | $ 263,426,000 | $ 242,427,000 |
Unbilled receivables (1) | 99,485,000 | 82,605,000 |
Accounts receivable, gross, current | 362,911,000 | 325,032,000 |
Less allowances for credit losses | 2,441,000 | 3,222,000 |
Accounts receivable, net | 360,470,000 | 321,810,000 |
Other current assets | ||
Refundable income taxes | 0 | 14,000 |
Mitigation bank credit inventory | 28,385,000 | 6,351,000 |
Assets invested for self-insurance | 20,959,000 | 24,828,000 |
Payroll taxes refundable | 22,591,000 | 18,283,000 |
Other | 302,000 | 2,396,000 |
Other current assets, total | 72,237,000 | 51,872,000 |
Property, plant and equipment | ||
Land and land improvements | 28,177,000 | 26,023,000 |
Buildings and leasehold improvements | 99,964,000 | 80,768,000 |
Equipment | 684,562,000 | 663,207,000 |
Property and equipment | 812,703,000 | 769,998,000 |
Less accumulated depreciation | 500,025,000 | 501,459,000 |
Property and equipment, net | 312,678,000 | 268,539,000 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 4,961,000 | 2,049,000 |
Other assets, noncurrent | ||
Investment--cost-method affiliate | 1,405,000 | 1,258,000 |
Net deferred tax asset--noncurrent | 6,001,000 | 6,828,000 |
Cloud computing arrangements | 107,000 | 2,652,000 |
Other | 4,362,000 | 4,603,000 |
Other assets, noncurrent, total | 11,875,000 | 15,341,000 |
Accrued expenses | ||
Employee compensation | 40,656,000 | 35,536,000 |
Accrued compensated absences | 14,483,000 | 13,034,000 |
Self-insured medical claims | 2,309,000 | 2,806,000 |
Customer advances, deposits | 1,275,000 | 7,736,000 |
Income taxes payable | 1,135,000 | 6,573,000 |
Taxes, other than income | 6,017,000 | 5,764,000 |
Other | 16,069,000 | 6,005,000 |
Accrued expenses, total | 81,944,000 | 77,454,000 |
Other liabilities, noncurrent | ||
Pension and retirement plans | 5,630,000 | 8,336,000 |
Other | 6,096,000 | 8,184,000 |
Other liabilities, noncurrent, total | $ 11,726,000 | $ 16,520,000 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 18,200 | $ 5,855 | $ 4,929 |
Supplemental cash flow information | |||
Income taxes paid, net | 29,677 | 18,367 | 34,094 |
Noncash transactions: | |||
Debt issued for purchases of businesses | (7,046) | (7,445) | (2,961) |
Detail of acquisitions: | |||
Cash | 249 | 1,365 | 292 |
Accounts receivable | 211 | 10,794 | 509 |
business combination recognized identifiable assets acquired and liabilities assumed operating supplies | 1,538 | 48 | 1,044 |
Operating supplies | 0 | 6,351 | 0 |
Prepaid expense | 141 | 126 | 203 |
Equipment | 7,220 | 2,309 | 4,049 |
Other assets | 2,658 | 412 | 1,574 |
Intangible assets | 7,302 | 10,569 | 3,005 |
Goodwill | 14,758 | 14,255 | 7,723 |
Liabilities assumed | 5,285 | 15,592 | 3,713 |
Cash paid | $ 21,746 | $ 23,192 | $ 11,725 |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 36,669 | $ 25,800 |
Gross unrealized gains | 411 | 84 |
Gross unrealized loss | 18 | 366 |
Fair value (net carrying amount) | 37,062 | 25,518 |
Marketable equity securities | 12,102 | 18,110 |
Less than one year | 17,860 | |
One year through five years | 18,809 | |
Six years through ten years | 0 | |
After ten years | 0 | |
Total | 36,669 | |
Less than one year | 18,100 | |
One year through five years | 18,962 | |
Six years through ten years | 0 | |
After ten years | 0 | |
Total | 37,062 | |
Quoted prices in active markets, (level 1) | Fair value measurements, recurring [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value (net carrying amount) | 25,518 | |
Marketable equity securities | 12,102 | 18,110 |
United States Government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 36,409 | 25,485 |
Gross unrealized gains | 411 | 84 |
Gross unrealized loss | 18 | 315 |
Fair value (net carrying amount) | 36,802 | 25,254 |
United States Government and agency securities | Quoted prices in active markets, (level 1) | Fair value measurements, recurring [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value (net carrying amount) | 36,802 | 25,254 |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 260 | 315 |
Gross unrealized gains | 0 | 0 |
Gross unrealized loss | 0 | 51 |
Fair value (net carrying amount) | 260 | 264 |
Corporate notes and bonds | Quoted prices in active markets, (level 1) | Fair value measurements, recurring [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value (net carrying amount) | $ 260 | $ 264 |
Identified Intangible Assets _3
Identified Intangible Assets and Goodwill, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, gross | $ 67,546 | $ 61,206 | |
Accumulated amortization | 47,332 | 42,257 | |
Intangible assets, net | 20,214 | 18,949 | |
Goodwill | $ 84,800 | 70,107 | $ 55,980 |
Customer Lists [Member] | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 3 years 10 months 24 days | ||
Finite-lived intangible assets, gross | $ 41,679 | 36,745 | |
Accumulated amortization | $ 29,252 | 26,243 | |
Employment-related | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 2 years 6 months | ||
Finite-lived intangible assets, gross | $ 13,007 | 12,242 | |
Accumulated amortization | $ 9,957 | 8,931 | |
Tradenames | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 3 years 9 months 18 days | ||
Finite-lived intangible assets, gross | $ 12,860 | 12,219 | |
Accumulated amortization | $ 8,123 | $ 7,083 |
Identified Intangible Assets _4
Identified Intangible Assets and Goodwill, Net Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | $ 70,107 | $ 55,980 | |
Goodwill, acquisitions | 14,758 | 14,255 | $ 7,723 |
Goodwill, translation and other adjustments | (65) | (128) | |
Goodwill, balance at December 31 | 84,800 | 70,107 | 55,980 |
Utility | |||
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | 4,941 | 4,911 | |
Goodwill, acquisitions | 0 | 30 | |
Goodwill, translation and other adjustments | 0 | 0 | |
Goodwill, balance at December 31 | 4,941 | 4,941 | 4,911 |
Residential and Commercial | |||
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | 65,166 | 51,069 | |
Goodwill, acquisitions | 14,758 | 14,225 | |
Goodwill, translation and other adjustments | (65) | (128) | |
Goodwill, balance at December 31 | $ 79,859 | $ 65,166 | $ 51,069 |
Identified Intangible Assets _5
Identified Intangible Assets and Goodwill, Net (Future Amortization of Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-lived intangible assets, net, amortization expense, fiscal year maturity [Abstract] | ||
Year ending December 31, 2024 | $ 5,155 | |
2025 | 4,361 | |
2026 | 3,519 | |
2027 | 2,934 | |
2028 | 2,140 | |
Thereafter | 2,105 | |
Intangible assets, net | $ 20,214 | $ 18,949 |
Short and Long-Term Debt and _3
Short and Long-Term Debt and Commitments Related to Letters of Credit Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt instrument [Line Items] | ||
Notes payable | $ 543 | $ 0 |
Current portion of finance leases | 4,794 | 3,046 |
Short-term debt | 45,766 | 26,872 |
Revolving credit facility, maximum borrowing capacity | 425,000 | |
Revolving credit facility, noncurrent | 141,616 | 150,433 |
Term loans | 32,442 | 29,680 |
Long-Term Debt, Total | 324,058 | 255,113 |
Less debt issuance costs | 452 | 519 |
Less current portion | 40,429 | 23,826 |
Long-term debt, excluding current maturities | $ 283,177 | 230,768 |
Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |
Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | |
Swing-line borrowings [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, noncurrent | $ 6,616 | 25,433 |
Accounts receivable securitization [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Accounts receivable securitization [Member] | Base rate, federal funds [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
3.99% Senior unsecured notes [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | $ 50,000 | 50,000 |
4.00% Senior unsecured notes [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | 25,000 | 25,000 |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Revolving credit facility, noncurrent | 135,000 | 125,000 |
6.19% Senior unsecured notes | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | 75,000 | 0 |
Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit outstanding | 94,702 | 94,435 |
Letter of credit [Member] | Accounts receivable securitization [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | 150,000 | |
Letters of credit outstanding | $ 89,689 | $ 89,689 |
Letter of credit [Member] | Accounts receivable securitization [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |
Letter of credit [Member] | Accounts receivable securitization [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | |
Line of credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Line of credit [Member] | Base rate, federal funds [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Line of credit [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |
Line of credit [Member] | Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Short and Long-Term Debt and _4
Short and Long-Term Debt and Commitments Related to Letters of Credit Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt instrument [Line Items] | ||
Committed under credit facility | $ 8,201 | |
Revolving credit facility, current borrowing capacity | 325,000 | |
Revolving credit facility, maximum borrowing capacity | $ 425,000 | |
Number of principal payments | 5 | |
Anniversary when principal payments begin | 6 | |
Debt Instrument, Annual Principal Payment | $ 10,000 | |
Unused commitments under credit facility | 180,760 | |
Revolving credit facility, noncurrent | $ 141,616 | $ 150,433 |
Long-term debt, weighted average interest rate | 5.19% | 3.14% |
Long-term debt, fiscal year maturity [Abstract] | ||
2024 | $ 40,429 | |
2025 | 19,846 | |
2026 | 173,783 | |
2027 | 45,000 | |
2028 | $ 45,000 | |
Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |
Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | |
Line of credit [Member] | ||
Long-term debt, fiscal year maturity [Abstract] | ||
Line of credit facility amount committed | $ 144,240 | |
Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit outstanding | $ 94,702 | $ 94,435 |
Base rate, federal funds [Member] | Line of credit [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 0.50% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of credit [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 1.50% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of credit [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 0.875% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of credit [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 1.50% | |
Swing-line borrowings [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, current borrowing capacity | $ 30,000 | |
Revolving credit facility, noncurrent | 6,616 | 25,433 |
Line of credit [Member] | Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit outstanding | 2,389 | 2,122 |
3.99% Senior unsecured notes [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | $ 50,000 | 50,000 |
Senior unsecured notes, interest rate | 3.99% | |
Debt Instrument, Face Amount | $ 50,000 | |
4.00% Senior unsecured notes [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | $ 25,000 | 25,000 |
Senior unsecured notes, interest rate | 4% | |
Unsecured debt additional shelf note capacity | $ 25,000 | |
Revolving credit facility [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Interest coverage ratio | 3 | |
Revolving credit facility [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Ratio of Indebtedness to Net Capital | 3 | |
Revolving credit facility [Member] | Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit outstanding | $ 2,624 | 2,624 |
Accounts receivable securitization [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes, interest rate | 0.90% | |
Unused commitment fee threshold percent | 0.50 | |
Debt instrument variable rate base rate calculation, default rate | 2% | |
Accounts receivable securitization [Member] | Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, current borrowing capacity | $ 90,000 | |
Revolving credit facility, maximum borrowing capacity | 150,000 | |
Letters of credit outstanding | $ 89,689 | 89,689 |
Debt instrument, term (in years) | 1 year | |
Accounts receivable securitization [Member] | Letter of credit [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |
Accounts receivable securitization [Member] | Letter of credit [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | |
Accounts receivable securitization [Member] | Base rate, federal funds [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 0.50% | |
Accounts receivable securitization [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 0.10% | |
Long-term debt, fiscal year maturity [Abstract] | ||
Debt Instrument, Interest Rate, Increase (Decrease) | 1% | |
Debt Instrument, Interest Rate, Increase (Decrease) | 1% | |
Unsecured Debt | ||
Debt instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 75,000 | |
Long-term debt, fiscal year maturity [Abstract] | ||
Unsecured debt, current borrowing capacity | 150,000 | |
6.19% Senior unsecured notes | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | $ 75,000 | $ 0 |
Senior unsecured notes, interest rate | 6.19% | |
Line of credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Outstanding borrowings interest rate margin adjustment range | 1.86% | |
Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 150,000 | |
Line of credit [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, current borrowing capacity | 11,133 | |
Revolving credit facility, noncurrent | $ 543 |
Self-Insurance Accruals (Detail
Self-Insurance Accruals (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Self-Insurance Accruals [Abstract] | ||
Workers' compensation | $ 58,434 | $ 61,409 |
Vehicle liability | 26,712 | 18,606 |
General liability | 49,286 | 54,132 |
Total | 134,432 | 134,147 |
Less current portion | 50,379 | 56,221 |
Noncurrent portion | 84,053 | 77,926 |
Loss contingency accrual | ||
Balance, beginning of year | 134,147 | 125,966 |
Provision for claims | 58,082 | 52,790 |
Payment of claims | (57,797) | (44,609) |
Balance, end of year | $ 134,432 | $ 134,147 |
Leases Assets and liabilities l
Leases Assets and liabilities leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of lease assets and liabilities [Line Items] | ||
Operating lease assets | $ 110,248 | $ 104,612 |
Finance lease assets | 18,613 | 12,948 |
Total lease assets | 128,861 | 117,560 |
Current operating lease liabilities | 39,043 | 34,652 |
Non-current operating lease liabilities | 71,134 | 68,878 |
Total operating lease liabilities | 110,177 | 103,530 |
Current portion of finance lease liabilities | 4,794 | 3,046 |
Non-current finance lease liabilities | 13,544 | 9,481 |
Total finance lease liabilities | 18,338 | 12,527 |
Total lease liabilities | $ 128,515 | $ 116,057 |
Leases Lease cost (Details)
Leases Lease cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income and expenses, lessee [Line Items] | ||
Amortization of right-of-use assets | $ 4,113 | $ 3,052 |
Interest expense on lease liabilities | 490 | 278 |
Total lease cost | 60,459 | 48,283 |
Operating expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 31,945 | 26,243 |
Other lease cost | 7,957 | 4,814 |
Selling expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 12,942 | 11,433 |
Other lease cost | 1,808 | 1,190 |
General and administrative expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 1,159 | 1,186 |
Other lease cost | $ 45 | $ 87 |
Leases Weighted average remaini
Leases Weighted average remaining lease term (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Operating lease, weighted average remaining lease term | 3 years 4 months 24 days |
Finance lease, weighted average remaining lease term | 4 years 4 months 24 days |
Leases Weighted average interes
Leases Weighted average interest rate (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Operating lease, weighted average discount rate, percent | 4.25% |
Finance lease, weighted average discount rate, percent | 4.34% |
Leases Supplemental cash flow i
Leases Supplemental cash flow information for leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 45,184 | $ 39,674 | |
Operating cash flows from finance leases | 485 | 278 | |
Lessee, Finance Lease, Variable Lease Payment, Terms and Conditions | 3,973 | 2,987 | $ 3,348 |
Right-of-use asset obtained in exchange for operating lease liability | 47,331 | 57,681 | |
Right-of-use asset obtained in exchange for finance lease liability | $ 9,598 | $ 4,409 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Year ending December 31, 2024 | $ 42,926 | |
2025 | 33,876 | |
2026 | 21,579 | |
2027 | 12,050 | |
2028 | 4,895 | |
Thereafter | 2,884 | |
Total lease payments | 118,210 | |
Less interest | 8,033 | |
Total | 110,177 | $ 103,530 |
Year ending December 31, 2024 | 5,566 | |
2025 | 4,942 | |
2026 | 4,071 | |
2027 | 2,449 | |
2028 | 1,647 | |
Thereafter | 1,570 | |
Total lease payments | 20,245 | |
Less interest | 1,907 | |
Total | $ 18,338 | $ 12,527 |
Common Shares, Redeemable Com_3
Common Shares, Redeemable Common Shares and Preferred Shares Common shares outstanding (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | |
Stock split, conversion ratio | 2 | ||
Preferred shares | |||
Preferred stock, shares authorized | 4,000,000 | ||
Preferred stock, par value | $ / shares | $ 0 | ||
Preferred stock, shares issued | 0 | ||
Common stock, number of shares, par value and other disclosures [Abstract] | |||
Common stock, shares authorized | 96,000,000 | 96,000,000 | |
Redeemable stock, outstanding | 8,499,086 | 9,188,010 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | |
Common stock, shares issued | 77,328,434 | 76,639,510 | 76,435,752 |
Treasury stock, shares | 44,480,126 | 43,110,036 | 41,325,298 |
Shares purchased, value | $ | $ 78,076 | $ 75,694 | $ 50,946 |
Common shares, direct sales | 151,055 | ||
Common shares, value, direct sales | $ | $ 5,226 | ||
Stock issued during period, shares, employee benefit plan | 721,546 | ||
Stock issued during period, value, employee retirement plan | $ | $ 14,000 | ||
Common shares, employer matching contribution, shares | 526,147 | ||
Employee retirement plan, employer match | $ | $ 10,240 | ||
Accrued 401K match | $ | $ 2,447 | ||
Stock issued during period, shares, employee stock purchase plan | 615,917 | ||
Increase (decrease) in stockholders' equity [Roll Forward] | |||
Shares outstanding, beginning of year | 42,717,484 | 44,502,222 | |
Shares purchased | (3,972,974) | (4,165,582) | |
Shares sold | 2,014,365 | 1,771,075 | |
Stock subscription offering, employee cash purchases | 13,662 | 152,800 | |
Options exercised | 574,857 | 456,969 | |
Shares outstanding, end of year | 41,347,394 | 42,717,484 | 44,502,222 |
Stock subscription offering, number of partially-paid subscriptions | 1,259,250 | ||
Stock subscription offering, number of rights outstanding | 455,754 | ||
Per share amounts and common shares outstanding [Abstract] | |||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 1,488,455 | ||
Stock subscription offering, number of rights outstanding | 455,754 | ||
Treasury stock [Member] | |||
Common stock, number of shares, par value and other disclosures [Abstract] | |||
Shares purchased, value | $ | $ 78,076 | $ 75,694 | $ 50,946 |
Employee stock option | |||
Per share amounts and common shares outstanding [Abstract] | |||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 1,488,455 |
Common Shares, Redeemable Com_4
Common Shares, Redeemable Common Shares and Preferred Shares Stock subscription (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Stock subscription offering [Abstract] | |
Stock subscription offering, subscription price | $ / shares | $ 18.10 |
Stock subscription offering, number of shares subscribed | 1,476,250 |
stock subscription offering, value of shares subscribed | $ | $ 26,720,000 |
Stock subscription offering, minimum financed amount | $ | $ 5,000 |
Stock subscription offering, down payment | 10% |
Stock subscription offering, term | 7 years |
Stock subscription offering interest rate | 3.15% |
Stock subscription offering, minimum amount to receive right | $ | $ 5,000 |
stock subscription offering, number of shares purchased to receive one right | 3 |
Stock subscription offering, number of rights issued | 489,169 |
Stock subscription offering, right expiration term | 7 years |
Stock subscription offering, total number of shares offered | 2,666,667 |
Common Shares, Redeemable Com_5
Common Shares, Redeemable Common Shares and Preferred Shares Common shares by class (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Shares, Outstanding | 41,347,394 | 42,717,484 | 44,502,222 |
Treasury Stock, Shares, Acquired | (3,972,974) | (4,165,582) | |
Shares sold | 2,014,365 | 1,771,075 | |
Stock subscription offering, employee cash purchases | 13,662 | 152,800 | |
Options exercised | 574,857 | 456,969 | |
Permanent equity [Member] | |||
Class of Stock [Line Items] | |||
Shares, Outstanding | 32,848,308 | 33,529,474 | 35,110,432 |
Treasury Stock, Shares, Acquired | (2,560,912) | (3,020,253) | |
Shares sold | 1,291,227 | 829,526 | |
Stock subscription offering, employee cash purchases | 13,662 | 152,800 | |
Options exercised | 574,857 | 456,969 | |
Temporary equity [Member] | |||
Class of Stock [Line Items] | |||
Shares, Outstanding | 8,499,086 | 9,188,010 | 9,391,790 |
Treasury Stock, Shares, Acquired | (1,412,062) | (1,145,329) | |
Shares sold | 723,138 | 941,549 | |
Stock subscription offering, employee cash purchases | 0 | 0 | |
Options exercised | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ (4,785,000) | $ (5,588,000) | $ (4,173,000) | $ (4,547,000) |
Foreign currency translation adjustments | 589,000 | (1,857,000) | 84,000 | |
Unrealized gain (loss) on available-for-sale securities | 95,000 | (245,000) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 272,000 | 111,000 | 201,000 | |
Tax effect | (76,000) | 23,000 | (52,000) | |
Unrecognized amounts from defined benefit pension plans | (103,000) | 705,000 | 110,000 | |
Tax effect | 26,000 | (152,000) | 31,000 | |
Net of tax amount | 803,000 | (1,415,000) | 374,000 | |
Foreign currency translation adjustments [Member] | ||||
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | (4,922,000) | (5,511,000) | (3,654,000) | (3,738,000) |
Unrealized gain (loss) on available-for-sale securities | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Unrecognized amounts from defined benefit pension plans | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Net of tax amount | 589,000 | (1,857,000) | 84,000 | |
Defined benefit pension plans [Member] | ||||
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | 45,000 | 122,000 | (519,000) | (809,000) |
Foreign currency translation adjustments | 0 | 0 | 0 | |
Unrealized gain (loss) on available-for-sale securities | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 119,000 | 201,000 | |
Tax effect | 0 | (31,000) | (52,000) | |
Unrecognized amounts from defined benefit pension plans | (103,000) | 705,000 | 110,000 | |
Tax effect | 26,000 | (152,000) | 31,000 | |
Net of tax amount | (77,000) | 641,000 | 290,000 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||||
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | 92,000 | (199,000) | 0 | $ 0 |
Foreign currency translation adjustments | 0 | 0 | 0 | |
Unrealized gain (loss) on available-for-sale securities | (95,000) | 245,000 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 272,000 | (8,000) | 0 | |
Tax effect | (76,000) | 54,000 | 0 | |
Unrecognized amounts from defined benefit pension plans | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Net of tax amount | $ 291,000 | $ (199,000) | $ 0 |
The Davey 401KSOP and Employe_2
The Davey 401KSOP and Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Employee stock ownership plan (ESOP), initial shares in ESOP | 120,000 | ||
Employee Stock Ownership Plan (ESOP), shares adjusted for stock splits | 46,080,000 | ||
Employee stock ownership plan (ESOP), initial value in ESOP | $ 2,700 | ||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 4% | ||
Defined contribution plan, eligible age | 21 years | ||
Defined contribution plan, service requirement for eligibility (in years) | 1 year | ||
Number of put option periods | 2 | ||
Duration of put option periods (in days) | 60 days | ||
Employee Stock Ownership Plan (ESOP), fair value of shares subject to repurchase obligation | $ 5,272 | $ 1,833 | |
Company shares held in 401KSOP and ESOP, fair value | 183,408 | 168,145 | |
Redeemable common shares related to 401KSOP and Employee Stock Ownership Plan (ESOP): | 188,680 | 169,978 | |
Employee retirement plan, employer match | $ 10,441 | $ 9,490 | $ 8,485 |
First 3% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 100% | ||
3% to 5% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 50% | ||
Maximum [Member] | First 3% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 3% | ||
Maximum [Member] | 3% to 5% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 2% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual percentage of outstanding shares available for grant, maximum | 5% | ||
Cumulative percentage of outstanding shares available for grant in a year, maximum | 10% | ||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 6,723 | $ 7,930 | $ 4,625 |
Income tax benefit | $ 1,293 | $ 1,722 | $ 793 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility rate | 9.60% | 9.70% | 9.90% |
Risk-free interest rate | 4.10% | 1.70% | 0.30% |
Expected dividend yield | 0.40% | 0.40% | 0.40% |
Expected life of awards (years) | 3 years | 3 years | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Exercisable, ending balance | 1,488,455 | ||
Share-Based Payment Arrangement, Exercise of Option, Tax Benefit | $ 1,109 | $ 1,067 | $ 1,102 |
Employee stock option | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 217 | $ 407 | 429 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Vesting period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance | 2,072,949 | ||
Granted | 0 | ||
Exercised | (263,318) | ||
Forfeited | 120,800 | ||
Outstanding, ending balance | 1,688,831 | 2,072,949 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Exercisable, ending balance | 1,488,455 | ||
Outstanding, weighted average exercise price, ending balance | $ 9.04 | $ 8.59 | |
Granted, weighted average exercise price | 0 | ||
Exercised, weighted average exercise price | 7 | ||
Forfeited, weighted average exercise price | 5.80 | ||
Exercisable, weighted average exercise price | $ 8.69 | ||
Outstanding, weighted average remaining contractual life | 3 years 4 months 24 days | ||
Exercisable, weighted average remaining contractual life (years) | 3 years 1 month 6 days | ||
Unrecognized compensation cost | $ 155 | ||
Outstanding, aggregate intrinsic value | 19,861 | ||
Exercisable, aggregate intrinisic value | $ 18,025 | ||
Number outstanding | 1,688,831 | ||
Outstanding options, weighted average exercise price | $ 9.04 | ||
Number exercisable | 1,488,455 | ||
Exercisable options, weighted average exercise price | $ 8.69 | ||
Stock Appreciation Rights (SARs) | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 84 | 157 | |
Restricted Stock Units (RSUs) | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 4,794 | $ 5,615 | 2,407 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested, beginning balance | 766,267 | ||
Granted | 238,918 | ||
Forfeited | 0 | ||
Vested | (71,342) | ||
Unvested, ending balance | 933,843 | 766,267 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, beginning balance | $ 14.95 | ||
Granted, weighted average award date value | 18.29 | ||
Forfeited, weighted average award date value | 0 | ||
Vested, weighted average award date value | 12.18 | ||
Unvested, weighted average award date value, ending balance | $ 16.02 | $ 14.95 | |
Weighted average remaining contractual life (years) | 1 year 3 months 18 days | ||
Unrecognized compensation cost | $ 5,763 | ||
Aggregate intrinsic value, unvested | $ 19,424 | ||
Employee PRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 224,540 | ||
Unvested, ending balance | 885,572 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, ending balance | $ 15.97 | ||
Weighted average remaining contractual life (years) | 1 year 3 months 18 days | ||
Unrecognized compensation cost | $ 5,388 | ||
Aggregate intrinsic value, unvested | $ 18,420 | ||
Nonemployee Director RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 14,378 | ||
Unvested, ending balance | 48,271 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, ending balance | $ 16.79 | ||
Weighted average remaining contractual life (years) | 1 year 4 months 24 days | ||
Unrecognized compensation cost | $ 375 | ||
Aggregate intrinsic value, unvested | $ 1,004 | ||
$6.60 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | $ 6.60 | ||
Upper range limit | $ 6.60 | ||
Number outstanding | 257,324 | ||
Weighted average remaining contractual life (years) | 6 months | ||
Outstanding options, weighted average exercise price | $ 6.60 | ||
Number exercisable | 257,324 | ||
Exercisable options, weighted average exercise price | $ 6.60 | ||
$7.53 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 7.53 | ||
Upper range limit | $ 7.53 | ||
Number outstanding | 253,200 | ||
Weighted average remaining contractual life (years) | 1 year 6 months | ||
Outstanding options, weighted average exercise price | $ 7.53 | ||
Number exercisable | 253,200 | ||
Exercisable options, weighted average exercise price | $ 7.53 | ||
$8.18 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 8.18 | ||
Upper range limit | $ 8.18 | ||
Number outstanding | 288,000 | ||
Weighted average remaining contractual life (years) | 2 years 6 months | ||
Outstanding options, weighted average exercise price | $ 8.18 | ||
Number exercisable | 288,000 | ||
Exercisable options, weighted average exercise price | $ 8.18 | ||
$8.80 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 8.80 | ||
Upper range limit | $ 8.80 | ||
Number outstanding | 182,800 | ||
Weighted average remaining contractual life (years) | 3 years 6 months | ||
Outstanding options, weighted average exercise price | $ 8.80 | ||
Number exercisable | 182,800 | ||
Exercisable options, weighted average exercise price | $ 8.80 | ||
$9.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 9.55 | ||
Upper range limit | $ 9.55 | ||
Number outstanding | 200,350 | ||
Weighted average remaining contractual life (years) | 4 years 6 months | ||
Outstanding options, weighted average exercise price | $ 9.55 | ||
Number exercisable | 200,350 | ||
Exercisable options, weighted average exercise price | $ 9.55 | ||
$10.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 10.55 | ||
Upper range limit | $ 10.55 | ||
Number outstanding | 41,425 | ||
Weighted average remaining contractual life (years) | 5 years 2 months 12 days | ||
Outstanding options, weighted average exercise price | $ 10.55 | ||
Number exercisable | 30,305 | ||
Exercisable options, weighted average exercise price | $ 10.55 | ||
$10.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 10.55 | ||
Upper range limit | $ 10.55 | ||
Number outstanding | 184,266 | ||
Weighted average remaining contractual life (years) | 5 years 6 months | ||
Outstanding options, weighted average exercise price | $ 10.55 | ||
Number exercisable | 134,928 | ||
Exercisable options, weighted average exercise price | $ 10.55 | ||
$12.10 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 12.10 | ||
Upper range limit | $ 12.10 | ||
Number outstanding | 46,506 | ||
Weighted average remaining contractual life (years) | 6 years 2 months 12 days | ||
Outstanding options, weighted average exercise price | $ 12.10 | ||
Number exercisable | 23,788 | ||
Exercisable options, weighted average exercise price | $ 12.10 | ||
$12.10 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 12.10 | ||
Upper range limit | $ 12.10 | ||
Number outstanding | 234,960 | ||
Weighted average remaining contractual life (years) | 6 years 6 months | ||
Outstanding options, weighted average exercise price | $ 12.10 | ||
Number exercisable | 117,760 | ||
Exercisable options, weighted average exercise price | $ 12.10 | ||
The Davey Employee Stock Purchase Plan | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 1,712 | $ 1,824 | $ 1,632 |
Employee Stock Purchase Plan [Abstract] | |||
Employee stock purchase plan, service period (in years) | 1 year | ||
Employee stock purchase plan, percentage of market price, purchase date | 85% | ||
Employee stock purchase, discount from market price, purchase date | 15% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income before income taxes | |||
Income before income taxes | $ 97,236 | $ 85,199 | $ 89,447 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 97,237 | 85,199 | 89,447 |
Provision for income taxes | |||
Federal | 17,708 | 18,795 | 18,101 |
State | 6,275 | 7,173 | 7,221 |
Canadian | (62) | 11 | 78 |
Total current | 23,921 | 25,979 | 25,400 |
Deferred taxes | 1,175 | (2,070) | (1,652) |
Total taxes on income | $ 25,096 | $ 23,909 | $ 23,748 |
Tax rate reconciliation | |||
Statutory U.S. federal tax rate | 21% | 21% | 21% |
State income taxes, net of federal benefit | 5.40% | 6.10% | 5.50% |
Effect of Canadian income taxes | 0% | (0.20%) | 0.10% |
Nondeductible expenses | 0.70% | 1.90% | 1.50% |
Stock compensation | (0.80%) | (0.80%) | (0.90%) |
ESOP dividend deduction | (0.20%) | (0.20%) | (0.10%) |
Uncertain tax adjustments and audit settlement | 0.10% | 0% | (0.50%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (0.30%) | 0% | 0% |
Other, net | (0.10%) | 0.40% | 0% |
Effective income tax rate | 25.80% | 28.20% | 26.60% |
Noncurrent deferred tax assets and liabilities, net | |||
Self-insurance accruals | $ 28,198 | $ 28,183 | |
Accrued compensated absences | 2,451 | 1,931 | |
Accrued expenses and other liabilities | 880 | 808 | |
Accrued stock compensation | 4,093 | 3,298 | |
Foreign tax credit carryforward | 1,359 | 1,569 | |
Lease obligations | 21,958 | 20,938 | |
Deferred Tax Assets, Goodwill and Intangible Assets | 81 | 0 | |
Other future deductible amounts, net | 5,236 | 5,988 | |
Deferred tax assets, gross,noncurrent | 64,256 | 62,715 | |
Less deferred tax asset valuation allowance | 864 | 1,185 | |
Deferred tax assets, net--noncurrent | 63,392 | 61,530 | |
Intangibles | 0 | 652 | |
Prepaid expenses | 5,874 | 5,142 | |
Lease right of use assets | 21,986 | 21,177 | |
Property and equipment | 29,531 | 27,731 | |
Deferred tax liabilities, gross, noncurrent | 57,391 | 54,702 | |
Net deferred tax asset--noncurrent | 6,001 | 6,828 | |
Undistributed earnings of foreign subsidiaries | 23,830 | ||
Unrecognized benefits and related interest and penalties | |||
Unrecognized tax benefits | 1,022 | 638 | $ 700 |
Portion, if recognized, would reduce tax expense and effective tax rate | 369 | 311 | |
Accrued interest on unrecognized tax benefits | 47 | 53 | |
Reconciliation of unrecognized tax benefits | |||
Balance, beginning of year | 638 | 700 | 1,183 |
Additions based on tax positions related to the current year | (436) | (24) | (4) |
Additions for tax positions of prior years | 39 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 8 | 13 |
Lapses in statutes of limitations | (91) | (78) | (474) |
Balance, end of year | 1,022 | 638 | 700 |
United States | |||
Income before income taxes | |||
Income before income taxes | 99,116 | 90,379 | 89,086 |
Canada | |||
Income before income taxes | |||
Income before income taxes | $ (1,879) | $ (5,180) | $ 361 |
Earnings Per Share Informatio_2
Earnings Per Share Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | |
Earnings Per Share [Abstract] | |||
Net income | $ | $ 72,140 | $ 61,290 | $ 65,699 |
Weighted-average shares, basic | |||
Outstanding | 42,192,411 | 43,890,081 | 45,081,254 |
Partially-paid share subscriptions | 1,259,250 | 557,594 | 0 |
Basic weighted-average shares | 43,451,661 | 44,447,675 | 45,081,254 |
Weighted-average shares, diluted | |||
Exercise of stock subscription purchase rights | 37,638 | 0 | 0 |
Exercise of stock options and awards | 2,048,399 | 2,289,696 | 2,508,822 |
Diluted weighted-average shares | 45,537,698 | 46,737,371 | 47,590,076 |
Earnings per share--basic | $ / shares | $ 1.66 | $ 1.38 | $ 1.46 |
Earnings per share--diluted | $ / shares | $ 1.58 | $ 1.31 | $ 1.38 |
Stock split, conversion ratio | 2 |
Operations by Business Segmen_3
Operations by Business Segment and Geographic Information Operations by Busines Segment (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | 2 | |||||
Revenues | $ 1,693,481 | $ 1,511,081 | $ 1,378,053 | |||
Income (loss) from operations | 114,207 | 100,236 | 101,266 | |||
Interest expense | 13,745 | 6,129 | 4,973 | |||
Interest income | 1,894 | 955 | 175 | |||
Other income (expense), net | (5,120) | (9,863) | (7,021) | |||
Income before income taxes | 97,236 | 85,199 | 89,447 | |||
Depreciation | 53,571 | 51,969 | 52,927 | |||
Amortization | 5,072 | 3,228 | 3,044 | |||
Capital expenditures | 87,322 | 88,738 | 75,691 | |||
Segment assets, total | 1,281,060 | 956,221 | 772,941 | |||
Utility Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 934,977 | 840,553 | 765,072 | |||
Income (loss) from operations | 63,414 | 62,267 | 73,893 | |||
Depreciation | 21,565 | 22,791 | 25,364 | |||
Amortization | 1,873 | 776 | 611 | |||
Capital expenditures | 21,716 | 26,178 | 23,303 | |||
Segment assets, total | 399,059 | 362,399 | 298,070 | |||
Residential Commercial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 754,455 | 666,972 | 610,666 | |||
Income (loss) from operations | 71,822 | 58,310 | 60,261 | |||
Depreciation | 29,843 | 26,294 | 24,634 | |||
Amortization | 3,199 | 2,452 | 2,430 | |||
Capital expenditures | 43,147 | 44,173 | 36,506 | |||
Segment assets, total | 367,745 | 313,401 | 275,204 | |||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 4,049 | 3,556 | 2,315 | |||
Income (loss) from operations | (12,211) | (14,993) | (27,016) | |||
Depreciation | 0 | 0 | 0 | |||
Amortization | 0 | 0 | 0 | |||
Capital expenditures | 0 | 0 | 0 | |||
Segment assets, total | 0 | 0 | 0 | |||
Reconciling Adjustments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Income (loss) from operations | (8,818) | [1] | (5,348) | (5,872) | [1] | |
Interest expense | 13,745 | 6,129 | 4,973 | |||
Interest income | 1,894 | 955 | 175 | |||
Other income (expense), net | (5,120) | (9,863) | (7,021) | |||
Depreciation | [2] | 2,163 | 2,884 | 2,929 | ||
Amortization | 0 | 0 | 3 | |||
Capital expenditures | 22,459 | 18,387 | 15,882 | |||
Segment assets, total | $ 514,256 | [3] | $ 280,421 | $ 199,667 | [3] | |
[1] Reclassification of depreciation expense and allocation of corporate expenses. Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Operations by Business Segmen_4
Operations by Business Segment and Geographic Information Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,693,481 | $ 1,511,081 | $ 1,378,053 |
Long-lived assets, net | 774,380 | 513,957 | 424,686 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,594,546 | 1,426,019 | 1,292,496 |
Long-lived assets, net | 741,294 | 484,740 | 397,624 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 98,935 | 85,062 | 85,557 |
Long-lived assets, net | $ 33,086 | $ 29,217 | $ 27,062 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,693,481 | $ 1,511,081 | $ 1,378,053 |
Contract with customer, asset and liability [Abstract] | |||
Revenue recognized | 2,266 | 1,997 | |
Contract liabilities - current | 3,430 | 3,723 | |
Contract liabilities - noncurrent | 3,700 | 4,145 | |
Net contract liabilities | 7,130 | 7,868 | |
Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 934,977 | 840,553 | 765,072 |
Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 754,455 | 666,972 | 610,666 |
All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 4,049 | 3,556 | 2,315 |
United States | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 1,594,546 | 1,426,019 | 1,292,496 |
United States | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 881,428 | 800,590 | 723,577 |
United States | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 709,069 | 621,873 | 566,604 |
United States | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 4,049 | 3,556 | 2,315 |
Canada | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 98,935 | 85,062 | 85,557 |
Canada | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 53,549 | 39,963 | 41,495 |
Canada | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 45,386 | 45,099 | 44,062 |
Canada | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Tree and plant care | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 973,974 | 928,022 | 888,884 |
Tree and plant care | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 563,222 | 545,048 | 530,632 |
Tree and plant care | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 411,508 | 383,148 | 358,589 |
Tree and plant care | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | (756) | (174) | (337) |
Grounds maintenance | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 185,994 | 169,948 | 155,543 |
Grounds maintenance | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Grounds maintenance | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 185,994 | 169,948 | 155,543 |
Grounds maintenance | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Storm damage services | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 25,172 | 31,102 | 23,453 |
Storm damage services | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 12,049 | 21,437 | 16,763 |
Storm damage services | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 13,123 | 9,665 | 6,690 |
Storm damage services | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Consulting and other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 508,341 | 382,009 | 310,173 |
Consulting and other | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 359,706 | 274,068 | 217,677 |
Consulting and other | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 143,830 | 104,211 | 89,844 |
Consulting and other | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | $ 4,805 | $ 3,730 | $ 2,652 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | $ 37,062 | $ 25,518 |
Marketable equity securities | 12,102 | 18,110 |
Revolving credit facility, noncurrent | 141,616 | 150,433 |
Long-term debt, excluding current maturities | 283,177 | 230,768 |
Assets invested for self-insurance | 20,959 | 24,828 |
United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 36,802 | 25,254 |
Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 260 | 264 |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 25,518 | |
Marketable equity securities | 12,102 | 18,110 |
Deferred compensation | 0 | 0 |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Deferred compensation | 0 | 4,597 |
Fair value measurements, recurring [Member] | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Marketable equity securities | 0 | 0 |
Deferred compensation | 1,572 | 0 |
Fair value measurements, recurring [Member] | Certificates of Deposit | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Certificates of deposits, noncurrent | 3,500 | 6,359 |
Assets invested for self-insurance | 2,859 | 3,750 |
Fair value measurements, recurring [Member] | Certificates of Deposit | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Certificates of deposits, noncurrent | 0 | 0 |
Assets invested for self-insurance | 0 | 0 |
Fair value measurements, recurring [Member] | Certificates of Deposit | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Certificates of deposits, noncurrent | 0 | 0 |
Assets invested for self-insurance | 0 | 0 |
Fair value measurements, recurring [Member] | United States Government and agency securities | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 36,802 | 25,254 |
Fair value measurements, recurring [Member] | United States Government and agency securities | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring [Member] | United States Government and agency securities | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring [Member] | Corporate notes and bonds | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 260 | 264 |
Fair value measurements, recurring [Member] | Corporate notes and bonds | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring [Member] | Corporate notes and bonds | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | 0 |
Fair value measurements, recurring [Member] | Mutual funds | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 6,842 | 13,873 |
Fair value measurements, recurring [Member] | Mutual funds | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Fair value measurements, recurring [Member] | Mutual funds | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Fair value measurements, recurring [Member] | Common shares | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 3,780 | 3,007 |
Fair value measurements, recurring [Member] | Common shares | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Fair value measurements, recurring [Member] | Common shares | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Fair value measurements, recurring [Member] | Exchange traded funds | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,480 | 1,230 |
Fair value measurements, recurring [Member] | Exchange traded funds | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Fair value measurements, recurring [Member] | Exchange traded funds | Significant unobservable inputs, (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Total carrying value | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 37,062 | 25,518 |
Marketable equity securities | 12,102 | 18,110 |
Revolving credit facility, noncurrent | 141,616 | 150,433 |
Senior unsecured notes | 135,000 | 75,000 |
Term loans, noncurrent | 7,012 | 5,854 |
Long-term debt, excluding current maturities | 283,628 | 231,287 |
Total carrying value | Fair value measurements, recurring [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 37,062 | 25,518 |
Marketable equity securities | 12,102 | 18,110 |
Deferred compensation | 1,572 | 4,597 |
Total carrying value | Fair value measurements, recurring [Member] | Certificates of Deposit | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Certificates of deposits, noncurrent | 3,500 | 6,359 |
Assets invested for self-insurance | 2,859 | 3,750 |
Total carrying value | Fair value measurements, recurring [Member] | United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 36,802 | 25,254 |
Total carrying value | Fair value measurements, recurring [Member] | Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 260 | 264 |
Total carrying value | Fair value measurements, recurring [Member] | Mutual funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 6,842 | 13,873 |
Total carrying value | Fair value measurements, recurring [Member] | Common shares | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 3,780 | 3,007 |
Total carrying value | Fair value measurements, recurring [Member] | Exchange traded funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,480 | 1,230 |
Fair value | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 37,062 | 25,518 |
Marketable equity securities | 12,102 | 18,110 |
Revolving credit facility, noncurrent | 141,616 | 150,433 |
Senior unsecured notes | 130,959 | 74,968 |
Term loans, noncurrent | 7,252 | 5,610 |
Long-term debt, excluding current maturities | $ 279,827 | $ 231,011 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 09, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss contingency, defendants sentenced | 3 | ||
Litigation Settlement, Amount Awarded to Other Party | $ 3,984 | ||
Estimated Litigation Liability | $ 220,000 | ||
Wolf employee defendants | |||
Loss contingency, number of defendants | 2 | ||
Employee and former employee defendants | |||
Loss contingency, number of defendants | 4 | ||
Defendants who pled guilty | |||
Loss contingency, number of defendants | 3 | ||
Racketeer Influenced and Corrupt Organizations Act | |||
Loss contingency number of claims alleged | 3 | ||
Northern California wildfires | |||
Loss contingency number of claims alleged | 5 | ||
Fire Victims Trust | |||
Loss contingency number of claims alleged | 3 | ||
Letter of credit [Member] | |||
Letters of credit outstanding | $ 94,702 | $ 94,435 |
Uncategorized Items - davey-202
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 16,201,000 |