Cover Page
Cover Page - shares | 9 Months Ended | |
Oct. 30, 2021 | Nov. 22, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-10613 | |
Entity Registrant Name | DYCOM INDUSTRIES, INC. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 59-1277135 | |
Entity Address, Address Line One | 11780 US Highway 1, Suite 600 | |
Entity Address, City or Town | Palm Beach Gardens, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33408 | |
City Area Code | 561 | |
Local Phone Number | 627-7171 | |
Title of 12(b) Security | Common stock, par value $0.33 1/3 per share | |
Trading Symbol | DY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,180,688 | |
Entity Central Index Key | 0000067215 | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Current assets: | ||
Cash and equivalents | $ 263,701 | $ 11,770 |
Accounts receivable, net | 959,741 | 858,123 |
Contract assets | 110,685 | 197,110 |
Inventories | 69,876 | 70,849 |
Income tax receivable | 7,502 | 1,706 |
Other current assets | 37,498 | 29,072 |
Total current assets | 1,449,003 | 1,168,630 |
Property and equipment, net | 284,246 | 273,960 |
Operating lease right-of-use assets | 61,993 | 63,179 |
Goodwill | 272,485 | 272,485 |
Intangible assets, net | 105,864 | 119,322 |
Other assets | 31,104 | 46,589 |
Total assets | 2,204,695 | 1,944,165 |
Current liabilities: | ||
Accounts payable | 173,599 | 158,966 |
Current portion of debt | 13,125 | 81,722 |
Contract liabilities | 13,943 | 14,101 |
Accrued insurance claims | 39,933 | 41,736 |
Operating lease liabilities | 24,614 | 24,769 |
Income taxes payable | 6 | 6,387 |
Other accrued liabilities | 127,933 | 120,809 |
Total current liabilities | 393,153 | 448,490 |
Long-term debt | 827,226 | 501,562 |
Accrued insurance claims - non-current | 51,339 | 70,224 |
Operating lease liabilities - non-current | 37,211 | 38,359 |
Deferred tax liabilities, net - non-current | 56,362 | 47,650 |
Other liabilities | 28,630 | 26,572 |
Total liabilities | 1,393,921 | 1,132,857 |
Stockholders’ equity: | ||
Preferred stock, par value $1.00 per share: 1,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common stock, par value $0.33 1/3 per share: 150,000,000 shares authorized: 30,176,486 and 30,615,167 issued and outstanding, respectively | 10,059 | 10,205 |
Additional paid-in capital | 3,942 | 2,284 |
Accumulated other comprehensive loss | (1,767) | (1,769) |
Retained earnings | 798,540 | 800,588 |
Total stockholders’ equity | 810,774 | 811,308 |
Total liabilities and stockholders’ equity | $ 2,204,695 | $ 1,944,165 |
Common stock, shares outstanding | 30,176,486 | 30,615,167 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Oct. 30, 2021 | Jan. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.33 | $ 0.33 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 30,176,486 | 30,615,167 |
Common stock, shares outstanding | 30,176,486 | 30,615,167 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Income Statement [Abstract] | ||||
Contract revenues | $ 853,973 | $ 810,256 | $ 2,369,038 | $ 2,448,500 |
Costs of earned revenues, excluding depreciation and amortization | 705,865 | 658,355 | 1,977,243 | 1,996,514 |
General and administrative | 66,899 | 62,628 | 198,640 | 195,871 |
Depreciation and amortization | 37,766 | 42,313 | 115,307 | 132,313 |
Goodwill impairment charge | 0 | 53,264 | ||
Total | 810,530 | 763,296 | 2,291,190 | 2,377,962 |
Interest expense, net | (9,132) | (4,710) | (24,343) | (25,020) |
Other income, net | 564 | 3,708 | 4,267 | 7,921 |
Income before income taxes | 34,875 | 45,958 | 57,710 | 65,485 |
Provision for income taxes | 6,158 | 12,032 | 9,930 | 26,953 |
Net income | $ 28,717 | $ 33,926 | $ 47,780 | $ 38,532 |
Earnings per common share: | ||||
Basic earnings per common share (in dollars per share) | $ 0.95 | $ 1.06 | $ 1.57 | $ 1.21 |
Diluted earnings per common share (in dollars per share) | $ 0.94 | $ 1.05 | $ 1.54 | $ 1.20 |
Shares used in computing earnings per common share: | ||||
Basic (in shares) | 30,172,254 | 31,878,583 | 30,426,337 | 31,744,199 |
Diluted (in shares) | 30,614,706 | 32,425,300 | 30,928,890 | 32,106,661 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 28,717 | $ 33,926 | $ 47,780 | $ 38,532 |
Foreign currency translation gains (losses), net of tax | 1 | 9 | 2 | (1) |
Comprehensive income | $ 28,718 | $ 33,935 | $ 47,782 | $ 38,531 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Accounting Standards Update 2016-13 | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Retained EarningsAccounting Standards Update 2016-13 |
Beginning balance at Jan. 25, 2020 | $ 868,604 | $ (471) | $ 10,528 | $ 30,158 | $ (1,781) | $ 829,699 | $ (471) |
Beginning balance (shares) at Jan. 25, 2020 | 31,583,938 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised | 5,425 | $ 92 | 5,333 | ||||
Stock options exercised (shares) | 275,275 | ||||||
Stock-based compensation | 10,490 | $ 1 | 10,489 | ||||
Stock-based compensation (shares) | 4,313 | ||||||
Issuance of restricted stock, net of tax withholdings | (500) | $ 15 | (515) | ||||
Issuance of restricted stock, net of tax withholdings (shares) | 45,640 | ||||||
Equity component of the settlement of 0.75% convertible senior notes due 2021, net of taxes | (8,976) | (8,976) | |||||
Purchase of warrants | (7,176) | (7,176) | |||||
Settlement of convertible note hedges related to extinguishment of convertible debt | 7,197 | 7,197 | |||||
Other comprehensive income | (1) | (1) | |||||
Net income | 38,532 | 38,532 | |||||
Ending balance at Oct. 24, 2020 | 913,124 | $ 10,636 | 36,510 | (1,782) | 867,760 | ||
Ending balance (shares) at Oct. 24, 2020 | 31,909,166 | ||||||
Beginning balance at Jul. 25, 2020 | 873,748 | $ 10,612 | 31,093 | (1,791) | 833,834 | ||
Beginning balance (shares) at Jul. 25, 2020 | 31,836,930 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised | 1,816 | $ 21 | 1,795 | ||||
Stock options exercised (shares) | 62,748 | ||||||
Stock-based compensation | 3,796 | $ 0 | 3,796 | ||||
Stock-based compensation (shares) | 965 | ||||||
Issuance of restricted stock, net of tax withholdings | (170) | $ 3 | (173) | ||||
Issuance of restricted stock, net of tax withholdings (shares) | 8,523 | ||||||
Other comprehensive income | 9 | 9 | |||||
Net income | 33,926 | 33,926 | |||||
Ending balance at Oct. 24, 2020 | 913,124 | $ 10,636 | 36,510 | (1,782) | 867,760 | ||
Ending balance (shares) at Oct. 24, 2020 | 31,909,166 | ||||||
Beginning balance at Jan. 30, 2021 | $ 811,308 | $ 10,205 | 2,284 | (1,769) | 800,588 | ||
Beginning balance (shares) at Jan. 30, 2021 | 30,615,167 | 30,615,167 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock options exercised | $ 366 | $ 4 | 362 | ||||
Stock options exercised (shares) | 11,169 | ||||||
Stock-based compensation | 7,838 | $ 1 | 7,838 | ||||
Stock-based compensation (shares) | 1,765 | ||||||
Issuance of restricted stock, net of tax withholdings | (6,520) | $ 60 | (2,748) | (3,832) | |||
Issuance of restricted stock, net of tax withholdings (shares) | 180,023 | ||||||
Repurchase of common stock (in shares) | (631,638,000) | ||||||
Repurchase of common stock | (50,000) | $ (211) | (3,793) | (45,996) | |||
Other comprehensive income | 2 | 2 | |||||
Net income | 47,780 | 47,780 | |||||
Ending balance at Oct. 30, 2021 | $ 810,774 | $ 10,059 | 3,942 | (1,767) | 798,540 | ||
Ending balance (shares) at Oct. 30, 2021 | 30,176,486 | 30,176,486 | |||||
Beginning balance at Jul. 31, 2021 | $ 780,421 | $ 10,057 | 2,309 | (1,768) | 769,823 | ||
Beginning balance (shares) at Jul. 31, 2021 | 30,170,076 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Stock-based compensation | 1,789 | 1,789 | |||||
Stock-based compensation (shares) | 524 | ||||||
Issuance of restricted stock, net of tax withholdings | (154) | $ 2 | (156) | ||||
Issuance of restricted stock, net of tax withholdings (shares) | 5,886 | ||||||
Other comprehensive income | 1 | 1 | |||||
Net income | 28,717 | 28,717 | |||||
Ending balance at Oct. 30, 2021 | $ 810,774 | $ 10,059 | $ 3,942 | $ (1,767) | $ 798,540 | ||
Ending balance (shares) at Oct. 30, 2021 | 30,176,486 | 30,176,486 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 33,926 | $ 47,780 | $ 38,532 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 42,313 | 115,307 | 132,313 |
Non-cash lease expense | 23,865 | 23,480 | |
Deferred income tax provision (benefit) | 8,712 | (20,478) | |
Stock-based compensation | 7,838 | 10,490 | |
Amortization of debt discount | 1,665 | 6,732 | |
Provision for bad debt, net | 117 | 2,918 | 353 |
Gain on sale of fixed assets | (4,001) | (4,259) | (9,207) |
Loss (gain) on debt extinguishment | 62 | (12,046) | |
Amortization of debt issuance costs and other | 2,123 | 2,189 | |
Goodwill impairment charge | 0 | 53,264 | |
Change in operating assets and liabilities: | |||
Accounts receivable, net | (104,536) | (122,520) | |
Contract assets, net | 86,267 | 48,568 | |
Other current assets and inventories | (7,469) | 20,670 | |
Other assets | 3,412 | 5,212 | |
Income taxes receivable/payable | (12,177) | 10,513 | |
Accounts payable | 13,215 | 68,731 | |
Accrued liabilities, insurance claims, operating lease liabilities, and other liabilities | (21,610) | 22,629 | |
Net cash provided by operating activities | 163,113 | 279,425 | |
Cash flows from investing activities: | |||
Capital expenditures | (113,477) | (36,110) | |
Proceeds from sale of assets | 5,226 | 11,859 | |
Net cash used in investing activities | (108,251) | (24,251) | |
Cash flows from financing activities: | |||
Proceeds from Issuance of Senior Long-term Debt | 500,000 | 0 | |
Proceeds from borrowings on senior credit agreement, including term loan | 95,000 | 773,000 | |
Principal payments on senior credit agreement, including term loan | (271,875) | (704,875) | |
Debt issuance costs | (11,638) | 0 | |
Repurchase of common stock | (50,000) | 0 | |
Extinguishment of 2021 Convertible Notes | (401,736) | (58,264) | |
Redemption discount on convertible debt, net of costs | 30,761 | 0 | |
Settlement of convertible note hedges related to extinguished convertible debt | 7,197 | 0 | |
Purchase of warrants | (7,176) | 0 | |
Exercise of stock options | 366 | 5,425 | |
Restricted stock tax withholdings | (6,520) | (500) | |
Net cash provided by (used in) financing activities | 197,069 | (297,904) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 251,931 | (42,730) | |
Cash, cash equivalents and restricted cash at beginning of period (Note 7) | 13,574 | 59,869 | |
Cash, cash equivalents and restricted cash at end of period (Note 7) | $ 17,139 | 265,505 | 17,139 |
Supplemental disclosure of other cash flow activities and non-cash investing and financing activities: | |||
Cash paid for interest | 19,580 | 17,652 | |
Cash paid for taxes, net | 12,653 | 38,309 | |
Purchases of capital assets included in accounts payable or other accrued liabilities at period end | $ 6,165 | $ 3,726 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Apr. 01, 2021 | |
Repurchase of common stock | $ (50,000) | $ 0 | |
4.50% senior notes, net (mature April 2029) | Senior Notes | |||
Debt, interest rate (in percent) | 4.50% | ||
0.75% Convertible Senior Notes Due 2021 | |||
Debt, interest rate (in percent) | 0.75% |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 30, 2021 | |
Basis of Presentation [Abstract] | |
Basis of Accounting | Basis of Presentation Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, “our”, or “us”) is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers. The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2021 consisted of 53 weeks of operations and fiscal year ending January 29, 2022 consists of 52 weeks of operations. The accompanying unaudited condensed consolidated financial statements of the Company and its subsidiaries, all of which are wholly-owned, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements and should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in this report and the Company’s audited financial statements included in the Company’s Annual Report on Form 10-K for fiscal 2021, filed with the SEC on March 5, 2021. In the opinion of management, all adjustments considered necessary for a fair statement of the results for the interim periods presented have been included. This includes all normal and recurring adjustments and elimination of intercompany accounts and transactions. Operating results for the interim period are not necessarily indicative of the results expected for any subsequent interim or annual period. Segment Information. The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), the results of which are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker. All of the Company’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. |
Significant Accounting Policies
Significant Accounting Policies and Estimates | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Estimates | Significant Accounting Policies and Estimates There have been no material changes to the Company’s significant accounting policies and critical accounting estimates described in the Company’s Annual Report on Form 10-K for fiscal 2021. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. These estimates are based on our historical experience and management’s understanding of current facts |
Accounting Standards
Accounting Standards | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Standards [Abstract] | |
Accounting Standards | Accounting Standards Recently issued accounting pronouncements are disclosed in the Company’s Annual Report on Form 10-K for fiscal 2021. As of the date of this Quarterly Report on Form 10-Q, there have been no changes in the expected dates of adoption or estimated effects on the Company’s condensed consolidated financial statements of recently issued accounting pronouncements from those disclosed in the Company’s Annual Report on Form 10-K for fiscal 2021. Further, there have been no additional accounting standards issued as of the date of this Quarterly Report on Form 10-Q that are applicable to the condensed consolidated financial statements of the Company. Accounting standards adopted during the nine months ended October 30, 2021 are disclosed in this Quarterly Report on Form 10-Q. Recently Adopted Accounting Standards Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted the provisions of this ASU in the first quarter of fiscal 2022 and there was no material effect on our condensed consolidated financial statements. Income Taxes . In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022. The adoption of this ASU did not have a material effect on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This update is intended to improve comparability after the business combination by providing consistent recognition and measurement of acquired revenue contracts and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied prospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2024 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per Com
Computation of Earnings Per Common Share | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Common Share | Computation of Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Net income available to common stockholders (numerator) $ 28,717 $ 33,926 $ 47,780 $ 38,532 Weighted-average number of common shares (denominator) 30,172,254 31,878,583 30,426,337 31,744,199 Basic earnings per common share $ 0.95 $ 1.06 $ 1.57 $ 1.21 Weighted-average number of common shares 30,172,254 31,878,583 30,426,337 31,744,199 Potential shares of common stock arising from stock options, and unvested restricted share units 442,452 546,717 502,553 362,462 Total shares-diluted (denominator) 30,614,706 32,425,300 30,928,890 32,106,661 Diluted earnings per common share $ 0.94 $ 1.05 $ 1.54 $ 1.20 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 218,525 238,226 89,765 245,633 0.75% convertible senior notes due 2021 (1) (2) 297,367 601,349 500,017 2,116,093 Warrants (1) (2) 601,349 601,349 601,349 2,116,093 Total 1,117,241 1,440,924 1,191,131 4,477,819 (1) The company used the treasury stock method for calculating any potential dilutive impact on earnings per common share if our average stock price for the period exceeded the $96.89 per share conversion price. There was no dilutive impact on earnings per common share during any of the periods presented as our average stock price did not exceed the per share conversion price and the 2021 Convertible Notes (as defined in Note 13) matured on September 15, 2021. The warrants associated with our 2021 Convertible Notes will have a dilutive impact on earnings per common share if our average stock price for the period exceeds the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any of the periods presented, the underlying common shares were anti-dilutive as reflected in the table above. The warrants will expire in ratable portions on a series of expiration dates commencing on December 15, 2021 and concluding on May 9, 2022. (2) In connection with the offering of the 2021 Convertible Notes, we entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. Prior to conversion, the convertible note hedge was not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon any conversion, the convertible note hedge was expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period was above $96.89 per share. The 2021 Convertible Notes matured on September 15, 2021. The convertible note hedge transactions expired on September 13, 2021. See Note 13, Debt , for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. |
Accounts Receivable, Contract A
Accounts Receivable, Contract Assets, and Contract Liabilities | 9 Months Ended |
Oct. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Contract Assets, and Contract Liabilities | Accounts Receivable, Contract Assets, and Contract Liabilities The following provides further details on the balance sheet accounts of accounts receivable, net; contract assets; and contract liabilities. Accounts Receivable Accounts receivable, net, classified as current, consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Trade accounts receivable $ 363,770 $ 352,501 Unbilled accounts receivable 576,365 492,324 Retainage 21,145 14,974 Total 961,280 859,799 Less: allowance for doubtful accounts (1,539) (1,676) Accounts receivable, net $ 959,741 $ 858,123 We maintain an allowance for doubtful accounts for estimated losses on uncollected balances. The allowance for doubtful accounts changed as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Cumulative effect from implementation of ASU 2016-13 $ — $ — $ — $ 471 Allowance for doubtful accounts at beginning of period 1,527 1,605 1,676 4,582 Provision for bad debt 17 117 2,918 353 Amounts charged against the allowance (5) 29 (3,055) (3,655) Allowance for doubtful accounts at end of period $ 1,539 $ 1,751 $ 1,539 $ 1,751 Contract Assets and Contract Liabilities Net contract assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Contract assets $ 110,685 $ 197,110 Contract liabilities 13,943 14,101 Contract assets, net $ 96,742 $ 183,009 Net contract assets were $96.7 million and $183.0 million as of October 30, 2021 and January 30, 2021, respectively. The decrease primarily resulted from increased billings and reduced services performed under contracts consisting of multiple tasks. During the three and nine months ended October 30, 2021, we performed services and recognized $2.3 million and $10.4 million, respectively, of contract revenues related to contract liabilities that existed at January 30, 2021. See Note 6, Other Current Assets and Other Assets , for information on our long-term contract assets. Customer Credit Concentration Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net, as of October 30, 2021 or January 30, 2021 were as follows (dollars in millions): October 30, 2021 January 30, 2021 Amount % of Total Amount % of Total Verizon Communications Inc. $ 233.5 22.1% $ 389.9 37.4% Lumen Technologies (1) $ 177.4 16.8% $ 173.5 16.6% Comcast Corporation $ 131.5 12.4% $ 131.7 12.6% AT&T Inc. $ 107.0 10.1% $ 71.7 6.9% (1) Formerly known as CenturyLink, Inc. |
Other Current Assets and Other
Other Current Assets and Other Assets | 9 Months Ended |
Oct. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets and Other Assets | Other Current Assets and Other Assets Other current assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Prepaid expenses $ 22,298 $ 14,849 Deposits and other current assets 13,810 12,706 Insurance recoveries/receivables for accrued insurance claims — 111 Restricted cash 1,372 1,372 Receivables on equipment sales 18 34 Other current assets $ 37,498 $ 29,072 Other assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Long-term contract assets $ 15,284 $ 17,574 Deferred financing costs 5,128 5,205 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 3,769 15,837 Other non-current deposits and assets 6,491 7,541 Other assets $ 31,104 $ 46,589 Long-term contract assets represent payments made to customers pursuant to long-term agreements and are recognized as a reduction of contract revenues over the period for which the related services are provided to the customers. See Note 10, Accrued Insurance Claims , for information on our Insurance recoveries/receivables. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Oct. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Cash and cash equivalents $ 263,701 $ 11,770 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 265,505 $ 13,574 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Oct. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) October 30, 2021 January 30, 2021 Land — $ 4,127 $ 3,796 Buildings 10-35 10,649 11,169 Leasehold improvements 1-10 17,739 17,030 Vehicles 1-5 688,244 626,809 Computer hardware and software 1-7 157,194 144,989 Office furniture and equipment 1-10 12,933 13,293 Equipment and machinery 1-10 317,735 300,143 Total 1,208,621 1,117,229 Less: accumulated depreciation (924,375) (843,269) Property and equipment, net $ 284,246 $ 273,960 Depreciation expense was $33.7 million and $37.3 million for the three months ended October 30, 2021 and October 24, 2020, respectively, and $101.8 million and $116.9 million for the nine months ended October 30, 2021 and October 24, 2020, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill There was no change in the carrying amount of goodwill during the nine months ended October 30, 2021. The g oodwill balance consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Goodwill, gross $ 521,516 $ 521,516 Accumulated impairment losses (249,031) (249,031) Total $ 272,485 $ 272,485 The Company’s goodwill resides in multiple reporting units and primarily consists of expected synergies, together with the expansion of the Company’s geographic presence and strengthening of its customer base from acquisitions. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment, or more frequently if events occur that would indicate a potential reduction in the fair value of a reporting unit below its carrying value. The profitability of individual reporting units may suffer periodically due to downturns in customer demand, increased costs of providing services, and the level of overall economic activity. The Company’s customers may reduce capital expenditures and defer or cancel pending projects due to changes in technology, a slowing or uncertain economy, merger or acquisition activity, a decision to allocate resources to other areas of their business, or other reasons. The profitability of reporting units may also suffer if actual costs of providing services exceed the costs anticipated when the Company enters into contracts. Additionally, adverse conditions in the economy and future volatility in the equity and credit markets could impact the valuation of the Company’s reporting units. The cyclical nature of the Company’s business, the high level of competition existing within its industry, and the concentration of its revenues from a limited number of customers may also cause results to vary. These factors may affect individual reporting units disproportionately, relative to the Company as a whole. As a result, the performance of one or more of the reporting units could decline, resulting in an impairment of goodwill or intangible assets. During fiscal 2021 the economy of the United States was severely impacted by the COVID-19 pandemic and the nation’s response to it. Measures mandated by governmental agencies have included vaccination and masking requirements, travel and large gathering restrictions, social distancing requirements, quarantines, and shelter in place orders. Even as efforts to contain the pandemic have made progress and some restrictions have relaxed, new variants of COVID-19 have resulted in, and may continue to result in, additional outbreaks. As a result, certain business-related activities have been curtailed or modified. During the COVID-19 pandemic, our services have generally been considered essential in nature and have not been materially interrupted by governmental mandates. However, certain customers of the Company’s broadband reporting units restricted our technicians from entering third party premises. Furthermore, customers had modified their protocols to increase the self-installation of customer premise equipment by their subscribers. The events following the onset of COVID-19 were expected to result in a prolonged downturn in customer demand for installation services and to have a direct, adverse impact on its revenue, operating results and cash flows. As a result, during the quarter ended April 25, 2020 the Company recognized an impairment charge of $53.3 million which is the amount by which the carrying amount exceeded the reporting unit’s fair value. The Company performs its annual impairment assessment as of the first day of the fourth fiscal quarter of each fiscal year. As a result of the Company’s fiscal 2021 period assessment, the Company concluded that no impairment of goodwill or the indefinite-lived intangible asset was indicated at any reporting unit for any of the periods other than the first quarter of fiscal 2021. As of October 30, 2021, the Company continues to believe the remaining goodwill and the indefinite-lived intangible asset are recoverable for all of its reporting units . Intangible Assets Our intangible assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 8.7 $ 312,017 $ 211,835 $ 100,182 $ 312,017 $ 198,604 $ 113,413 Trade names, finite 8.4 10,350 9,368 982 10,350 9,141 1,209 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 $ 327,067 $ 221,203 $ 105,864 $ 327,067 $ 207,745 $ 119,322 Amortization of our customer relationship intangibles is recognized on an accelerated basis as a function of the expected economic benefit. Amortization of our other finite-lived intangibles is recognized on a straight-line basis over the estimated useful life. Amortization expense for finite-lived intangible assets was $4.1 million and $5.0 million for the three months ended October 30, 2021 and October 24, 2020, respectively, and $13.5 million and $15.5 million for the nine months ended October 30, 2021 and October 24, 2020, respectively. As of October 30, 2021, we believe that the carrying amounts of our intangible assets are recoverable. However, if adverse events were to occur or circumstances were to change indicating that the carrying amount of such assets may not be fully recoverable, the assets would be reviewed for impairment. |
Accrued Insurance Claims
Accrued Insurance Claims | 9 Months Ended |
Oct. 30, 2021 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims | Accrued Insurance Claims For claims within our insurance program, we retain the risk of loss, up to certain annual stop-loss limits, for matters related to automobile liability, general liability (including damages associated with underground facility locating services), workers’ compensation, and employee group health. Losses for claims beyond our retained risk of loss are covered by insurance up to our coverage limits. For fiscal 2021, with regard to workers’ compensation losses, we retained the risk of loss up to $1.0 million on a per occurrence basis. This retention amount is applicable to all of the states in which we operate, except with respect to workers’ compensation insurance in two states in which we participate in state-sponsored insurance funds. With regard to automobile liability and general liability losses, we retained the risk of loss up to $1.0 million on a per occurrence basis for the first $5.0 million of insurance coverage. In addition, we also retained the risk of loss for automobile and general liability for the next $5.0 million on a per-occurrence basis with aggregate loss limits of $11.5 million within this layer of retention. For fiscal 2022, with regard to workers’ compensation losses, our retention of risk remains the same as fiscal 2021. With regard to automobile liability and general liability losses, our retention of primary risk remains the same as fiscal 2021. In addition, we reduced our coverage limit and retained $10.0 million risk of loss on a per occurrence basis for losses above $30.0 million. We are party to a stop-loss agreement for losses under our employee group health plan. For the calendar year 2020, we retained the risk of loss, on an annual basis, up to the first $450,000 of claims per participant, as well as an annual aggregate amount for all participants of $475,000. For the calendar year 2021, we retain the risk of loss on an annual basis, up to the first $600,000 of claims per participant. Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): October 30, 2021 January 30, 2021 Accrued insurance claims - current $ 39,933 $ 41,736 Accrued insurance claims - non-current 51,339 70,224 Accrued insurance claims $ 91,272 $ 111,960 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 111 Non-current (included in Other assets) $ 3,769 $ 15,837 Insurance recoveries/receivables $ 3,769 $ 15,948 Insurance recoveries/receivables represent the amount of accrued insurance claims that are covered by insurance as the amounts exceed the Company’s loss retention. During the nine months ended October 30, 2021, total insurance recoveries/receivables decreased approximately $12.2 million primarily due to the settlement of claims that exceeded our loss retention. Accrued insurance claims decreased by a corresponding amount. |
Leases (Notes)
Leases (Notes) | 9 Months Ended |
Oct. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease the majority of our office facilities as well as certain equipment, all of which are accounted for as operating leases. These leases have remaining terms ranging from less than 1 year to approximately 9 years. Some leases include options to extend the lease for up to 5 years and others include options to terminate. The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the nine months ended October 30, 2021 and October 24, 2020 (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Lease cost under long-term operating leases $ 8,526 $ 8,804 $ 25,952 $ 26,238 Lease cost under short-term operating leases 6,452 6,624 17,707 22,616 Variable lease cost under short-term and long-term operating leases (1) 756 743 2,696 3,076 Total lease cost $ 15,734 $ 16,171 $ 46,355 $ 51,930 (1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities. Our operating lease liabilities related to long-term operating leases were $61.8 million as of October 30, 2021 and $63.1 million as of January 30, 2021. Supplemental balance sheet information related to these liabilities is as follows: October 30, 2021 January 30, 2021 Weighted average remaining lease term 3.1 years 3.2 years Weighted average discount rate 4.0 % 4.6 % Supplemental cash flow information related to our long-term operating lease liabilities as of October 30, 2021 and October 24, 2020 is as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 9,670 $ 8,489 $ 25,739 $ 27,158 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 3,075 $ 3,497 $ 22,644 $ 21,235 As of October 30, 2021, maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands): Fiscal Year Amount Remainder of 2022 $ 6,617 2023 25,817 2024 16,346 2025 9,811 2026 4,583 Thereafter 2,839 Total lease payments 66,013 Less: imputed interest (4,188) Total $ 61,825 As of October 30, 2021, the Company had additional operating leases with total leases costs of $4.0 million that have not yet commenced. Of this amount, $1.3 million and $2.7 million will commence in the fourth quarter of fiscal 2022 and during fiscal 2023, respectively. |
Other Accrued Liabilities
Other Accrued Liabilities | 9 Months Ended |
Oct. 30, 2021 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Accrued payroll and related taxes $ 51,265 $ 43,593 Accrued employee benefit and incentive plan costs 23,701 32,988 Accrued construction costs 28,803 22,972 Other current liabilities 24,164 21,256 Other accrued liabilities $ 127,933 $ 120,809 |
Debt
Debt | 9 Months Ended |
Oct. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our outstanding indebtedness consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Credit agreement - Revolving facility (matures April 2026) $ — $ 105,000 Credit agreement - Term loan facility, net (matures April 2026) 347,268 421,874 4.50% senior notes, net (mature April 2029) 493,083 — 0.75% convertible senior notes, net (mature September 2021) — 56,410 840,351 583,284 Less: current portion (13,125) (81,722) Long-term debt $ 827,226 $ 501,562 Senior Credit Agreement On April 1, 2021, the Company and certain of its subsidiaries amended its credit agreement, dated as of October 19, 2018, with the various lenders party thereto and Bank of America, N.A., as administrative agent (the “Credit Agreement”) to among other things, decrease the maximum revolver commitment to $650.0 million from $750.0 million and decrease the term loan facility to $350.0 million from $416.3 million. The Credit Agreement includes a $200.0 million sublimit for the issuance of letters of credit and a $50.0 million sublimit for swingline loans. As part of the amendment, the maturity of the Credit Agreement was extended to April 1, 2026. The following table summarizes the net carrying value of the term loan as of October 30, 2021 (dollars in thousands): October 30, 2021 Principal amount of term loan $ 350,000 Less: Debt issuance costs (2,732) Net carrying amount of term loan $ 347,268 Subject to certain conditions, the Credit Agreement provides us with the ability to enter into one or more incremental facilities either by increasing the revolving commitments under the Credit Agreement and/or by establishing one or more additional term loans, up to the sum of (i) $350.0 million and (ii) an aggregate amount such that, after giving effect to such incremental facilities on a pro forma basis (assuming that the amount of the incremental commitments are fully drawn and funded), the consolidated senior secured net leverage ratio does not exceed 2.25 to 1.00. The consolidated senior secured net leverage ratio is the ratio of our consolidated senior secured indebtedness reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing twelve-month consolidated earnings before interest, taxes, depreciation, and amortization, as defined by the Credit Agreement (“EBITDA”). Borrowings under the Credit Agreement are guaranteed by substantially all of our domestic subsidiaries and secured by 100% the equity interests of our direct and indirect domestic subsidiaries and 65% of the voting equity interests and 100% of the non-voting interests of our first-tier foreign subsidiaries (subject to customary exceptions). Under the Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing twelve-month consolidated EBITDA, as defined by the Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio. Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR (1) Borrowings - Base Rate Loans 0.25% - 1.00% plus Base rate (2) Unused Revolver Commitment 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% -1.000% (1) To address the transition in financial markets away from LIBOR by the end of 2021, the Credit Agreement includes provisions related to the replacement of LIBOR with a LIBOR Successor Rate (as defined in the Credit Agreement), which may be a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York. (2) Base rate is described in our Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. Standby letters of credit of approximately $46.3 million and $52.2 million, issued as part of our insurance program, were outstanding under the Credit Agreement as of October 30, 2021 and January 30, 2021, respectively. The weighted average interest rates and fees for balances under our Credit Agreement as of October 30, 2021 and January 30, 2021 were as follows: Weighted Average Rate End of Period October 30, 2021 January 30, 2021 Borrowings - Term loan facility 1.83% 1.63% Borrowings - Revolving facility —% 2.14% Standby Letters of Credit 1.75% 1.50% Unused Revolver Commitment 0.35% 0.25% The Credit Agreement contains a financial covenant that requires us to maintain a consolidated net leverage ratio of not greater than 3.50 to 1.00, as measured at the end of each fiscal quarter, and provides for certain increases to this ratio in connection with permitted acquisitions. The agreement also contains a financial covenant that requires us to maintain a consolidated interest coverage ratio, which is the ratio of our trailing twelve-month consolidated EBITDA to our consolidated interest expense, each as defined by the Credit Agreement, of not less than 3.00 to 1.00, as measured at the end of each fiscal quarter. At October 30, 2021 and January 30, 2021, we were in compliance with the financial covenants of our Credit Agreement and had borrowing availability under the revolving facility of $289.5 million and $558.7 million, respectively, as determined by the most restrictive covenant. For calculation purposes, applicable cash on hand is netted against the funded debt amount as permitted in the Credit Agreement. 4.50% Senior Notes Due 2029 On April 1, 2021, we issued $500.0 million aggregate principal amount of 4.50% senior notes due 2029 (the “2029 Notes”). The 2029 Notes are guaranteed on a senior unsecured basis, jointly and severally, by all of our domestic subsidiaries that guarantee the Credit Agreement. The indenture governing the 2029 Notes contains certain covenants that limit, among other things, our ability and the ability of certain of our subsidiaries to (i) incur additional debt and issue certain preferred stock, (ii) pay certain dividends on, repurchase, or make distributions in respect of, our and our Subsidiaries’ capital stock or make other payments restricted by the indenture, (iii) enter into agreements that place limitations on distributions made from certain of our subsidiaries, (iv) guarantee certain debt, (v) make certain investments, (vi) sell or exchange certain assets, (vii) enter into transactions with affiliates, (viii) create certain liens, and (ix) consolidate, merge or transfer all or substantially all of our or our Subsidiaries’ assets. These covenants are subject to a number of exceptions, limitations and qualifications as set forth in the indenture governing the 2029 Notes. The following table summarizes the net carrying value of the 2029 Notes as of October 30, 2021 (dollars in thousands): October 30, 2021 Principal amount of 2029 Notes $ 500,000 Less: Debt issuance costs (6,917) Net carrying amount of 2029 Notes $ 493,083 The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $101.25 as of October 30, 2021 (dollars in thousands): October 30, 2021 Fair value of principal amount of 2029 Notes $ 506,250 Less: Debt issuance costs (6,917) Fair value of 2029 Notes $ 499,333 0.75% Convertible Senior Notes Due 2021 On September 15, 2015, we issued 0.75% convertible senior notes in a private placement in the principal amount of $485.0 million (the “2021 Convertible Notes”). The 2021 Convertible Notes, governed by the terms of an indenture between the Company and a bank trustee, were unsecured obligations and did not contain any financial covenants or restrictions on the payments of dividends, the incurrence of indebtedness, or the issuance or repurchase of securities by the Company. The 2021 Convertible Notes bore interest at a rate of 0.75% per year, payable in cash semiannually in March and September, and matured on September 15, 2021. During the fourth quarter of fiscal 2020, we purchased, through open-market transactions, $25.0 million aggregate principal amount of the 2021 Convertible Notes for $24.3 million, leaving the principal amount of $460.0 million outstanding. After the write-off of associated debt issuance costs, the net loss on extinguishment was $0.1 million for fiscal 2020. In fiscal 2021, we purchased $401.7 million aggregate principal amount of the 2021 Convertible Notes for $371.4 million, including interest and fees, leaving the principal amount of $58.3 million outstanding. These 2021 Convertible Notes were purchased through privately-negotiated transactions and a tender offer. After the write-off of associated debt issuance costs, the net gain on extinguishment was $12.0 million for fiscal 2021. On the maturity date of September 15, 2021, the outstanding balance of $58.3 million under the 2021 Convertible Notes was repaid in full. Each $1,000 of principal of the 2021 Convertible Notes was convertible into 10.3211 shares of the Company’s common stock, which was equivalent to an initial conversion price of approximately $96.89 per share. The conversion rate was subject to adjustment in certain circumstances, including in connection with specified fundamental changes (as defined in the indenture). In addition, holders of the 2021 Convertible Notes had the right to require the Company to repurchase all or a portion of their notes on the occurrence of a fundamental change at a price of 100% of their principal amount plus accrued and unpaid interest. Prior to June 15, 2021, the 2021 Convertible Notes were convertible by the 2021 Convertible Note holders under the following circumstances: (1) during any fiscal quarter commencing after October 24, 2015 (and only during such fiscal quarter) if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days period ending on the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price on such trading day ($125.96 assuming an applicable conversion price of $96.89); (2) during the five consecutive business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per $1,000 principal amount of 2021 Convertible Notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the applicable conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. During the three months ended October 30, 2021, none of the conditions were met. On or after June 15, 2021 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders could convert all or a portion of their 2021 Convertible Notes at any time regardless of the foregoing circumstances. Upon conversion, the 2021 Convertible Notes would have been settled, at the Company’s election, in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock. On the maturity date of September 15, 2021, the Company settled the principal amount of the 2021 Convertible Notes with cash. Convertible debt instruments that may be settled in cash upon conversion are required to be accounted for as separate liability and equity components. As of the date of issuance, the carrying amount of the liability component is calculated by measuring the fair value of a similar instrument that does not have an associated convertible feature using an indicative market interest rate (“Comparable Yield”). The difference between the principal amount of the notes and the carrying amount represents a debt discount. The debt discount is amortized to interest expense using the Comparable Yield (5.5% with respect to the 2021 Convertible Notes) using the effective interest rate method over the term of the 2021 Convertible Notes. During the three months ended October 30, 2021 and October 24, 2020, we incurred $0.3 million and $0.6 million, respectively, of interest expense for the non-cash amortization of the debt discount. During the nine months ended October 30, 2021 and October 24, 2020 we incurred $1.7 million and $6.7 million, respectively, of interest expense for the non-cash amortization of the debt discount. The liability component of the 2021 Convertible Notes consisted of the following at January 30, 2021 (dollars in thousands): January 30, 2021 Liability component Principal amount of 2021 Convertible Notes $ 58,264 Less: Debt discount (1,665) Less: Debt issuance costs (189) Net carrying amount of 2021 Convertible Notes $ 56,410 The equity component of the 2021 Convertible Notes was recognized at issuance and represented the difference between the principal amount of the 2021 Convertible Notes and the fair value of the liability component of the 2021 Convertible Notes at issuance. The equity component approximated $112.6 million at the time of issuance and its fair value was not remeasured as long as the conditions for equity classification were met. The following table summarizes the fair value of the 2021 Convertible Notes, net of the debt discount and debt issuance costs. The fair value of the 2021 Convertible Notes was based on the closing trading price per $100 of the 2021 Convertible Notes as of the last day of trading (Level 2), which was $104.50 as of January 30, 2021 (dollars in thousands): January 30, 2021 Fair value of principal amount of 2021 Convertible Notes $ 60,886 Less: Debt discount and debt issuance costs (1,854) Fair value of 2021 Convertible Notes $ 59,032 Convertible Note Hedge and Warrant Transactions In connection with the offering of the 2021 Convertible Notes, we entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. In the event that shares or cash were deliverable to holders of the 2021 Convertible Notes upon conversion at limits defined in the indenture governing the 2021 Convertible Notes, counterparties to the convertible note hedge were required to deliver to us shares of our common stock or pay cash to us in a similar amount as the value that we delivered to the holders of the 2021 Convertible Notes based on a conversion price of $96.89 per share. At inception of the convertible note hedge transactions, up to 5.006 million of our shares could have been deliverable to us upon conversion. After the Company settled a portion of the note hedge transactions during fiscal 2020 and fiscal 2021 in connection with the purchase of $25.0 million and $401.7 million, respectively, of the 2021 Convertible Notes, the number of shares that could have been deliverable to us upon conversion was reduced to up to 0.601 million of our shares. The convertible note hedge transactions expired on September 13, 2021. We also entered into separately negotiated warrant transactions with the same counterparties as the convertible note hedge transactions whereby we sold warrants to purchase, subject to certain anti-dilution adjustments, up to 5.006 million shares of our common stock at a price of $130.43 per share. After the Company purchased a portion of the warrants during fiscal 2020 and fiscal 2021 in connection with the purchase of $25.0 million and $401.7 million, respectively, of the 2021 Convertible Notes, the remaining warrant transactions provide for up to 0.601 million shares. The warrants will not have a dilutive effect on our earnings per share unless our quarterly average share price exceeds the warrant strike price of $130.43 per share. In this event, we expect to settle the warrant transactions on a net share basis whereby we will issue shares of our common stock. The warrants will expire in ratable portions on a series of expiration dates commencing on December 15, 2021 and concluding on May 9, 2022. Upon settlement of the conversion premium of the 2021 Convertible Notes, convertible note hedge, and warrants, the resulting dilutive impact of these transactions, if any, would be the number of shares necessary to settle the value of the warrant transactions above $130.43 per share. The net amounts incurred in connection with the convertible note hedge and warrant transactions were recorded as a reduction to additional paid-in capital on the consolidated balance sheets during fiscal 2016 and are not expected to be remeasured in subsequent reporting periods. |
Income Taxes
Income Taxes | 3 Months Ended |
Oct. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our interim income tax provisions are based on the effective income tax rate expected to be applicable for the full fiscal year, adjusted for specific items that are required to be recognized in the period in which they occur. Deferred tax assets and liabilities are based on the enacted tax rate that will apply in future periods when such assets and liabilities are expected to be settled or realized. Our effective income tax rate was 17.7% and 26.2% for the three months ended October 30, 2021 and October 24, 2020, respectively, and 17.2% and 41.2% for the nine months ended October 30, 2021 and October 24, 2020, respectively. The effective tax rate differs from the statutory rate primarily due to tax credits recognized, the impact of the vesting and exercise of share-based awards during the nine months ended October 30, 2021, and the difference in income tax rates from state to state where work was performed. Additionally, the three and nine months ended October 30, 2021, includes approximately $3.0 million for incremental tax benefits for credits related to tax filings for prior periods. Other fluctuations in our effective income tax rate from the statutory rate each period are mainly attributable to changes in unrecognized tax benefits, tax law changes, and variances in non-deductible and non-taxable items. Additionally, during the nine months ended October 24, 2020, our effective tax rate was impacted by a $53.3 million goodwill impairment charge which was mostly non-deductible for income tax purposes, and the benefit from a $2.6 million tax loss carryback technical correction under the CARES Act. During the second quarter of fiscal 2022, we were notified by the Internal Revenue Service that our federal income tax return for fiscal 2020 was selected for examination. We believe our provision for income taxes is adequate; however, any assessment may affect our results of operations and cash flows. |
Other Income, Net
Other Income, Net | 9 Months Ended |
Oct. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Gain on sale of fixed assets $ 415 $ 4,001 $ 4,259 $ 9,207 Discount fee expense (403) (432) (1,277) (1,706) Miscellaneous income, net 552 139 1,285 420 Other income, net $ 564 $ 3,708 $ 4,267 $ 7,921 We participate in a vendor payment program sponsored by one of our customers. Eligible accounts receivable from this customer are included in the program and payment is received pursuant to a non-recourse sale to a bank partner. This program effectively reduces the time to collect these receivables as compared to that customer’s standard payment terms. We incur a discount fee to the bank on the payments received that is reflected as discount fee expense in the table above and is included as an expense component in other income, net, in the condensed consolidated statements of operations. |
Capital Stock
Capital Stock | 9 Months Ended |
Oct. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Capital Stock Repurchases of Common Stock. On March 3, 2021 the Company announced that its Board of Directors had authorized a new $150 million program to repurchase shares of the Company’s outstanding common stock through August 2022 in open market or private transactions. During the nine months ended October 30, 2021, we repurchased 631,638 shares of common stock, at an average price of $79.16, for $50.0 million. As of October 30, 2021, $100.0 million of the authorization was available for repurchases. Upon cancellation of shares repurchased, the excess over par value is recorded as a reduction of additional paid-in capital until the balance is reduced to zero, with any additional excess recorded as a reduction of retained earnings. During the nine months ended October 30, 2021, $46.0 million was charged to retained earnings related to shares canceled during the period. |
Stock-Based Awards
Stock-Based Awards | 9 Months Ended |
Oct. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards We have certain stock-based compensation plans under which we grant stock-based awards, including common stock, stock options, time-based restricted share units (“RSUs”), and performance-based restricted share units (“Performance RSUs”) to attract, retain, and reward talented employees, officers, and directors, and to align stockholder and employee interests. Compensation expense for stock-based awards is based on fair value at the measurement date. This expense fluctuates over time as a function of the duration of vesting periods of the stock-based awards and the Company’s performance, as measured by criteria set forth in performance-based awards. Stock-based compensation expense is included in general and administrative expenses in the condensed consolidated statements of operations and the amount of expense ultimately recognized depends on the quantity of awards that actually vest. Accordingly, stock-based compensation expense may vary from period to period. The performance criteria for the Company’s performance-based equity awards utilize the Company’s operating earnings (adjusted for certain amounts) as a percentage of contract revenues for the applicable four-quarter period (a “Performance Year”) and its Performance Year operating cash flow level (adjusted for certain amounts). Additionally, certain awards include three-year performance measures that, if met, result in supplemental shares awarded. For Performance RSUs, the Company evaluates compensation expense quarterly and recognizes expense for performance-based awards only if it determines it is probable that performance criteria for the awards will be met. Stock-based compensation expense and the related tax benefit recognized during the three and nine months ended October 30, 2021 and October 24, 2020 were as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Stock-based compensation $ 1,789 $ 3,796 $ 7,838 $ 10,490 Income tax effect of stock-based compensation $ 453 $ 944 $ 1,932 $ 2,606 In addition, during the three months ended October 30, 2021 and October 24, 2020 the Company realized nominal amounts of excess tax benefits , respectively, related to the vesting and exercise of share-based awards. During the nine months ended October 30, 2021 and October 24, 2020, the Company realized approximately $2.8 million and $0.2 million of net excess tax benefits, respectively. As of October 30, 2021, we had unrecognized compensation expense related to stock options, RSUs, and target Performance RSUs (based on the Company’s expected achievement of performance measures) of $2.3 million, $15.3 million, and $5.6 million, respectively. This expense will be recognized over a weighted-average number of years of 2.8, 2.6, and 2.3, respectively, based on the average remaining service periods for the awards. As of October 30, 2021, we may recognize an additional $24.8 million in compensation expense in future periods if the maximum number of Performance RSUs is earned based on certain performance measures being met. Stock Options The following table summarizes stock option award activity during the nine months ended October 30, 2021: Stock Options Shares Weighted Average Exercise Price Outstanding as of January 30, 2021 344,963 $ 49.66 Granted 29,738 $ 85.02 Options exercised (11,169) $ 32.77 Canceled — — Outstanding as of October 30, 2021 363,532 $ 53.07 Exercisable options as of October 30, 2021 262,173 $ 54.13 RSUs and Performance RSUs The following table summarizes RSU and Performance RSU award activity during the nine months ended October 30, 2021: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Date Fair Value Share Units Weighted Average Grant Date Fair Value Outstanding as of January 30, 2021 648,361 $ 33.29 425,344 $ 54.03 Granted 75,472 $ 82.12 273,858 $ 84.73 Share units vested (184,689) $ 37.41 (70,890) $ 57.59 Forfeited or canceled (8,520) $ 36.42 (170,363) $ 61.99 Outstanding as of October 30, 2021 530,624 $ 38.75 457,949 $ 68.87 The total number of granted Performance RSUs presented above consists of 188,883 target shares and 84,975 supplemental shares. The total number of Performance RSUs outstanding as of October 30, 2021 consists of 305,704 target shares and 152,245 supplemental shares. With respect to the Company’s Performance Year ended January 30, 2021, the Company canceled 88,057 target shares and 74,024 supplemental shares during the nine months ended October 30, 2021. |
Customer Concentration and Reve
Customer Concentration and Revenue Information | 9 Months Ended |
Oct. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Customer Concentration and Revenue Information | Customer Concentration and Revenue Information Geographic Location We provide services throughout the United States. Significant Customers Our customer base is highly concentrated, with our top five customers accounting for approximately 66.0% and 75.6% of total contract revenues during the nine months ended October 30, 2021 and October 24, 2020, respectively. Customers whose contract revenues exceeded 10% of total contract revenues during the three and nine months ended October 30, 2021 or October 24, 2020, as well as total contract revenues from all other customers combined, were as follows (dollars in millions): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 199.5 23.4% $ 118.9 14.7% $ 532.6 22.5% $ 407.5 16.6% Comcast Corporation 121.0 14.2 143.6 17.7 373.8 15.8 393.0 16.0 Lumen Technologies (1) 103.0 12.1 134.4 16.6 284.2 12.0 441.5 18.0 Verizon Communications Inc. 93.4 10.9 144.8 17.9 275.7 11.6 483.8 19.8 Total other customers combined 337.1 39.5 268.6 33.1 902.7 38.1 722.7 29.5 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% (1) Formerly known as CenturyLink, Inc. See Note 5, Accounts Receivable, Contract Assets, and Contract Liabilities , for information on our customer credit concentration and collectability of trade accounts receivable and contract assets. Customer Type Total contract revenues by customer type during the three and nine months ended October 30, 2021 and October 24, 2020 were as follows (dollars in millions): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 757.9 88.8% $ 721.2 89.0% $ 2,095.1 88.4% $ 2,193.9 89.6% Underground facility locating 67.6 7.9 59.0 7.3 198.2 8.4 171.3 7.0 Electrical and gas utilities and other 28.5 3.3 30.1 3.7 75.7 3.2 83.3 3.4 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% Remaining Performance Obligations Master service agreements and other contractual agreements with customers contain customer-specified service requirements, such as discrete pricing for individual tasks. In most cases, our customers are not contractually committed to procure specific volumes of services under these agreements. Services are generally performed pursuant to these agreements in accordance with individual work orders. An individual work order generally is completed within one year. As a result, our remaining performance obligations under the work orders not yet completed is not meaningful in relation to our overall revenue at any given point in time. We apply the practical expedient in Accounting Standards Codification Topic 606, Revenue from Contracts with Customers, and do not disclose information about remaining performance obligations that have original expected durations of one year or less. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Oct. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies On August 10, 2021, one of the Company’s subsidiaries was named in a putative class action lawsuit alleging claims on behalf of its non-exempt employees in California. The lawsuit alleges that the company failed to pay minimum and overtime wages, did not provide required meal and rest breaks, did not timely pay wages during employment and at the time of termination, provided noncompliant wage statements, failed to reimburse necessary business expenses, failed to keep requisite payroll records, and engaged in unfair business practices. On September 14, 2021, the same plaintiff bringing the putative class action filed a separate representative action under California’s Private Attorneys General Action (“PAGA”) seeking civil penalties relating to the same claims described above. Both lawsuits are in the very early stages. Due to the early stage of litigation, it is not possible to estimate a range of loss that could occur resulting from either an adverse judgment or a settlement of these matters. On December 17, 2018 and May 8, 2020, shareholder derivative actions were filed in the United States District Court for the Southern District of Florida against the Company, as nominal defendant, and the members of its Board of Directors (and, in the second action, the Company’s Chief Financial Officer), alleging, among other things, that the defendants breached fiduciary duties owed to the Company and violated the securities laws by causing the Company to issue false and misleading statements regarding the Company’s financial condition and business operations, including those related to the Company’s dependency on, and uncertainties related to, the permitting necessary for its large projects. On November 16, 2020, the plaintiffs filed a consolidated amended complaint in which the plaintiffs alleged the same breaches of fiduciary duty and violations of the securities laws as were alleged in the two consolidated lawsuits when they were initially filed. The consolidated amended complaint named the Company as nominal defendant and asserted claims against seven current members of its Board of Directors and two former members of the Board. The parties to this suit have reached an agreement to settle these claims and, on October 1, 2021, the court issued an order providing its final approval of the terms of the settlement. Subject to meeting the terms of the settlement, this matter has been resolved. On December 1, 2017, one of the Company’s subsidiaries was named in a lawsuit alleging that its nonexempt employees performing utility locating services in California were not paid appropriate minimum and overtime wages, provided required breaks, reimbursed for necessary business expenses, provided with accurate wage statements, and timely pay all wages at termination of employment. The plaintiff seeks to pursue these allegations as a class action under PAGA. Although the Company believes these claims are without merit it has engaged in early settlement discussions and has reached a preliminary agreement to settle these claims on a class-wide basis for an aggregate settlement value of $2.2 million and, on July 29, 2021, the court issued an order providing preliminary approval of the terms of the settlement. This preliminary agreement is subject to final approval by the court. Due to the early stage of this litigation, it is not possible to estimate a range of loss that could occur if this preliminary settlement is not finalized. During the fourth quarter of fiscal 2016, one of the Company’s subsidiaries ceased operations. This subsidiary contributed to a multiemployer pension plan, the Pension, Hospitalization and Benefit Plan of the Electrical Industry - Pension Trust Fund (the “Plan”). In October 2016, the Plan demanded payment for a claimed withdrawal liability of approximately $13.0 million. In December 2016, the subsidiary submitted a formal request to the Plan seeking review of the Plan’s withdrawal liability determination. The subsidiary disputes the claim that it is required to make payment of a withdrawal liability as demanded by the Plan as it believes that a statutory exemption under the Employee Retirement Income Security Act (“ERISA”) applies to its activities. The Plan has taken the position that the work at issue does not qualify for that statutory exemption. The subsidiary has submitted this dispute to arbitration, as required by ERISA. There can be no assurance that the Company’s subsidiary will be successful in asserting the statutory exemption as a defense in the arbitration proceeding. As required by ERISA, in November 2016, this subsidiary began making payments of a withdrawal liability to the Plan in the amount of approximately $0.1 million per month. If the subsidiary prevails in disputing the withdrawal liability, all such payments are expected to be refunded. Given the early stage of this action, it is not possible to estimate a range of loss that could result from either an adverse judgment or a settlement of this matter. From time to time, we are party to other various claims and legal proceedings arising in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, it is the opinion of management, based on information available at this time, that the ultimate resolution of any such claims or legal proceedings will not, after considering applicable insurance coverage or other indemnities to which we may be entitled, have a material effect on our financial position, results of operations, or cash flow. Commitments Performance and Payment Bonds and Guarantees. We have obligations under performance and other surety contract bonds related to certain of our customer contracts. Performance bonds generally provide a customer with the right to obtain payment and/or performance from the issuer of the bond if we fail to perform our contractual obligations. As of October 30, 2021 and January 30, 2021, we had $228.7 million and $208.7 million, respectively, of outstanding performance and other surety contract bonds. In addition to performance and other surety contract bonds, as part of our insurance program we also provide surety bonds that collateralize our obligations to our insurance carriers. As of October 30, 2021 and January 30, 2021, we had $20.3 million and $20.9 million, respectively, of outstanding surety bonds related to our insurance obligations. Additionally, we periodically guarantee certain obligations of our subsidiaries, including obligations in connection with obtaining state contractor licenses and leasing real property and equipment. Letters of Credit. We have issued standby letters of credit under our Credit Agreement that collateralize our obligations to our insurance carriers. As of October 30, 2021 and January 30, 2021, we had $46.3 million and $52.2 million, respectively, of outstanding standby letters of credit issued under the Credit Agreement. Deferral of Employer Payroll Taxes. During 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which provided for various tax relief and tax incentive measures. These measures did not have a material impact on our results of operations. However, pursuant to the CARES Act, we deferred the payment of $37.4 million of employer payroll taxes during the year ended December 31, 2020, 50% of which are due to be paid by December 31, 2021 and the remainder is due by December 31, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies and Estimates (Policies) | 9 Months Ended |
Oct. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Dycom Industries, Inc. (“Dycom”, the “Company”, “we”, “our”, or “us”) is a leading provider of specialty contracting services throughout the United States. These services include program management; planning; engineering and design; aerial, underground, and wireless construction; maintenance; and fulfillment services for telecommunications providers. Additionally, Dycom provides underground facility locating services for various utilities, including telecommunications providers, and other construction and maintenance services for electric and gas utilities. Dycom supplies the labor, tools, and equipment necessary to provide these services to its customers. |
Accounting Period | The Company uses a 52/53 week fiscal year ending on the last Saturday in January. Fiscal 2021 consisted of 53 weeks of operations and fiscal year ending January 29, 2022 consists of 52 weeks of operations. |
Segment Reporting Disclosure | Segment Information. The Company operates in one reportable segment. Its services are provided by its operating segments on a decentralized basis. Each operating segment consists of a subsidiary (or in certain instances, the combination of two or more subsidiaries), the results of which are regularly reviewed by the Company’s Chief Executive Officer, the chief operating decision maker. All of the Company’s operating segments have been aggregated into one reportable segment based on their similar economic characteristics, nature of services and production processes, type of customers, and service distribution methods. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. These estimates are based on our historical experience and management’s understanding of current facts |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Standards Codification Improvement. In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements (“ASU 2020-10”). The amendments in this ASU represent changes to clarify the Accounting Standards Codification (“ASC”), correct unintended application of guidance, or make minor improvements to the ASC that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. ASU 2020-10 is effective for annual periods beginning after December 15, 2020 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied retrospectively. We adopted the provisions of this ASU in the first quarter of fiscal 2022 and there was no material effect on our condensed consolidated financial statements. Income Taxes . In December 2019, the FASB issued ASU No. 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (Topic 740) (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The Company adopted the provisions of this ASU in the first quarter of fiscal 2022. The adoption of this ASU did not have a material effect on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this ASU require acquiring entities to apply Topic 606 to recognize and measure contract assets and liabilities in a business combination. This update is intended to improve comparability after the business combination by providing consistent recognition and measurement of acquired revenue contracts and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for annual periods beginning after December 15, 2022 and interim periods within those annual periods, with early adoption permitted. The amendments in this ASU should be applied prospectively. We will adopt the provisions of this ASU in the first quarter of fiscal 2024 and do not expect the adoption to have a material effect on our consolidated financial statements. |
Computation of Earnings Per C_2
Computation of Earnings Per Common Share (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Net income available to common stockholders (numerator) $ 28,717 $ 33,926 $ 47,780 $ 38,532 Weighted-average number of common shares (denominator) 30,172,254 31,878,583 30,426,337 31,744,199 Basic earnings per common share $ 0.95 $ 1.06 $ 1.57 $ 1.21 Weighted-average number of common shares 30,172,254 31,878,583 30,426,337 31,744,199 Potential shares of common stock arising from stock options, and unvested restricted share units 442,452 546,717 502,553 362,462 Total shares-diluted (denominator) 30,614,706 32,425,300 30,928,890 32,106,661 Diluted earnings per common share $ 0.94 $ 1.05 $ 1.54 $ 1.20 Anti-dilutive weighted shares excluded from the calculation of earnings per common share: Stock-based awards 218,525 238,226 89,765 245,633 0.75% convertible senior notes due 2021 (1) (2) 297,367 601,349 500,017 2,116,093 Warrants (1) (2) 601,349 601,349 601,349 2,116,093 Total 1,117,241 1,440,924 1,191,131 4,477,819 (1) The company used the treasury stock method for calculating any potential dilutive impact on earnings per common share if our average stock price for the period exceeded the $96.89 per share conversion price. There was no dilutive impact on earnings per common share during any of the periods presented as our average stock price did not exceed the per share conversion price and the 2021 Convertible Notes (as defined in Note 13) matured on September 15, 2021. The warrants associated with our 2021 Convertible Notes will have a dilutive impact on earnings per common share if our average stock price for the period exceeds the $130.43 per share warrant strike price. As our average stock price did not exceed the strike price for the warrants for any of the periods presented, the underlying common shares were anti-dilutive as reflected in the table above. The warrants will expire in ratable portions on a series of expiration dates commencing on December 15, 2021 and concluding on May 9, 2022. (2) In connection with the offering of the 2021 Convertible Notes, we entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the 2021 Convertible Notes and offsetting any potential cash payments in excess of the principal amount of the 2021 Convertible Notes. Prior to conversion, the convertible note hedge was not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon any conversion, the convertible note hedge was expected to offset the dilutive effect of the 2021 Convertible Notes when the average stock price for the period was above $96.89 per share. The 2021 Convertible Notes matured on September 15, 2021. The convertible note hedge transactions expired on September 13, 2021. See Note 13, Debt , for additional information related to our 2021 Convertible Notes, warrant transactions, and hedge transactions. |
Accounts Receivable, Contract_2
Accounts Receivable, Contract Assets, and Contract Liabilities (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts receivable, net, classified as current, consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Trade accounts receivable $ 363,770 $ 352,501 Unbilled accounts receivable 576,365 492,324 Retainage 21,145 14,974 Total 961,280 859,799 Less: allowance for doubtful accounts (1,539) (1,676) Accounts receivable, net $ 959,741 $ 858,123 For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Cumulative effect from implementation of ASU 2016-13 $ — $ — $ — $ 471 Allowance for doubtful accounts at beginning of period 1,527 1,605 1,676 4,582 Provision for bad debt 17 117 2,918 353 Amounts charged against the allowance (5) 29 (3,055) (3,655) Allowance for doubtful accounts at end of period $ 1,539 $ 1,751 $ 1,539 $ 1,751 |
Contract Assets and Contract Liabilities | Net contract assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Contract assets $ 110,685 $ 197,110 Contract liabilities 13,943 14,101 Contract assets, net $ 96,742 $ 183,009 |
Customer Credit Concentration | Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net, as of October 30, 2021 or January 30, 2021 were as follows (dollars in millions): October 30, 2021 January 30, 2021 Amount % of Total Amount % of Total Verizon Communications Inc. $ 233.5 22.1% $ 389.9 37.4% Lumen Technologies (1) $ 177.4 16.8% $ 173.5 16.6% Comcast Corporation $ 131.5 12.4% $ 131.7 12.6% AT&T Inc. $ 107.0 10.1% $ 71.7 6.9% For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 199.5 23.4% $ 118.9 14.7% $ 532.6 22.5% $ 407.5 16.6% Comcast Corporation 121.0 14.2 143.6 17.7 373.8 15.8 393.0 16.0 Lumen Technologies (1) 103.0 12.1 134.4 16.6 284.2 12.0 441.5 18.0 Verizon Communications Inc. 93.4 10.9 144.8 17.9 275.7 11.6 483.8 19.8 Total other customers combined 337.1 39.5 268.6 33.1 902.7 38.1 722.7 29.5 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% Total contract revenues by customer type during the three and nine months ended October 30, 2021 and October 24, 2020 were as follows (dollars in millions): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 757.9 88.8% $ 721.2 89.0% $ 2,095.1 88.4% $ 2,193.9 89.6% Underground facility locating 67.6 7.9 59.0 7.3 198.2 8.4 171.3 7.0 Electrical and gas utilities and other 28.5 3.3 30.1 3.7 75.7 3.2 83.3 3.4 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% |
Other Current Assets and Othe_2
Other Current Assets and Other Assets (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Prepaid expenses $ 22,298 $ 14,849 Deposits and other current assets 13,810 12,706 Insurance recoveries/receivables for accrued insurance claims — 111 Restricted cash 1,372 1,372 Receivables on equipment sales 18 34 Other current assets $ 37,498 $ 29,072 |
Schedule of Non current Assets | Other assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Long-term contract assets $ 15,284 $ 17,574 Deferred financing costs 5,128 5,205 Restricted cash 432 432 Insurance recoveries/receivables for accrued insurance claims 3,769 15,837 Other non-current deposits and assets 6,491 7,541 Other assets $ 31,104 $ 46,589 |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Cash and cash equivalents $ 263,701 $ 11,770 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 265,505 $ 13,574 |
Schedule of Restricted Cash and Cash Equivalents | Amounts of cash, cash equivalents and restricted cash reported in the condensed consolidated statement of cash flows consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Cash and cash equivalents $ 263,701 $ 11,770 Restricted cash included in: Other current assets 1,372 1,372 Other assets (long-term) 432 432 Cash, cash equivalents and restricted cash $ 265,505 $ 13,574 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (dollars in thousands): Estimated Useful Lives (Years) October 30, 2021 January 30, 2021 Land — $ 4,127 $ 3,796 Buildings 10-35 10,649 11,169 Leasehold improvements 1-10 17,739 17,030 Vehicles 1-5 688,244 626,809 Computer hardware and software 1-7 157,194 144,989 Office furniture and equipment 1-10 12,933 13,293 Equipment and machinery 1-10 317,735 300,143 Total 1,208,621 1,117,229 Less: accumulated depreciation (924,375) (843,269) Property and equipment, net $ 284,246 $ 273,960 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | There was no change in the carrying amount of goodwill during the nine months ended October 30, 2021. The g oodwill balance consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Goodwill, gross $ 521,516 $ 521,516 Accumulated impairment losses (249,031) (249,031) Total $ 272,485 $ 272,485 |
Schedule of Intangible Assets | Our intangible assets consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Weighted Average Remaining Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Customer relationships 8.7 $ 312,017 $ 211,835 $ 100,182 $ 312,017 $ 198,604 $ 113,413 Trade names, finite 8.4 10,350 9,368 982 10,350 9,141 1,209 Trade name, indefinite — 4,700 — 4,700 4,700 — 4,700 $ 327,067 $ 221,203 $ 105,864 $ 327,067 $ 207,745 $ 119,322 |
Accrued Insurance Claims (Table
Accrued Insurance Claims (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Accrued Insurance Claims [Abstract] | |
Accrued Insurance Claims and Insurance Recoveries/Receivables | Amounts for total accrued insurance claims and insurance recoveries/receivables are as follows (dollars in thousands): October 30, 2021 January 30, 2021 Accrued insurance claims - current $ 39,933 $ 41,736 Accrued insurance claims - non-current 51,339 70,224 Accrued insurance claims $ 91,272 $ 111,960 Insurance recoveries/receivables: Current (included in Other current assets) $ — $ 111 Non-current (included in Other assets) $ 3,769 $ 15,837 Insurance recoveries/receivables $ 3,769 $ 15,948 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Leases [Abstract] | |
Lease Cost, Supplemental Balance Sheet, and Supplmental Cash Flows | The following table summarizes the components of lease cost recognized in the condensed consolidated statements of operations for the nine months ended October 30, 2021 and October 24, 2020 (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Lease cost under long-term operating leases $ 8,526 $ 8,804 $ 25,952 $ 26,238 Lease cost under short-term operating leases 6,452 6,624 17,707 22,616 Variable lease cost under short-term and long-term operating leases (1) 756 743 2,696 3,076 Total lease cost $ 15,734 $ 16,171 $ 46,355 $ 51,930 (1) Variable lease cost primarily includes insurance, maintenance, and other operating expenses related to our leased office facilities. Our operating lease liabilities related to long-term operating leases were $61.8 million as of October 30, 2021 and $63.1 million as of January 30, 2021. Supplemental balance sheet information related to these liabilities is as follows: October 30, 2021 January 30, 2021 Weighted average remaining lease term 3.1 years 3.2 years Weighted average discount rate 4.0 % 4.6 % Supplemental cash flow information related to our long-term operating lease liabilities as of October 30, 2021 and October 24, 2020 is as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Cash paid for amounts included in the measurement of lease liabilities $ 9,670 $ 8,489 $ 25,739 $ 27,158 Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 3,075 $ 3,497 $ 22,644 $ 21,235 |
Operating Lease Liability Maturity Schedule | As of October 30, 2021, maturities of our lease liabilities under our long-term operating leases for the next five fiscal years and thereafter are as follows (dollars in thousands): Fiscal Year Amount Remainder of 2022 $ 6,617 2023 25,817 2024 16,346 2025 9,811 2026 4,583 Thereafter 2,839 Total lease payments 66,013 Less: imputed interest (4,188) Total $ 61,825 As of October 30, 2021, the Company had additional operating leases with total leases costs of $4.0 million that have not yet commenced. Of this amount, $1.3 million and $2.7 million will commence in the fourth quarter of fiscal 2022 and during fiscal 2023, respectively. |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Accrued payroll and related taxes $ 51,265 $ 43,593 Accrued employee benefit and incentive plan costs 23,701 32,988 Accrued construction costs 28,803 22,972 Other current liabilities 24,164 21,256 Other accrued liabilities $ 127,933 $ 120,809 |
Debt (Tables)
Debt (Tables) | 3 Months Ended | 9 Months Ended |
Oct. 30, 2021 | Oct. 30, 2021 | |
Debt Disclosure [Abstract] | ||
Outstanding Indebtedness | Our outstanding indebtedness consisted of the following (dollars in thousands): October 30, 2021 January 30, 2021 Credit agreement - Revolving facility (matures April 2026) $ — $ 105,000 Credit agreement - Term loan facility, net (matures April 2026) 347,268 421,874 4.50% senior notes, net (mature April 2029) 493,083 — 0.75% convertible senior notes, net (mature September 2021) — 56,410 840,351 583,284 Less: current portion (13,125) (81,722) Long-term debt $ 827,226 $ 501,562 | |
Schedule Interest Rates for the Credit Agreement | Under the Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing twelve-month consolidated EBITDA, as defined by the Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio. Borrowings - Eurodollar Rate Loans 1.25% - 2.00% plus LIBOR (1) Borrowings - Base Rate Loans 0.25% - 1.00% plus Base rate (2) Unused Revolver Commitment 0.20% - 0.40% Standby Letters of Credit 1.25% - 2.00% Commercial Letters of Credit 0.625% -1.000% (1) To address the transition in financial markets away from LIBOR by the end of 2021, the Credit Agreement includes provisions related to the replacement of LIBOR with a LIBOR Successor Rate (as defined in the Credit Agreement), which may be a rate based on the secured overnight financing rate published by the Federal Reserve Bank of New York. (2) Base rate is described in our Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. The weighted average interest rates and fees for balances under our Credit Agreement as of October 30, 2021 and January 30, 2021 were as follows: Weighted Average Rate End of Period October 30, 2021 January 30, 2021 Borrowings - Term loan facility 1.83% 1.63% Borrowings - Revolving facility —% 2.14% Standby Letters of Credit 1.75% 1.50% Unused Revolver Commitment 0.35% 0.25% | |
Carrying Value and Fair Value of Notes | The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $101.25 as of October 30, 2021 (dollars in thousands): October 30, 2021 Fair value of principal amount of 2029 Notes $ 506,250 Less: Debt issuance costs (6,917) Fair value of 2029 Notes $ 499,333 | |
Convertible Debt | The liability component of the 2021 Convertible Notes consisted of the following at January 30, 2021 (dollars in thousands): January 30, 2021 Liability component Principal amount of 2021 Convertible Notes $ 58,264 Less: Debt discount (1,665) Less: Debt issuance costs (189) Net carrying amount of 2021 Convertible Notes $ 56,410 The following table summarizes the fair value of the 2021 Convertible Notes, net of the debt discount and debt issuance costs. The fair value of the 2021 Convertible Notes was based on the closing trading price per $100 of the 2021 Convertible Notes as of the last day of trading (Level 2), which was $104.50 as of January 30, 2021 (dollars in thousands): January 30, 2021 Fair value of principal amount of 2021 Convertible Notes $ 60,886 Less: Debt discount and debt issuance costs (1,854) Fair value of 2021 Convertible Notes $ 59,032 | |
Schedule of Long-term Debt Instruments | The following table summarizes the net carrying value of the 2029 Notes as of October 30, 2021 (dollars in thousands): October 30, 2021 Principal amount of 2029 Notes $ 500,000 Less: Debt issuance costs (6,917) Net carrying amount of 2029 Notes $ 493,083 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income, Net | The components of other income, net, were as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Gain on sale of fixed assets $ 415 $ 4,001 $ 4,259 $ 9,207 Discount fee expense (403) (432) (1,277) (1,706) Miscellaneous income, net 552 139 1,285 420 Other income, net $ 564 $ 3,708 $ 4,267 $ 7,921 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense and Related Tax Benefit Recognized | Stock-based compensation expense and the related tax benefit recognized during the three and nine months ended October 30, 2021 and October 24, 2020 were as follows (dollars in thousands): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Stock-based compensation $ 1,789 $ 3,796 $ 7,838 $ 10,490 Income tax effect of stock-based compensation $ 453 $ 944 $ 1,932 $ 2,606 |
Schedule of Share-based Compensation, Stock Options Award Activity | The following table summarizes stock option award activity during the nine months ended October 30, 2021: Stock Options Shares Weighted Average Exercise Price Outstanding as of January 30, 2021 344,963 $ 49.66 Granted 29,738 $ 85.02 Options exercised (11,169) $ 32.77 Canceled — — Outstanding as of October 30, 2021 363,532 $ 53.07 Exercisable options as of October 30, 2021 262,173 $ 54.13 |
Schedule of Share-based Compensation, RSU and Performance RSU Activity | The following table summarizes RSU and Performance RSU award activity during the nine months ended October 30, 2021: Restricted Stock RSUs Performance RSUs Share Units Weighted Average Grant Date Fair Value Share Units Weighted Average Grant Date Fair Value Outstanding as of January 30, 2021 648,361 $ 33.29 425,344 $ 54.03 Granted 75,472 $ 82.12 273,858 $ 84.73 Share units vested (184,689) $ 37.41 (70,890) $ 57.59 Forfeited or canceled (8,520) $ 36.42 (170,363) $ 61.99 Outstanding as of October 30, 2021 530,624 $ 38.75 457,949 $ 68.87 |
Customer Concentration and Re_2
Customer Concentration and Revenue Information (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule that Represents A Significant Portion of the Company’s Customer Base and Each Over 10% of Total Revenue | Customers whose combined amounts of accounts receivable and contract assets, net, exceeded 10% of total combined accounts receivable and contract assets, net, as of October 30, 2021 or January 30, 2021 were as follows (dollars in millions): October 30, 2021 January 30, 2021 Amount % of Total Amount % of Total Verizon Communications Inc. $ 233.5 22.1% $ 389.9 37.4% Lumen Technologies (1) $ 177.4 16.8% $ 173.5 16.6% Comcast Corporation $ 131.5 12.4% $ 131.7 12.6% AT&T Inc. $ 107.0 10.1% $ 71.7 6.9% For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total AT&T Inc. $ 199.5 23.4% $ 118.9 14.7% $ 532.6 22.5% $ 407.5 16.6% Comcast Corporation 121.0 14.2 143.6 17.7 373.8 15.8 393.0 16.0 Lumen Technologies (1) 103.0 12.1 134.4 16.6 284.2 12.0 441.5 18.0 Verizon Communications Inc. 93.4 10.9 144.8 17.9 275.7 11.6 483.8 19.8 Total other customers combined 337.1 39.5 268.6 33.1 902.7 38.1 722.7 29.5 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% Total contract revenues by customer type during the three and nine months ended October 30, 2021 and October 24, 2020 were as follows (dollars in millions): For the Three Months Ended For the Nine Months Ended October 30, 2021 October 24, 2020 October 30, 2021 October 24, 2020 Amount % of Total Amount % of Total Amount % of Total Amount % of Total Telecommunications $ 757.9 88.8% $ 721.2 89.0% $ 2,095.1 88.4% $ 2,193.9 89.6% Underground facility locating 67.6 7.9 59.0 7.3 198.2 8.4 171.3 7.0 Electrical and gas utilities and other 28.5 3.3 30.1 3.7 75.7 3.2 83.3 3.4 Total contract revenues $ 854.0 100.0% $ 810.3 100.0% $ 2,369.0 100.0% $ 2,448.5 100.0% |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Oct. 30, 2021segment | |
Basis of Presentation [Abstract] | |
Number of reportable segments | 1 |
Accounting Standards (Details)
Accounting Standards (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 61,993 | $ 63,179 |
Operating lease liability related to long-term operating leases | $ 61,825 | $ 63,100 |
Computation of Earnings Per C_3
Computation of Earnings Per Common Share - Basic and Diluted Earnings Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income available to common stockholders (numerator) | $ 28,717 | $ 33,926 | $ 47,780 | $ 38,532 |
Weighted-average number of common shares (in shares) | 30,172,254 | 31,878,583 | 30,426,337 | 31,744,199 |
Basic earnings per common share (in dollars per share) | $ 0.95 | $ 1.06 | $ 1.57 | $ 1.21 |
Potential common stock arising from stock options, and unvested restricted share units (in shares) | 442,452 | 546,717 | 502,553 | 362,462 |
Total shares-diluted (in shares) | 30,614,706 | 32,425,300 | 30,928,890 | 32,106,661 |
Diluted earnings per common share (in dollars per share) | $ 0.94 | $ 1.05 | $ 1.54 | $ 1.20 |
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 1,117,241 | 1,440,924 | 1,191,131 | 4,477,819 |
Stock-based awards | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 218,525 | 238,226 | 89,765 | 245,633 |
Convertible senior notes | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 297,367 | 601,349 | 500,017 | 2,116,093 |
Note Warrant | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation of earnings per share (in shares) | 601,349 | 601,349 | 601,349 | 2,116,093 |
Computation of Earnings Per C_4
Computation of Earnings Per Common Share - Narratives (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
May 01, 2021 | Oct. 30, 2021 | Oct. 24, 2020 | Sep. 15, 2015 | |
Shares used in computing earnings per common share: | ||||
Proceeds from borrowings on senior credit agreement, including term loan | $ 95,000 | $ 773,000 | ||
Convertible senior notes | ||||
Shares used in computing earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 96.89 | |||
Note Warrant | ||||
Shares used in computing earnings per common share: | ||||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 130.43 | |||
0.75% Convertible Senior Notes Due 2021 | ||||
Shares used in computing earnings per common share: | ||||
Debt, interest rate (in percent) | 0.75% | |||
Warrant | ||||
Shares used in computing earnings per common share: | ||||
Proceeds from borrowings on senior credit agreement, including term loan | $ 25,000 | $ 401,700 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 |
Accounts Receivable, Contract_3
Accounts Receivable, Contract Assets, and Contract Liabilities - Accounts Receivable (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Receivables [Abstract] | ||
Trade accounts receivable | $ 363,770 | $ 352,501 |
Unbilled accounts receivable | 576,365 | 492,324 |
Retainage | 21,145 | 14,974 |
Total | 961,280 | 859,799 |
Less: allowance for doubtful accounts | (1,539) | (1,676) |
Accounts receivable, net | $ 959,741 | $ 858,123 |
Accounts Receivable, Contract_4
Accounts Receivable, Contract Assets, and Contract Liabilities - Change in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cumulative effect from implementation of ASU 2016-13 | $ 1,527 | $ 1,605 | $ 1,676 | $ 4,582 |
Provision for bad debt | 17 | 117 | 2,918 | 353 |
Amounts charged against the allowance | (5) | 29 | (3,055) | (3,655) |
Allowance for doubtful accounts at end of period | 1,539 | 1,751 | 1,539 | 1,751 |
Cumulative effect from implementation of ASU 2016-13 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Cumulative effect from implementation of ASU 2016-13 | $ 0 | $ 0 | $ 0 | $ 471 |
Accounts Receivable, Contract_5
Accounts Receivable, Contract Assets, and Contract Liabilities - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Oct. 30, 2021 | Oct. 30, 2021 | Jan. 30, 2021 | |
Receivables [Abstract] | |||
Net contract assets | $ 96,742 | $ 96,742 | $ 183,009 |
Contract liabilities, revenues recognized | $ 2,300 | $ 10,400 |
Accounts Receivable, Contract_6
Accounts Receivable, Contract Assets, and Contract Liabilities - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Receivables [Abstract] | ||
Contract assets | $ 110,685 | $ 197,110 |
Contract liabilities | 13,943 | 14,101 |
Contract assets, net | $ 96,742 | $ 183,009 |
Accounts Receivable, Contract_7
Accounts Receivable, Contract Assets, and Contract Liabilities - Customer Credit Concentration (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
May 01, 2021 | Oct. 30, 2021 | Jan. 30, 2021 | |
Concentration Risk | |||
Amount | $ 959,741 | $ 858,123 | |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Verizon Communications Inc. | |||
Concentration Risk | |||
Amount | $ 233,500 | 389,900 | |
% of Total | 37.40% | 22.10% | |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Lumen Technologies | |||
Concentration Risk | |||
Amount | $ 177,400 | 173,500 | |
% of Total | 16.60% | 16.80% | |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | Comcast Corporation | |||
Concentration Risk | |||
Amount | $ 131,500 | 131,700 | |
% of Total | 12.60% | 12.40% | |
Customer Concentration Risk | Trade Accounts Receivable and Costs and Estimated Earnings | AT&T Inc. | |||
Concentration Risk | |||
Amount | $ 107,000 | $ 71,700 | |
% of Total | 6.90% | 10.10% |
Other Current Assets and Othe_3
Other Current Assets and Other Assets - Current (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 22,298 | $ 14,849 |
Deposits and other current assets | 13,810 | 12,706 |
Insurance recoveries/receivables for accrued insurance claims | 0 | 111 |
Restricted cash | 1,372 | 1,372 |
Receivables on equipment sales | 18 | 34 |
Other current assets | $ 37,498 | $ 29,072 |
Other Current Assets and Othe_4
Other Current Assets and Other Assets - Non-current (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Long-term contract assets | $ 15,284 | $ 17,574 |
Deferred financing costs | 5,128 | 5,205 |
Restricted cash | 432 | 432 |
Insurance recoveries/receivables for accrued insurance claims | 3,769 | 15,837 |
Other non-current deposits and assets | 6,491 | 7,541 |
Other assets | $ 31,104 | $ 46,589 |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 24, 2020 | Jan. 25, 2020 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and equivalents | $ 263,701 | $ 11,770 | ||
Restricted cash included in: | ||||
Other current assets | 1,372 | 1,372 | ||
Other assets (long-term) | 432 | 432 | ||
Cash, cash equivalents and restricted cash | $ 265,505 | $ 13,574 | $ 17,139 | $ 59,869 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 30, 2021 | Jan. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Total | $ 1,208,621 | $ 1,117,229 |
Less: accumulated depreciation | (924,375) | (843,269) |
Property and equipment, net | 284,246 | 273,960 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total | 4,127 | 3,796 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 10,649 | 11,169 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 35 years | |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 17,739 | 17,030 |
Leasehold improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Leasehold improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 688,244 | 626,809 |
Vehicles | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Vehicles | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 5 years | |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 157,194 | 144,989 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 7 years | |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 12,933 | 13,293 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Equipment and machinery | ||
Property, Plant and Equipment [Line Items] | ||
Total | $ 317,735 | $ 300,143 |
Equipment and machinery | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Equipment and machinery | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 10 years |
Property and Equipment - Deprec
Property and Equipment - Depreciation Expense and Repairs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 33.7 | $ 37.3 | $ 101.8 | $ 116.9 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | Jan. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment charge | $ 53,300 | $ 0 | $ 53,264 | |||
Goodwill | $ 272,485 | 272,485 | $ 272,485 | |||
Amortization of intangible assets | $ 4,100 | $ 5,000 | $ 13,500 | $ 15,500 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, gross | $ 521,516 | $ 521,516 |
Accumulated impairment losses | (249,031) | (249,031) |
Total | $ 272,485 | $ 272,485 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | Jan. 30, 2021 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Amortization of intangible assets | $ 4,100 | $ 5,000 | $ 13,500 | $ 15,500 | |
Intangible Assets, Gross (Excluding Goodwill) | 327,067 | 327,067 | $ 327,067 | ||
Accumulated Amortization | 221,203 | 221,203 | 207,745 | ||
Intangible Assets, Net | 105,864 | 105,864 | 119,322 | ||
UtiliQuest | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Intangible Assets, Gross (Excluding Goodwill) | 4,700 | 4,700 | 4,700 | ||
Accumulated Amortization | 0 | 0 | 0 | ||
Intangible Assets, Net | $ 4,700 | 4,700 | 4,700 | ||
Customer relationships | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Usesul life | 8 years 8 months 12 days | ||||
Intangible Assets, Gross (Excluding Goodwill) | $ 312,017 | 312,017 | 312,017 | ||
Accumulated Amortization | 211,835 | 211,835 | 198,604 | ||
Intangible Assets, Net | $ 100,182 | 100,182 | 113,413 | ||
Trade names | |||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||||
Usesul life | 8 years 4 months 24 days | ||||
Intangible Assets, Gross (Excluding Goodwill) | $ 10,350 | 10,350 | 10,350 | ||
Accumulated Amortization | 9,368 | 9,368 | 9,141 | ||
Intangible Assets, Net | $ 982 | $ 982 | $ 1,209 |
Accrued Insurance Claims - Narr
Accrued Insurance Claims - Narratives (Details) | 9 Months Ended | |
Oct. 30, 2021USD ($)state | Jan. 25, 2020USD ($) | |
Accrued Insurance Claims [Line Items] | ||
Insurance Liability, Annual Retained Risk of Loss, Under Employee Health Plan Per Participant, Maximum Threshold | $ 475,000 | |
Number of states with state-sponsored insurance fund | state | 2 | |
Decrease in accrued insurance claims | $ 12,200,000 | |
Insurance Coverage Treshold Per Policy | 5,000,000 | |
Threshold One | ||
Accrued Insurance Claims [Line Items] | ||
Retained risk of loss, general liability and workers' compensation, maximum automobile liability | 1,000,000 | |
Threshold Two | ||
Accrued Insurance Claims [Line Items] | ||
Aggregate stop loss coverage for automobile liability, general liability, and workers' compensation claims before adjustment | 11,500,000 | |
Maximum | ||
Accrued Insurance Claims [Line Items] | ||
Insurance liability, annual retained risk loss | 600,000 | $ 450,000 |
Maximum | Threshold Three | ||
Accrued Insurance Claims [Line Items] | ||
Insurance Coverage Threshold Per Policy | 30,000,000 | |
Minimum | Threshold Three | ||
Accrued Insurance Claims [Line Items] | ||
Insurance Coverage Threshold Per Policy | $ 10,000,000 |
Accrued Insurance Claims (Detai
Accrued Insurance Claims (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Accrued Insurance Claims [Abstract] | ||
Accrued insurance claims - current | $ 39,933 | $ 41,736 |
Accrued insurance claims - non-current | 51,339 | 70,224 |
Accrued insurance claims | 91,272 | 111,960 |
Insurance recoveries/receivables: | ||
Insurance recoveries/receivables for accrued insurance claims | 0 | 111 |
Non-current (included in Other assets) | 3,769 | 15,837 |
Insurance Settlements Receivable | $ 3,769 | $ 15,948 |
Leases - Narratives (Details)
Leases - Narratives (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Lessee, Lease, Description | ||
Operating lease reneewal term | 5 years | |
Operating lease liability related to long-term operating leases | $ 61,825 | $ 63,100 |
Operating lease not yet commenced, amount | 4,000 | |
Fourth Quarter Fiscal 2022 | ||
Lessee, Lease, Description | ||
Operating lease not yet commenced, amount | 1,300 | |
First Quarter Fiscal 2023 | ||
Lessee, Lease, Description | ||
Operating lease not yet commenced, amount | $ 2,700 | |
Minimum | ||
Lessee, Lease, Description | ||
Operating lease term | 1 year | |
Maximum | ||
Lessee, Lease, Description | ||
Operating lease term | 9 years |
Leases - Lease Cost and Supplem
Leases - Lease Cost and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | Jan. 30, 2021 | |
Leases [Abstract] | |||||
Lease cost under long-term operating leases | $ 8,526 | $ 8,804 | $ 25,952 | $ 26,238 | |
Lease cost under short-term operating leases | 6,452 | 6,624 | 17,707 | 22,616 | |
Variable lease cost under short-term and long-term operating leases | 756 | 743 | 2,696 | 3,076 | |
Total lease cost | $ 15,734 | $ 16,171 | $ 46,355 | $ 51,930 | |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | 3 years 1 month 6 days | 3 years 2 months 12 days | ||
Weighted average discount rate (percent) | 4.00% | 4.00% | 4.60% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of lease liabilities | $ 9,670 | $ 8,489 | $ 25,739 | $ 27,158 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 3,075 | $ 3,497 | $ 22,644 | $ 21,235 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity Schedule (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Operating Lease Liabilities After Adoption | ||
Remainder of 2022 | $ 6,617 | |
2023 | 25,817 | |
2024 | 16,346 | |
2025 | 9,811 | |
2026 | 4,583 | |
Thereafter | 2,839 | |
Total lease payments | 66,013 | |
Less: imputed interest | (4,188) | |
Total | $ 61,825 | $ 63,100 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 51,265 | $ 43,593 |
Accrued employee benefit and incentive plan costs | 23,701 | 32,988 |
Accrued construction costs | 28,803 | 22,972 |
Other current liabilities | 24,164 | 21,256 |
Other accrued liabilities | $ 127,933 | $ 120,809 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 24, 2020 | Apr. 01, 2021 | Jan. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 840,351 | $ 583,284 | ||
Less: current portion | (13,125) | (81,722) | ||
Long-term debt | 827,226 | 501,562 | ||
Proceeds from borrowings on senior credit agreement, including term loan | 95,000 | $ 773,000 | ||
0.75% Convertible Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 0 | 56,410 | ||
Debt, interest rate (in percent) | 0.75% | |||
Credit Agreement - Revolving facility (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 0 | 105,000 | ||
Credit Agreement - Term Loan (matures April 2020) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | 347,268 | 421,874 | ||
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||||
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $ 493,083 | $ 0 | ||
Debt, interest rate (in percent) | 4.50% |
Debt - Senior Credit Agreement
Debt - Senior Credit Agreement (Details) | Sep. 15, 2015USD ($) | Oct. 30, 2021USD ($) | Oct. 30, 2021USD ($) | Jan. 30, 2021USD ($) | Apr. 01, 2021USD ($) | Jan. 25, 2020USD ($) | Oct. 19, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||||
Letters of credit outstanding amount | $ 46,300,000 | $ 46,300,000 | $ 52,200,000 | ||||
Additional borrowing availability | 289,500,000 | 289,500,000 | $ 558,700,000 | ||||
Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 200,000,000 | ||||||
Incremental Facility, Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 350,000,000 | ||||||
Swingline Loans | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | 50,000,000 | ||||||
Credit Agreement - Term Loan (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 416,300,000 | $ 350,000,000 | |||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 2.25 | ||||||
Unrestricted cash and cash equivalents threshold | $ 25,000,000 | $ 25,000,000 | |||||
Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of credit maximum borrowing capacity | $ 750,000,000 | $ 650,000,000 | |||||
Unutilized commitment fee (in percent) | 0.35% | 0.25% | |||||
Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 3.50 | ||||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 3 | ||||||
Minimum | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 1.25% | ||||||
Minimum | Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 0.20% | ||||||
Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, covenant compliance, consolidated leverage ratio, maximum | 1 | ||||||
Debt instrument, covenant compliance, consolidated interest coverage ratio, maximum | 1 | ||||||
Maximum | Standby Letters of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 2.00% | ||||||
Maximum | Credit Agreement - Revolving facility (matures April 2020) | |||||||
Line of Credit Facility [Line Items] | |||||||
Unutilized commitment fee (in percent) | 0.40% | ||||||
0.75% Convertible Senior Notes Due 2021 | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 485,000,000 | $ 58,300,000 | $ 58,300,000 | $ 58,264,000 | $ 460,000,000 |
Debt - Carrying Value of Debt (
Debt - Carrying Value of Debt (Details) - USD ($) $ in Thousands | Oct. 30, 2021 | Jan. 30, 2021 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 840,351 | $ 583,284 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 500,000 | |
Less: Debt issuance costs | (6,917) | |
Debt and capital lease obligations | 493,083 | 0 |
Credit Agreement - Term Loan (matures April 2020) | ||
Debt Instrument [Line Items] | ||
Fair value of principal amount of 2029 Notes | 350,000 | |
Less: Debt issuance costs | (2,732) | |
Debt and capital lease obligations | $ 347,268 | $ 421,874 |
Debt - Interest Rates of the Cr
Debt - Interest Rates of the Credit Agreement (Details) | 9 Months Ended | 12 Months Ended |
Oct. 30, 2021 | Jan. 30, 2021 | |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.35% | 0.25% |
Minimum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1.25% | |
Minimum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.625% | |
Minimum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.20% | |
Maximum | Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 2.00% | |
Maximum | Commercial Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 1.00% | |
Maximum | Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Unutilized commitment fee (in percent) | 0.40% | |
Eurodollar | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Eurodollar | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Eurodollar | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Administrative Agent Base Rate | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.25% | |
Administrative Agent Base Rate | Maximum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Federal Funds | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% |
Debt - Interest Rates at Period
Debt - Interest Rates at Period End (Details) - $ / shares | Oct. 30, 2021 | Jan. 30, 2021 |
Line of Credit Facility [Line Items] | ||
Debt Instrument Fair Value, Per Stated Incremental Portion on Principal | $ 104.50 | |
Standby Letters of Credit | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.75% | 1.50% |
Credit Agreement - Term Loan (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 1.83% | 1.63% |
Credit Agreement - Revolving facility (matures April 2020) | ||
Line of Credit Facility [Line Items] | ||
Debt instrument, effective interest rate | 0.00% | 2.14% |
Debt - Convertible Senior Notes
Debt - Convertible Senior Notes Due 2021 (Details) | Sep. 15, 2015USD ($)$ / shares | Oct. 30, 2021USD ($) | May 01, 2021USD ($) | Oct. 24, 2020USD ($) | Oct. 28, 2017trading_day | Oct. 30, 2021USD ($) | Oct. 24, 2020USD ($) | Jan. 30, 2021USD ($) | Jan. 25, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Amortization of debt discount | $ 1,665,000 | $ 6,732,000 | |||||||
Repayments of Long-term Lines of Credit | 271,875,000 | 704,875,000 | |||||||
(Loss) gain on debt extinguishment | $ (62,000) | 12,046,000 | |||||||
0.75% Convertible Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt, interest rate (in percent) | 0.75% | 0.75% | |||||||
Debt intrument, conversion installments amount | $ 1,000 | ||||||||
Debt instrument,conversion ratio | 10.3211 | ||||||||
Debt instrument, face amount | $ 485,000,000 | $ 58,300,000 | $ 58,300,000 | $ 58,264,000 | $ 460,000,000 | ||||
Debt instrument, convertible, conversion price (per share) | $ / shares | $ 96.89 | ||||||||
Convertible debt, trading day threshold | trading_day | 20 | ||||||||
Convertible debt, consecutive trading day threshold | trading_day | 30 | ||||||||
Convertible debt, percentage of stock trigger price threshold | 130.00% | ||||||||
Debt instrument conversion trigger price | $ / shares | $ 125.96 | ||||||||
Convertible debt, measurement period for percentage of product sale price of common stock and applicable conversion threshold | 98.00% | ||||||||
Convertible debt, comparable yield | 5.50% | ||||||||
Amortization of debt discount | $ 300,000 | $ 600,000 | 1,700,000 | $ 6,700,000 | |||||
Convertible Debt | 56,410,000 | ||||||||
Unamortized discount | 1,665,000 | ||||||||
Debt issuance cost | $ 189,000 | ||||||||
Repayments of Long-term Lines of Credit | $ 371,400,000 | $ 24,300,000 | |||||||
(Loss) gain on debt extinguishment | $ 100,000 | $ (12,000,000) |
Debt - Components of the Conver
Debt - Components of the Convertible Notes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | Jan. 30, 2021 | Jan. 25, 2020 | Sep. 15, 2015 | |
Debt Instrument [Line Items] | |||||||
Equity component of 0.75% senior convertible notes due 2021, net | $ 112,600,000 | $ 112,600,000 | |||||
Amortization of debt discount | 1,665,000 | $ 6,732,000 | |||||
Estimate of Fair Value Measurement | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 60,886,000 | ||||||
Less: Debt discount and debt issuance costs | (1,854,000) | ||||||
Convertible Debt | 59,032,000 | ||||||
0.75% Convertible Senior Notes Due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Unamortized Discount | (1,665,000) | ||||||
Debt issuance cost | (189,000) | ||||||
Amortization of debt discount | 300,000 | $ 600,000 | 1,700,000 | $ 6,700,000 | |||
Debt instrument, face amount | $ 58,300,000 | $ 58,300,000 | 58,264,000 | $ 460,000,000 | $ 485,000,000 | ||
Convertible Debt | $ 56,410,000 |
Debt - Convertible Note Hedge a
Debt - Convertible Note Hedge and Warrant Transactions (Details) - $ / shares shares in Thousands | Sep. 15, 2015 | Oct. 30, 2021 |
Convertible senior notes | ||
Debt Instrument [Line Items] | ||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 96.89 | |
Note Warrant | ||
Debt Instrument [Line Items] | ||
Anti-dilutive weighted shares excluded from the calculation, per share conversion price, threshold (in dollars per share) | $ 130.43 | |
0.75% Convertible Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Warrant | ||
Debt Instrument [Line Items] | ||
Class of Warrant or Right, Unissued (shares) | 601 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (shares) | 5,006 |
Debt - Senior Notes Due 2029 (D
Debt - Senior Notes Due 2029 (Details) - Senior Notes - 4.50% senior notes, net (mature April 2029) | Apr. 01, 2021USD ($) |
Debt Instrument [Line Items] | |
Debt, interest rate (in percent) | 4.50% |
Debt instrument, face amount | $ 500,000,000 |
Debt - Fair Value of 2029 Notes
Debt - Fair Value of 2029 Notes (Details) $ / shares in Units, $ in Thousands | Oct. 30, 2021USD ($)$ / shares |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Share Price | $ / shares | $ 101.25 |
Senior Notes | 4.50% senior notes, net (mature April 2029) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value of principal amount of 2029 Notes | $ 500,000 |
Less: Debt issuance costs | (6,917) |
Estimate of Fair Value Measurement | Senior Notes | 4.50% senior notes, net (mature April 2029) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair value of principal amount of 2029 Notes | 506,250 |
Less: Debt issuance costs | (6,917) |
Fair value of 2029 Notes | $ 499,333 |
Income Taxes - Narratives (Deta
Income Taxes - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 24, 2020 | Jul. 25, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 17.70% | 26.20% | 17.20% | 41.20% | |
Decrease resulting from prior period tax positions | $ 3,000 | ||||
Goodwill impairment charge | $ 53,300 | $ 0 | $ 53,264 | ||
Tax loss carryback technical correction | $ 2,600 | $ 2,600 |
Other Income, Net (Details)
Other Income, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Other Income and Expenses [Abstract] | ||||
Gain on sale of fixed assets | $ 415 | $ 4,001 | $ 4,259 | $ 9,207 |
Discount fee expense | (403) | (432) | (1,277) | (1,706) |
Miscellaneous income, net | 552 | 139 | 1,285 | 420 |
Other income, net | $ 564 | $ 3,708 | $ 4,267 | $ 7,921 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Oct. 30, 2021 | Mar. 03, 2021 | |
Stockholders' Equity Note [Abstract] | ||
Amount authorized to repurchase shares | $ 150 | |
Stock repurchased during period | 631,638 | |
Stock repurchased, average cost per share | $ 79.16 | |
Stock repurchased during period, value | $ 50 | |
Remaining authorized repurchase amount | 100 | |
Excess over par value charged to retained earnings | $ 46 |
Stock-Based Awards - Tax Benefi
Stock-Based Awards - Tax Benefit Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Net tax (deficiency) benefit | $ 2,800 | $ (200) | ||
Stock-based compensation | 7,838 | 10,490 | ||
Stock-based compensation | $ 1,789 | $ 3,796 | 7,838 | 10,490 |
Income tax effect of stock-based compensation | $ 453 | $ 944 | $ 1,932 | $ 2,606 |
Stock-Based Awards - Narratives
Stock-Based Awards - Narratives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 30, 2021 | Oct. 24, 2020 | Jan. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net tax (deficiency) benefit | $ 2.8 | $ (0.2) | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 2.3 | 2.3 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 9 months 18 days | |||
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 15.3 | $ 15.3 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||
Granted (in shares) | 75,472 | |||
Shares outstanding | 530,624 | 530,624 | 648,361 | |
Shares canceled (in shares) | 8,520 | |||
Performance RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock options | $ 5.6 | $ 5.6 | ||
Total compensation cost not yet recognized, period for recognition | 2 years 3 months 18 days | |||
Compensation expense | $ 24.8 | $ 24.8 | ||
Granted (in shares) | 273,858 | |||
Shares outstanding | 457,949 | 457,949 | 425,344 | |
Shares canceled (in shares) | 170,363 | |||
Target Share Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs outstanding (in shares) | 188,883 | |||
Shares outstanding | 305,704 | 305,704 | ||
Shares canceled (in shares) | 88,057 | |||
Supplemental Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 84,975 | |||
Shares outstanding | 152,245 | 152,245 | ||
Shares canceled (in shares) | 74,024 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - Stock Options | 9 Months Ended |
Oct. 30, 2021$ / sharesshares | |
Stock Options, Outstanding [Roll Forward] | |
Beginning balance (in shares) | shares | 344,963 |
Granted (in shares) | shares | 29,738 |
Options exercised (in shares) | shares | (11,169) |
Canceled (in shares) | shares | 0 |
Ending balance (in shares) | shares | 363,532 |
Exercisable options (in shares) | shares | 262,173 |
Stock Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 49.66 |
Options granted (in dollars per shares) | $ / shares | 85.02 |
Options exercised (in dollars per shares) | $ / shares | 32.77 |
Canceled (in dollars per shares) | $ / shares | 0 |
Ending balance (in dollars per shares) | $ / shares | 53.07 |
Weighted average remaining contractual life, shares exercisable (In years) | $ / shares | $ 54.13 |
Stock-Based Awards - RSU's and
Stock-Based Awards - RSU's and Performance RSU's (Details) | 9 Months Ended |
Oct. 30, 2021$ / sharesshares | |
Target Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Forfeited or canceled (in shares) | (88,057) |
Ending balance (in shares) | 305,704 |
RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 648,361 |
Granted (in shares) | 75,472 |
Share units vested (in shares) | (184,689) |
Forfeited or canceled (in shares) | (8,520) |
Ending balance (in shares) | 530,624 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 33.29 |
Granted (in dollars per shares) | $ / shares | 82.12 |
Share units vested (in dollars per shares) | $ / shares | 37.41 |
Forfeited or canceled (in dollars per shares) | $ / shares | 36.42 |
Ending balance (in dollars per shares) | $ / shares | $ 38.75 |
Performance RSUs | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Beginning balance (in shares) | 425,344 |
Granted (in shares) | 273,858 |
Share units vested (in shares) | (70,890) |
Forfeited or canceled (in shares) | (170,363) |
Ending balance (in shares) | 457,949 |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning balance (in dollars per shares) | $ / shares | $ 54.03 |
Granted (in dollars per shares) | $ / shares | 84.73 |
Share units vested (in dollars per shares) | $ / shares | 57.59 |
Forfeited or canceled (in dollars per shares) | $ / shares | 61.99 |
Ending balance (in dollars per shares) | $ / shares | $ 68.87 |
Supplemental Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding [Roll Forward] | |
Granted (in shares) | 84,975 |
Forfeited or canceled (in shares) | (74,024) |
Ending balance (in shares) | 152,245 |
Customer Concentration and Re_3
Customer Concentration and Revenue Information - Narratives (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021USD ($)customer | Oct. 24, 2020USD ($) | Oct. 30, 2021USD ($)customerRate | Oct. 24, 2020USD ($)Rate | Jan. 30, 2021USD ($) | |
Concentration Risk | |||||
Number of customers classified as highly concentrated | customer | 5 | 5 | |||
Amount | $ 959,741 | $ 959,741 | $ 858,123 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 853,973 | $ 810,256 | $ 2,369,038 | $ 2,448,500 | |
Revenue Benchmark | Customer Concentration Risk | |||||
Concentration Risk | |||||
% of Total | 100.00% | 100.00% | 100.00% | 100.00% | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 854,000 | $ 810,300 | $ 2,369,000 | $ 2,448,500 | |
Revenue Benchmark | Customer Concentration Risk | Five Unnamed Customers | |||||
Concentration Risk | |||||
% of Total | Rate | 66.00% | 75.60% |
Customer Concentration and Re_4
Customer Concentration and Revenue Information - Revenue Concentration Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Concentration Risk | ||||
Contract revenues | $ 853,973 | $ 810,256 | $ 2,369,038 | $ 2,448,500 |
Revenue Benchmark | Customer Concentration Risk | ||||
Concentration Risk | ||||
Contract revenues | $ 854,000 | $ 810,300 | $ 2,369,000 | $ 2,448,500 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Revenue Benchmark | Customer Concentration Risk | AT&T Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 199,500 | $ 118,900 | $ 532,600 | $ 407,500 |
% of Total | 23.40% | 14.70% | 22.50% | 16.60% |
Revenue Benchmark | Customer Concentration Risk | Comcast Corporation | ||||
Concentration Risk | ||||
Contract revenues | $ 121,000 | $ 143,600 | $ 373,800 | $ 393,000 |
% of Total | 14.20% | 17.70% | 15.80% | 16.00% |
Revenue Benchmark | Customer Concentration Risk | Lumen Technologies | ||||
Concentration Risk | ||||
Contract revenues | $ 103,000 | $ 134,400 | $ 284,200 | $ 441,500 |
% of Total | 12.10% | 16.60% | 12.00% | 18.00% |
Revenue Benchmark | Customer Concentration Risk | Verizon Communications Inc. | ||||
Concentration Risk | ||||
Contract revenues | $ 93,400 | $ 144,800 | $ 275,700 | $ 483,800 |
% of Total | 10.90% | 17.90% | 11.60% | 19.80% |
Revenue Benchmark | Customer Concentration Risk | Total other customers combined | ||||
Concentration Risk | ||||
Contract revenues | $ 337,100 | $ 268,600 | $ 902,700 | $ 722,700 |
% of Total | 39.50% | 33.10% | 38.10% | 29.50% |
Customer Concentration and Re_5
Customer Concentration and Revenue Information - Customer Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 24, 2020 | Oct. 30, 2021 | Oct. 24, 2020 | |
Concentration Risk | ||||
Contract revenues | $ 853,973 | $ 810,256 | $ 2,369,038 | $ 2,448,500 |
Customer Concentration Risk | Revenue Benchmark | ||||
Concentration Risk | ||||
Contract revenues | $ 854,000 | $ 810,300 | $ 2,369,000 | $ 2,448,500 |
% of Total | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk | Revenue Benchmark | Telecommunications | ||||
Concentration Risk | ||||
Contract revenues | $ 757,900 | $ 721,200 | $ 2,095,100 | $ 2,193,900 |
% of Total | 88.80% | 89.00% | 88.40% | 89.60% |
Customer Concentration Risk | Revenue Benchmark | Underground facility locating | ||||
Concentration Risk | ||||
Contract revenues | $ 67,600 | $ 59,000 | $ 198,200 | $ 171,300 |
% of Total | 7.90% | 7.30% | 8.40% | 7.00% |
Customer Concentration Risk | Revenue Benchmark | Electrical and gas utilities and other | ||||
Concentration Risk | ||||
Contract revenues | $ 28,500 | $ 30,100 | $ 75,700 | $ 83,300 |
% of Total | 3.30% | 3.70% | 3.20% | 3.40% |
Five Unnamed Customers | Customer Concentration Risk | Revenue Benchmark | ||||
Concentration Risk | ||||
% of Total | 66.00% | 75.60% |
Commitment and Contingencies -
Commitment and Contingencies - Narratives (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 |
Loss Contingencies [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 20.3 | $ 20.9 |
Letters of credit outstanding amount | 46.3 | 52.2 |
Performance Guarantee and Surety Bond [Member] | ||
Loss Contingencies [Line Items] | ||
Guarantor obligations, carrying value | $ 228.7 | $ 208.7 |
Uncategorized Items - dy-202110
Label | Element | Value |
Accounting Standards Update 2016-13 [Member] | ||
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |