MYR (MYRG) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-08325
Entity Registrant Name	MYR GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3158643
Entity Address, Address Line One	12121 Grant Street,
Entity Address, Address Line Two	Suite 610
Entity Address, City or Town	Thornton,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80241
City Area Code	303
Local Phone Number	286-8000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	MYRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		16,709,534
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000700923
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,471	$ 51,040
Accounts receivable, net of allowances of $1,986 and $2,073, respectively	548,766	472,543
Contract assets, net of allowances of $608 and $499, respectively	410,277	300,615
Current portion of receivable for insurance claims in excess of deductibles	9,359	9,325
Refundable income taxes	4,853	8,944
Prepaid expenses and other current assets	28,557	47,824
Total current assets	1,032,283	890,291
Property and equipment, net of accumulated depreciation of $372,147 and $351,753, respectively	256,295	233,175
Operating lease right-of-use assets	29,098	30,544
Goodwill	115,728	115,847
Intangible assets, net of accumulated amortization of $29,092 and $25,439, respectively	83,790	87,557
Receivable for insurance claims in excess of deductibles	32,618	34,210
Investment in joint ventures	5,405	3,697
Other assets	5,516	3,537
Total assets	1,560,733	1,398,858
Current liabilities:
Current portion of long-term debt	5,265	5,074
Current portion of operating lease obligations	9,319	9,711
Current portion of finance lease obligations	2,139	1,127
Accounts payable	377,690	315,323
Contract liabilities	230,971	227,055
Current portion of accrued self-insurance	28,534	28,752
Accrued income taxes	1,557	0
Other current liabilities	85,176	79,918
Total current liabilities	740,651	666,960
Deferred income tax liabilities	45,737	45,775
Long-term debt	57,073	35,479
Accrued self-insurance	50,384	51,287
Operating lease obligations, net of current maturities	19,776	20,845
Finance lease obligations, net of current maturities	429	2,313
Other liabilities	21,224	15,999
Total liabilities	935,274	838,658
Commitments and contingencies
Shareholders’ equity:
Preferred stock—$0.01 par value per share; 4,000,000 authorized shares; none issued and outstanding at September 30, 2023 and December 31, 2022	0	0
Common stock—$0.01 par value per share; 100,000,000 authorized shares; 16,709,534 and 16,563,767 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	167	165
Additional paid-in capital	160,813	161,427
Accumulated other comprehensive loss	(6,635)	(6,300)
Retained earnings	471,114	404,908
Total shareholders’ equity	625,459	560,200
Total liabilities and shareholders’ equity	$ 1,560,733	$ 1,398,858

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance	$ 1,986	$ 2,073
Contract assets, allowance	608	499
Property and equipment, accumulated depreciation	372,147	351,753
Intangible assets, accumulated amortization	$ 29,092	$ 25,439
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	16,709,534	16,563,767
Common stock, shares outstanding (in shares)	16,709,534	16,563,767

UNAUDITED CONSOLIDATED STATEMEN

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Contract revenues	$ 939,476	$ 799,848	$ 2,639,708	$ 2,144,586
Contract costs	847,093	713,502	2,372,806	1,896,893
Gross profit	92,383	86,346	266,902	247,693
Selling, general and administrative expenses	59,879	58,891	174,618	164,471
Amortization of intangible assets	1,231	827	3,686	6,847
Gain on sale of property and equipment	(754)	(347)	(3,293)	(1,747)
Income from operations	32,027	26,975	91,891	78,122
Other income (expense):
Interest income	226	44	740	58
Interest expense	(1,319)	(1,134)	(3,059)	(2,235)
Other income (expense), net	(91)	223	(61)	2,485
Income before provision for income taxes	30,843	26,108	89,511	78,430
Income tax expense	9,331	7,672	22,563	19,622
Net income	$ 21,512	$ 18,436	$ 66,948	$ 58,808
Income per common share:
Basic (in dollars per share)	$ 1.29	$ 1.11	$ 4.01	$ 3.50
Diluted (in dollars per share)	$ 1.28	$ 1.09	$ 3.98	$ 3.45
Weighted average number of common shares and potential common shares outstanding:
Basic (in shares)	16,710	16,659	16,678	16,822
Diluted (in shares)	16,829	16,853	16,821	17,044
Net income	$ 21,512	$ 18,436	$ 66,948	$ 58,808
Other comprehensive loss:
Foreign currency translation adjustment	(2,611)	(5,946)	(335)	(7,772)
Other comprehensive loss	(2,611)	(5,946)	(335)	(7,772)
Total comprehensive income	$ 18,901	$ 12,490	$ 66,613	$ 51,036

UNAUDITED CONSOLIDATED STATEM_2

UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Balance, beginning of period at Dec. 31, 2021	$ 519,102	$ 0	$ 168	$ 163,754	$ 173	$ 355,007
Balance, beginning of period (in shares) at Dec. 31, 2021			16,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,688					20,688
Stock issued under compensation plans, net	4		$ 2	2
Stock issued under compensation plans, net (in shares)			193,000
Stock-based compensation expense	1,624			1,624
Shares repurchased related to tax withholding for stock-based compensation	(6,791)			(6,124)		(667)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(69,000)
Other comprehensive income (loss)	1,651				1,651
Balance, end of period at Mar. 31, 2022	536,278	0	$ 170	159,256	1,824	375,028
Balance, end of period (in shares) at Mar. 31, 2022			16,995,000
Balance, beginning of period at Dec. 31, 2021	519,102	0	$ 168	163,754	173	355,007
Balance, beginning of period (in shares) at Dec. 31, 2021			16,871,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 58,808
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(68,675)
Other comprehensive income (loss)	$ (7,772)
Balance, end of period at Sep. 30, 2022	535,877	0	$ 166	159,784	(7,599)	383,526
Balance, end of period (in shares) at Sep. 30, 2022			16,607,000
Balance, beginning of period at Mar. 31, 2022	536,278	0	$ 170	159,256	1,824	375,028
Balance, beginning of period (in shares) at Mar. 31, 2022			16,995,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,684					19,684
Stock issued under compensation plans, net	0
Stock issued under compensation plans, net (in shares)			9,000
Stock-based compensation expense	2,064			2,064
Shares repurchased related to tax withholding for stock-based compensation	(23,467)		$ (3)	(2,629)		(20,835)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(280,000)
Other comprehensive income (loss)	(3,477)				(3,477)
Balance, end of period at Jun. 30, 2022	531,082	0	$ 167	158,691	(1,653)	373,877
Balance, end of period (in shares) at Jun. 30, 2022			16,724,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,436					18,436
Stock issued under compensation plans, net	26			26
Stock-based compensation expense	2,178			2,178
Shares repurchased related to tax withholding for stock-based compensation	(9,899)		$ (1)	(1,111)		(8,787)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(117,000)
Other comprehensive income (loss)	(5,946)				(5,946)
Balance, end of period at Sep. 30, 2022	535,877	0	$ 166	159,784	(7,599)	383,526
Balance, end of period (in shares) at Sep. 30, 2022			16,607,000
Balance, beginning of period at Dec. 31, 2022	560,200	0	$ 165	161,427	(6,300)	404,908
Balance, beginning of period (in shares) at Dec. 31, 2022			16,564,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,163					23,163
Stock issued under compensation plans, net	20		$ 2	18
Stock issued under compensation plans, net (in shares)			211,000
Stock-based compensation expense	1,982			1,982
Shares repurchased related to tax withholding for stock-based compensation	(7,936)			(7,194)		(742)
Shares repurchased related to tax withholding for stock-based compensation (in shares)			(76,000)
Other comprehensive income (loss)	136				136
Balance, end of period at Mar. 31, 2023	577,565	0	$ 167	156,233	(6,164)	427,329
Balance, end of period (in shares) at Mar. 31, 2023			16,699,000
Balance, beginning of period at Dec. 31, 2022	560,200	0	$ 165	161,427	(6,300)	404,908
Balance, beginning of period (in shares) at Dec. 31, 2022			16,564,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 66,948
Shares repurchased related to tax withholding for stock-based compensation (in shares)	(76,150)
Other comprehensive income (loss)	$ (335)
Balance, end of period at Sep. 30, 2023	625,459	0	$ 167	160,813	(6,635)	471,114
Balance, end of period (in shares) at Sep. 30, 2023			16,710,000
Balance, beginning of period at Mar. 31, 2023	577,565	0	$ 167	156,233	(6,164)	427,329
Balance, beginning of period (in shares) at Mar. 31, 2023			16,699,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,273					22,273
Stock issued under compensation plans, net	0
Stock issued under compensation plans, net (in shares)			11,000
Stock-based compensation expense	2,322			2,322
Other comprehensive income (loss)	2,140				2,140
Balance, end of period at Jun. 30, 2023	604,300	0	$ 167	158,555	(4,024)	449,602
Balance, end of period (in shares) at Jun. 30, 2023			16,710,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	21,512					21,512
Stock-based compensation expense	2,258			2,258
Other comprehensive income (loss)	(2,611)				(2,611)
Balance, end of period at Sep. 30, 2023	$ 625,459	$ 0	$ 167	$ 160,813	$ (6,635)	$ 471,114
Balance, end of period (in shares) at Sep. 30, 2023			16,710,000

UNAUDITED CONSOLIDATED STATEM_3

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 66,948	$ 58,808
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization of property and equipment	39,848	36,317
Amortization of intangible assets	3,686	6,847
Stock-based compensation expense	6,562	5,866
Deferred income taxes	0	(1)
Gain on sale of property and equipment	(3,293)	(1,747)
Other non-cash items	564	3,230
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable, net	(76,349)	(56,125)
Contract assets, net	(109,803)	(74,775)
Receivable for insurance claims in excess of deductibles	1,558	(271)
Other assets	21,503	23,326
Accounts payable	62,276	71,758
Contract liabilities	3,941	5,582
Accrued self-insurance	(1,119)	1,462
Other liabilities	12,070	(6,551)
Net cash flows provided by operating activities	28,392	73,726
Cash flows from investing activities:
Proceeds from sale of property and equipment	3,998	1,649
Cash paid for acquired business, net of cash acquired	0	(110,660)
Purchases of property and equipment	(63,791)	(48,522)
Net cash flows used in investing activities	(59,793)	(157,533)
Cash flows from financing activities:
Borrowings under revolving lines of credit	354,467	173,250
Repayments under revolving lines of credit	(328,085)	(115,502)
Borrowings under equipment notes	0	24,187
Payment of principal obligations under equipment notes	(4,597)	(522)
Payment of principal obligations under finance leases	(872)	(1,272)
Proceeds from exercise of stock options	20	30
Repurchase of common stock	0	(31,654)
Debt refinancing costs	(2,129)	0
Payments related to tax withholding for stock-based compensation	(7,936)	(6,791)
Net cash flows provided by financing activities	10,868	41,726
Effect of exchange rate changes on cash	(36)	(4,244)
Net decrease in cash and cash equivalents	(20,569)	(46,325)
Cash and cash equivalents:
Beginning of period	51,040	82,092
End of period	30,471	35,767
Noncash financing activities:
Share repurchases not settled	$ 0	$ 1,712

Organization, Business and Basi

Organization, Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Business and Basis of Presentation	Organization, Business and Basis of Presentation Organization and Business MYR Group Inc. (the “Company”) is a holding company of specialty electrical construction service providers conducting operations through wholly owned subsidiaries. The Company performs construction services in two business segments: Transmission and Distribution (“T&D”), and Commercial and Industrial (“C&I”). T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. T&D provides a broad range of services on electric transmission, distribution networks, substation facilities, clean energy projects and electric vehicle charging infrastructure. T&D services include design, engineering, procurement, construction, upgrade, maintenance and repair services. C&I customers include general contractors, commercial and industrial facility owners, government agencies and developers. C&I provides a broad range of services, which include the design, installation, maintenance and repair of commercial and industrial wiring. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Basis of Presentation Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income, shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. Certain reclassifications were made to prior year amounts to conform to the current year presentation. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 22, 2023 (the "2022 Annual Report"). Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. As of September 30, 2023, the Company did not have a controlling interest in any current joint venture partnerships. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets. For joint ventures in which the Company does not have a controlling interest, the Company’s share of any profits and assets and its share of any losses and liabilities are recognized based on the Company’s stated percentage partnership interest in the joint venture and are normally recorded by the Company one month in arrears. The investments in joint ventures are recorded at cost and the carrying amounts are adjusted to recognize the Company’s proportionate share of cumulative income or loss, additional contributions made and dividends and capital distributions received. The Company records the effect of any impairment or any other-than-temporary decrease in the value of the joint venture investment as incurred, which may or may not be one month in arrears, depending on when the Company obtains the joint venture activity information. Additionally, the Company continually assesses the fair value of its investment in unconsolidated joint ventures despite using information that is one month in arrears for regular reporting purposes. The Company includes only its percentage ownership of each joint venture in its backlog. Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Equity accounts are translated at historical rates. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income (loss) in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency losses, recorded in other income (expense), net, for the nine months ended September 30, 2023 and 2022 were not significant. Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of September 30, 2023 and December 31, 2022, the Company had recognized revenues of $57.1 million and $19.6 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended September 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.3%, which resulted in decreases in operating income of $11.5 million, net income of $8.0 million and diluted earnings per common share of $0.47. During the nine months ended September 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.2% and resulted in decreases in operating income of $32.2 million, net income of $22.4 million and diluted earnings per common share of $1.33. Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.” During the three months ended September 30, 2022, changes in estimates pertaining to certain projects decreased consolidated gross margin by 0.3%, which resulted in decreases in operating income of $2.4 million, net income of $1.7 million and diluted earnings per common share of $0.10. During the nine months ended September 30, 2022, changes in estimates pertaining to certain projects did not have a significant impact on gross margin and resulted in increases in operating income of $0.3 million, net income of $0.1 million and diluted earnings per common share of $0.01.

Contract Assets and Liabilities

Contract Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract Assets and Liabilities	Contract Assets and Liabilities Contracts with customers usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Therefore, contract assets and liabilities are created when the timing of costs incurred on work performed does not coincide with the billing terms. These contracts frequently include retention provisions contained in each contract. The Company’s consolidated balance sheets present contract assets, which contain unbilled revenue and contract retainages associated with contract work that has been completed and billed but not paid by customers, pursuant to retainage provisions, that are generally due once the job is completed and approved. The allowance for doubtful accounts associated with contract assets was $0.6 million as of September 30, 2023 and $0.5 million as of December 31, 2022. Contract assets consisted of the following: (in thousands) September 30, December 31, Change Unbilled revenue, net $ 217,617 $ 156,266 $ 61,351 Contract retainages, net 192,660 144,349 48,311 Contract assets, net $ 410,277 $ 300,615 $ 109,662 The Company’s consolidated balance sheets present contract liabilities that contain deferred revenue and an accrual for contracts in a loss provision. Contract liabilities consisted of the following: (in thousands) September 30, December 31, Change Deferred revenue $ 227,208 $ 223,654 $ 3,554 Accrued loss provision 3,763 3,401 362 Contract liabilities $ 230,971 $ 227,055 $ 3,916 The following table provides information about contract assets and contract liabilities from contracts with customers: (in thousands) September 30, December 31, Change Contract assets, net $ 410,277 $ 300,615 $ 109,662 Contract liabilities (230,971) (227,055) (3,916) Net contract assets $ 179,306 $ 73,560 $ 105,746 The difference between the opening and closing balances of the Company’s contract assets and contract liabilities primarily results from the timing of the Company’s billings in relation to its performance of work. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $16.3 million and $114.0 million for the three and nine months ended September 30, 2023, respectively. The amounts of revenue recognized in the period that were included in the opening contract liability balances were $42.1 million and $101.1 million for the three and nine months ended September 30, 2022, respectively. The net asset position for contracts in process consisted of the following: (in thousands) September 30, December 31, Costs and estimated earnings on uncompleted contracts $ 6,329,063 $ 5,390,535 Less: billings to date 6,338,654 5,457,923 $ (9,591) $ (67,388) The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows: (in thousands) September 30, December 31, Unbilled revenue $ 217,617 $ 156,266 Deferred revenue (227,208) (223,654) $ (9,591) $ (67,388)

Lease Obligations

Lease Obligations	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Lease Obligations	Lease Obligations From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from one The following is a summary of the lease-related assets and liabilities recorded: September 30, December 31, (in thousands) Classification on the Consolidated Balance Sheet Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 29,098 $ 30,544 Finance lease right-of-use assets Property and equipment, net of accumulated depreciation 2,490 3,238 Total right-of-use lease assets $ 31,588 $ 33,782 Liabilities Current Operating lease obligations Current portion of operating lease obligations $ 9,319 $ 9,711 Finance lease obligations Current portion of finance lease obligations 2,139 1,127 Total current obligations 11,458 10,838 Non-current Operating lease obligations Operating lease obligations, net of current maturities 19,776 20,845 Finance lease obligations Finance lease obligations, net of current maturities 429 2,313 Total non-current obligations 20,205 23,158 Total lease obligations $ 31,663 $ 33,996 The following is a summary of the lease terms and discount rates: September 30, December 31, Weighted-average remaining lease term - finance leases 1.2 years 1.9 years Weighted-average remaining lease term - operating leases 3.4 years 3.6 years Weighted-average discount rate - finance leases 3.1 % 3.0 % Weighted-average discount rate - operating leases 3.9 % 3.8 % The following is a summary of certain information related to the lease costs for finance and operating leases: (in thousands) Three months ended Nine months ended 2023 2022 2023 2022 Lease cost: Finance lease cost: Amortization of right-of-use assets $ 78 $ 107 $ 1,566 $ 841 Interest on lease liabilities 20 30 65 105 Operating lease cost 3,638 3,488 10,764 9,898 Variable lease costs 89 102 262 313 Total lease cost $ 3,825 $ 3,727 $ 12,657 $ 11,157 The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Nine months ended September 30, (in thousands) 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,989 $ 9,779 Right-of-use asset obtained in exchange for new operating lease obligations $ 7,763 $ 19,596 Right-of-use asset obtained in exchange for new finance lease obligations $ — $ 510 The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of September 30, 2023 were as follows: (in thousands) Finance Operating Lease Total Remainder of 2023 $ 290 $ 3,551 $ 3,841 2024 2,028 11,475 13,503 2025 312 8,706 9,018 2026 — 6,696 6,696 2027 — 2,612 2,612 2028 — 1,547 1,547 Thereafter — 1,783 1,783 Total minimum lease payments 2,630 36,370 39,000 Financing component (62) (7,275) (7,337) Net present value of minimum lease payments 2,568 29,095 31,663 Less: current portion of finance and operating lease obligations (2,139) (9,319) (11,458) Long-term finance and operating lease obligations $ 429 $ 19,776 $ 20,205 The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value. Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at or below market rental rates. As of September 30, 2023, the minimum lease payments required under these leases totaled $7.1 million, which are due over the next 4.8 years.
Lease Obligations	Lease Obligations From time to time, the Company enters into non-cancelable leases for some of our facility, vehicle and equipment needs. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of facilities, vehicles and equipment rather than purchasing them. The Company’s leases have remaining terms ranging from one The following is a summary of the lease-related assets and liabilities recorded: September 30, December 31, (in thousands) Classification on the Consolidated Balance Sheet Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 29,098 $ 30,544 Finance lease right-of-use assets Property and equipment, net of accumulated depreciation 2,490 3,238 Total right-of-use lease assets $ 31,588 $ 33,782 Liabilities Current Operating lease obligations Current portion of operating lease obligations $ 9,319 $ 9,711 Finance lease obligations Current portion of finance lease obligations 2,139 1,127 Total current obligations 11,458 10,838 Non-current Operating lease obligations Operating lease obligations, net of current maturities 19,776 20,845 Finance lease obligations Finance lease obligations, net of current maturities 429 2,313 Total non-current obligations 20,205 23,158 Total lease obligations $ 31,663 $ 33,996 The following is a summary of the lease terms and discount rates: September 30, December 31, Weighted-average remaining lease term - finance leases 1.2 years 1.9 years Weighted-average remaining lease term - operating leases 3.4 years 3.6 years Weighted-average discount rate - finance leases 3.1 % 3.0 % Weighted-average discount rate - operating leases 3.9 % 3.8 % The following is a summary of certain information related to the lease costs for finance and operating leases: (in thousands) Three months ended Nine months ended 2023 2022 2023 2022 Lease cost: Finance lease cost: Amortization of right-of-use assets $ 78 $ 107 $ 1,566 $ 841 Interest on lease liabilities 20 30 65 105 Operating lease cost 3,638 3,488 10,764 9,898 Variable lease costs 89 102 262 313 Total lease cost $ 3,825 $ 3,727 $ 12,657 $ 11,157 The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Nine months ended September 30, (in thousands) 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,989 $ 9,779 Right-of-use asset obtained in exchange for new operating lease obligations $ 7,763 $ 19,596 Right-of-use asset obtained in exchange for new finance lease obligations $ — $ 510 The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of September 30, 2023 were as follows: (in thousands) Finance Operating Lease Total Remainder of 2023 $ 290 $ 3,551 $ 3,841 2024 2,028 11,475 13,503 2025 312 8,706 9,018 2026 — 6,696 6,696 2027 — 2,612 2,612 2028 — 1,547 1,547 Thereafter — 1,783 1,783 Total minimum lease payments 2,630 36,370 39,000 Financing component (62) (7,275) (7,337) Net present value of minimum lease payments 2,568 29,095 31,663 Less: current portion of finance and operating lease obligations (2,139) (9,319) (11,458) Long-term finance and operating lease obligations $ 429 $ 19,776 $ 20,205 The financing component for finance lease obligations represents the interest component of finance leases that will be recognized as interest expense in future periods. The financing component for operating lease obligations represents the effect of discounting the lease payments to their present value. Certain subsidiaries of the Company have operating leases for facilities from third party companies that are owned, in whole or part, by employees of the subsidiaries. The terms and rental rates of these leases are at or below market rental rates. As of September 30, 2023, the minimum lease payments required under these leases totaled $7.1 million, which are due over the next 4.8 years.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of September 30, 2023 and December 31, 2022, the Company determined that the carrying value of cash and cash equivalents approximated fair value based on Level 1 inputs. As of September 30, 2023 and December 31, 2022, the fair value of the Company’s long-term debt and finance lease obligations was based on Level 2 inputs. The Company’s long-term debt was based on variable and fixed interest rates at September 30, 2023 and December 31, 2022, for new issues with similar remaining maturities, and approximated carrying value. In addition, based on borrowing rates currently available to the Company for borrowings with similar terms, the carrying value of the Company’s finance lease obligations also approximated fair value.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes: (dollar amounts in thousands) Inception Date Stated Interest Payment Term Outstanding Balance as of September 30, 2023 Outstanding Balance as of December 31, 2022 Credit Agreement Revolving loans 5/31/2023 Variable Variable 5 $ 39,297 $ 12,915 Equipment Notes Equipment Note 8 12/27/2019 2.75% Semi-annual 5 2,871 3,464 Equipment Note 10 8/26/2022 4.32% Semi-annual 5 20,124 24,119 Other equipment note 4/11/2022 4.55% Monthly 5 46 55 23,041 27,638 Total debt 62,338 40,553 Less: current portion of long-term debt (5,265) (5,074) Long-term debt $ 57,073 $ 35,479 Credit Agreement On May 31, 2023, the Company entered into a five-year third amended and restated credit agreement (the “Credit Agreement”) with a syndicate of banks led by JPMorgan Chase Bank, N.A. and Bank of America, N.A. that provides for a $490 million revolving credit facility (the “Facility”), subject to certain financial covenants as defined in the Credit Agreement. The Facility allows for revolving loans in Canadian dollars and other non-US currencies, up to the U.S. dollar equivalent of $150 million. Up to $75 million, of the Facility may be used for letters of credit, with an additional $75 million available for letters of credit, subject to the sole discretion of each issuing bank. The Facility also allows for $15 million to be used for swingline loans. The Company has an expansion option to increase the commitments under the Facility or enter into incremental term loans, subject to certain conditions, by up to an additional $200 million upon receipt of additional commitments from new or existing lenders. Subject to certain exceptions, the Facility is secured by substantially all of the assets of the Company and its domestic subsidiaries, and by a pledge of substantially all of the capital stock of the Company’s domestic subsidiaries and 65% of the capital stock of the direct foreign subsidiaries of the Company. Additionally, subject to certain exceptions, the Company’s domestic subsidiaries also guarantee the repayment of all amounts due under the Credit Agreement. The Credit Agreement provides for customary events of default. If an event of default occurs and is continuing, on the terms and subject to the conditions set forth in the Credit Agreement, amounts outstanding under the Facility may be accelerated and may become or be declared immediately due and payable. Borrowings under the Credit Agreement are used to refinance existing indebtedness, and to provide for future working capital, capital expenditures, acquisitions and other general corporate purposes. Amounts borrowed under the Credit Agreement bear interest, at the Company’s option, at a rate equal to either (1) the Alternate Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.25% to 1.00%; or (2) the Term Benchmark Rate (as defined in the Credit Agreement) plus an applicable margin ranging from 1.25% to 2.00%. The applicable margin is determined based on the Company’s Net Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement establishes Adjusted Term Secured Overnight Financing Rate (“SOFR”) (as defined in the Credit Agreement) as the benchmark rate, in replacement of LIBOR. Letters of credit issued under the Facility are subject to a letter of credit fee of 1.25% to 2.00% for non-performance letters of credit or 0.625% to 1.00% for performance letters of credit, based on the Company’s Net Leverage Ratio. The Company is subject to a commitment fee of 0.20% to 0.30%, based on the Company’s Net Leverage Ratio, on any unused portion of the Facility. The Credit Agreement restricts certain types of payments when the Company’s Net Leverage Ratio, after giving pro forma effect thereto, exceeds 2.75. The weighted average interest rate on borrowings outstanding on the Facility for the nine months ended September 30, 2023 was 6.96% per annum. Under the Credit Agreement, the Company is subject to certain financial covenants including a maximum Net Leverage Ratio of 3.0 and a minimum Interest Coverage Ratio (as defined in the Credit Agreement) of 3.0. The Credit Agreement also contains covenants including limitations on asset sales, investments, indebtedness and liens. The Company was in compliance with all of its financial covenants under the Credit Agreement as of September 30, 2023. As of September 30, 2023, the Company had $39.3 million of borrowings outstanding under the Facility and letters of credit outstanding under the Facility of approximately $18.9 million, including $11.7 million related to the Company's payment obligation under its insurance programs and approximately $7.2 million related to contract performance obligations. As of December 31, 2022, the Company had $12.9 million of borrowings outstanding under the revolving credit facility under its previous credit agreement and letters of credit outstanding under the revolving credit facility under its previous credit agreement of approximately $12.8 million, which were almost entirely related to the Company's payment obligation under its insurance programs. The Company had remaining deferred debt issuance costs totaling $2.4 million as of September 30, 2023, related to the line of credit. As permitted, debt issuance costs have been deferred and are presented as an asset within other assets, which is amortized as interest expense over the term of the line of credit. On May 31, 2023, the Company had remaining deferred debt issuance costs related to our previous credit agreement totaling $0.4 million, which will be amortized over the life of the Facility. Equipment Notes The Company has entered into Master Equipment Loan and Security Agreements (the “Master Loan Agreements”) with multiple finance companies. The Master Loan Agreements may be used for the financing of equipment between the Company and the lenders pursuant to one or more equipment notes ("Equipment Note"). Each Equipment Note executed under the Master Loan Agreements constitutes a separate, distinct and independent financing of equipment and a contractual obligation of the Company, which may contain prepayment clauses. As of September 30, 2023, the Company had two Equipment Notes outstanding under the Master Loan Agreements that are collateralized by equipment and vehicles owned by the Company. As of September 30, 2023, the Company had one other equipment note outstanding that is collateralized by a vehicle owned by the Company. The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of September 30, 2023: (in thousands) Future Remainder of 2023 $ 541 2024 6,514 2025 4,364 2026 4,555 2027 7,067 2028 — Total future principal payments 23,041 Less: current portion of equipment notes (5,265) Long-term principal obligations $ 17,776

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue A majority of the Company’s revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to perform a defined scope of a project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts require the Company to include a guaranteed not-to-exceed maximum price. Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. The Company also provides services under master service agreements (“MSAs”) and other variable-term service agreements. MSAs normally cover maintenance, upgrade and extension services, as well as new construction. Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis. MSAs are typically one The components of the Company’s revenue by contract type for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, 2023 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 283,440 51.7 % $ 319,546 81.7 % $ 602,986 64.2 % Unit price 143,218 26.1 26,899 6.9 170,117 18.1 T&E 121,937 22.2 44,436 11.4 166,373 17.7 $ 548,595 100.0 % $ 390,881 100.0 % $ 939,476 100.0 % Three months ended September 30, 2022 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 216,082 47.8 % $ 290,078 83.4 % $ 506,160 63.3 % Unit price 127,121 28.1 27,597 7.9 154,718 19.3 T&E 108,811 24.1 30,159 8.7 138,970 17.4 $ 452,014 100.0 % $ 347,834 100.0 % $ 799,848 100.0 % The components of the Company’s revenue by contract type for the nine months ended September 30, 2023 and 2022 were as follows: Nine months ended September 30, 2023 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 774,022 51.7 % $ 938,576 82.2 % $ 1,712,598 64.9 % Unit price 396,855 26.5 68,099 6.0 464,954 17.6 T&E 326,778 21.8 135,378 11.8 462,156 17.5 $ 1,497,655 100.0 % $ 1,142,053 100.0 % $ 2,639,708 100.0 % Nine months ended September 30, 2022 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 559,920 45.5 % $ 752,337 82.5 % $ 1,312,257 61.2 % Unit price 349,051 28.3 60,332 6.6 409,383 19.1 T&E 323,134 26.2 99,812 10.9 422,946 19.7 $ 1,232,105 100.0 % $ 912,481 100.0 % $ 2,144,586 100.0 % The components of the Company’s revenue by market type for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, 2023 Three months ended September 30, 2022 (dollars in thousands) Amount Percent Segment Amount Percent Segment Transmission $ 357,708 38.1 % T&D $ 264,022 33.0 % T&D Distribution 190,887 20.3 T&D 187,992 23.5 T&D Electrical construction 390,881 41.6 C&I 347,834 43.5 C&I Total revenue $ 939,476 100.0 % $ 799,848 100.0 % The components of the Company’s revenue by market type for the nine months ended September 30, 2023 and 2022 were as follows: Nine months ended September 30, 2023 Nine months ended September 30, 2022 (dollars in thousands) Amount Percent Segment Amount Percent Segment Transmission $ 978,078 37.0 % T&D $ 735,707 34.3 % T&D Distribution 519,577 19.7 T&D 496,398 23.2 T&D Electrical construction 1,142,053 43.3 C&I 912,481 42.5 C&I Total revenue $ 2,639,708 100.0 % $ 2,144,586 100.0 % Remaining Performance Obligations As of September 30, 2023, the Company had $2.40 billion of remaining performance obligations. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions. The following table summarizes the amount of remaining performance obligations as of September 30, 2023 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will not be recognized within the next twelve months. Remaining Performance Obligations at September 30, 2023 (in thousands) Total Amount estimated to not be Total at December 31, 2022 T&D $ 934,860 $ 90,901 $ 898,617 C&I 1,462,270 344,458 1,428,257 Total $ 2,397,130 $ 435,359 $ 2,326,874 The Company expects the vast majority of the remaining performance obligations to be recognized within twenty-four months, although the timing of the Company’s performance is not always under its control. Additionally, the difference between the remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s MSAs under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer. Additional information related to backlog is provided in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The U.S. federal statutory tax rate was 21% for each of the three and nine months ended September 30, 2023 and 2022. The Company’s effective tax rate for the three and nine months ended September 30, 2023 was 30.3% and 25.2%, respectively, of pretax income compared to the effective tax rate for the three and nine months ended September 30, 2022 of 29.4% and 25.0%, respectively. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the three months ended September 30, 2023 and September 30, 2022, was primarily due to state income taxes, Canadian taxes and other permanent difference items. The difference between the U.S. federal statutory tax rate and the Company’s effective tax rate for the nine months ended September 30, 2023 and September 30, 2022, was primarily due to state income taxes, Canadian taxes and other permanent difference items partially offset by a favorable impact from stock compensation excess tax benefits. The Company had unrecognized tax benefits of approximately $0.6 million and $0.5 million as of September 30, 2023 and December 31, 2022, respectively, which were included in other liabilities in the accompanying consolidated balance sheets. The Company’s policy is to recognize interest and penalties related to income tax liabilities as a component of income tax expense in the consolidated statements of operations. The amount of interest and penalties charged to income tax expense related to unrecognized tax benefits was not significant for the three and nine months ended September 30, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of September 30, 2023, the Company had approximately $37.4 million in outstanding purchase orders for certain construction equipment, with cash payments scheduled to occur in 2023 and 2024. Insurance and Claims Accruals The Company carries insurance policies, which are subject to certain deductibles and limits, for workers’ compensation, general liability, automobile liability and other insurance coverage. The deductible per occurrence for each line of coverage is up to $1.0 million, except for wildfire coverage, which has a deductible of $2.0 million. The Company’s health benefit plans are subject to stop-loss limits of up to $0.2 million for qualified individuals. Losses up to the deductible and stop-loss amounts are accrued based upon the Company’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not yet reported. The insurance and claims accruals are based on known facts, actuarial estimates and historical trends. While recorded accruals are based on the ultimate liability, which includes amounts in excess of the deductible, a corresponding receivable for amounts in excess of the deductible is included in current and long-term assets in the Company’s consolidated balance sheets. Performance and Payment Bonds and Parent Guarantees In certain circumstances, the Company is required to provide performance and payment bonds in connection with its future performance on certain contractual commitments. The Company has indemnified its sureties for any expenses paid out under these bonds. As of September 30, 2023, an aggregate of approximately $2.30 billion in original face amount of bonds issued by the Company’s sureties were outstanding. The Company estimated the remaining cost to complete these bonded projects was approximately $732.2 million as of September 30, 2023. From time to time, the Company guarantees the obligations of wholly owned subsidiaries, including obligations under certain contracts with customers, certain lease agreements, and, in some states, obligations in connection with obtaining contractors’ licenses. Additionally, from time to time the Company is required to post letters of credit to guarantee the obligations of wholly owned subsidiaries, which reduces the borrowing availability under the Facility. Indemnities From time to time, pursuant to its service arrangements, the Company indemnifies its customers for claims related to the services it provides under those service arrangements. These indemnification obligations may subject the Company to indemnity claims, liabilities and related litigation. The Company is not aware of any material unrecorded liabilities for asserted claims in connection with these indemnification obligations. Collective Bargaining Agreements Most of the Company’s subsidiaries’ craft labor employees are covered by collective bargaining agreements. The agreements require the subsidiaries to pay specified wages, provide certain benefits and contribute certain amounts to multi-employer pension plans. If a subsidiary withdraws from any of the multi-employer pension plans or if the plans were to otherwise become underfunded, the subsidiary could incur liabilities for additional contributions related to these plans. Although the Company has been informed that the status of some multi-employer pension plans to which its subsidiaries contribute have been classified as “critical”, the Company is not currently aware of any potential liabilities related to this issue. Litigation and Other Legal Matters The Company is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract, property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. The Company is routinely subject to other civil claims, litigation and arbitration, and regulatory investigations arising in the ordinary course of business. These claims, lawsuits and other proceedings include claims related to the Company’s current services and operations, as well as our historic operations. With respect to all such lawsuits, claims and proceedings, the Company records reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. The Company does not believe that any of these proceedings, separately or in the aggregate, would be expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains two equity compensation plans under which stock-based compensation has been granted: the 2017 Long-Term Incentive Plan (Amended and Restated as of April 23, 2020) (the “LTIP”) and the 2007 Long-Term Incentive Plan (Amended and Restated as of May 1, 2014) (the “2007 LTIP”). Upon the initial adoption of the LTIP in 2017, awards were no longer granted under the 2007 LTIP. The LTIP was approved by our shareholders and provides for grants of (a) incentive stock options qualified as such under U.S. federal income tax laws, (b) stock options that do not qualify as incentive stock options, (c) stock appreciation rights, (d) restricted stock awards, (e) restricted stock units, (f) performance awards, (g) phantom stock, (h) stock bonuses, (i) dividend equivalents, or (j) any combination of such grants. The Company has outstanding grants of non-qualified stock options, time-vested stock awards in the form of restricted stock units and internal metric-based and market-based performance stock units. During the nine months ended September 30, 2023, the Company granted time-vested stock awards covering 51,167 shares of common stock under the LTIP, which vest ratably over three years for employee awards and after one year for non-employee director awards, at a weighted average grant date fair value of $117.60. During the nine months ended September 30, 2023, time-vested stock awards covering 63,722 shares of common stock vested at a weighted average grant date fair value of $59.71. During the nine months ended September 30, 2023, the Company granted 32,994 performance share awards under the LTIP at target, which will cliff vest, if earned, on December 31, 2025, at a weighted average grant date fair value of $136.54. The number of shares ultimately earned under a performance award may vary from zero to 200% of the target shares granted, based upon the Company’s performance compared to certain metrics. The metrics used were determined at the time of the grant by the Compensation Committee of the Board of Directors and were either based on internal measures, such as the Company’s financial performance compared to targets, or on a market-based metric, such as the Company’s stock performance compared to a peer group. Performance awards granted cliff vest following the performance period if the stated performance targets and minimum service requirements are attained and are paid in shares of the Company’s common stock. During the nine months ended September 30, 2023, plan participants exercised options to purchase 827 shares of the Company’s common stock with a weighted average exercise price of $24.68. During the nine months ended September 30, 2023, 42 options expired. On March 25, 2023, the Company's final outstanding and exercisable options expired, and the Company had no remaining awards outstanding under the 2007 LTIP. The Company recognizes stock-based compensation expense related to restricted stock units based on the grant date fair value, which was the closing price of the Company’s stock on the date of grant. The fair value is expensed over the service period, which is generally three years. For performance awards, the Company recognizes stock-based compensation expense based on the grant date fair value of the award. The fair value of internal metric-based performance awards is determined by the closing stock price of the Company’s common stock on the date of the grant. The fair value of market-based performance awards is computed using a Monte Carlo simulation. Performance awards are expensed over the service period of approximately 2.8 years, and the Company adjusts the stock-based compensation expense related to internal metric-based performance awards according to its determination of the shares expected to vest at each reporting date.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information MYR Group is a holding company of specialty contractors serving electrical utility infrastructure and commercial construction markets in the United States and Canada. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Performance measurement and resource allocation for the reporting segments are based on many factors. The primary financial measures used to evaluate the segment information are contract revenues and income from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which include safety costs, professional fees, IT expenses and management fees. The accounting policies of the segments are the same as those described in the Note 1–Organization, Business and Significant Accounting Policies to the 2022 Annual Report. Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services in response to hurricane, wildfire, ice or other damage. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities and transportation control and management systems. The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners. The C&I segment has a diverse customer base with many long-standing relationships. The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes: Three months ended Nine months ended (in thousands) 2023 2022 2023 2022 Contract revenues: T&D $ 548,595 $ 452,014 $ 1,497,655 $ 1,232,105 C&I 390,881 347,834 1,142,053 912,481 $ 939,476 $ 799,848 $ 2,639,708 $ 2,144,586 Income from operations: T&D $ 36,262 $ 34,315 $ 106,817 $ 97,555 C&I 13,932 10,876 37,182 30,478 General Corporate (18,167) (18,216) (52,108) (49,911) $ 32,027 $ 26,975 $ 91,891 $ 78,122

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareThe Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive. Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows: Three months ended Nine months ended (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income $ 21,512 $ 18,436 $ 66,948 $ 58,808 Denominator: Weighted average common shares outstanding 16,710 16,659 16,678 16,822 Weighted average dilutive securities 119 194 143 222 Weighted average common shares outstanding, diluted 16,829 16,853 16,821 17,044 Income per common share: Basic $ 1.29 $ 1.11 $ 4.01 $ 3.50 Diluted $ 1.28 $ 1.09 $ 3.98 $ 3.45 For the three and nine months ended September 30, 2023 and 2022, certain common stock equivalents were excluded from the calculation of dilutive securities because their inclusion would have been anti-dilutive. All of the Company’s unvested time-vested stock awards were included in the computation of weighted average dilutive securities. The following table summarizes the shares of common stock underlying the Company’s unvested performance awards that were excluded from the calculation of dilutive securities: Three months ended Nine months ended (in thousands) 2023 2022 2023 2022 Performance awards — 13 14 13 Share Repurchases During the nine months ended September 30, 2023 the Company repurchased 76,150 shares of stock, for approximately $7.9 million, from its employees to satisfy tax obligations on shares vested under the LTIP. During the nine months ended September 30, 2022 the Company repurchased 68,675 shares of stock, for approximately $6.8 million, from its employees to satisfy tax obligations on shares vested under the LTIP.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 21,512	$ 18,436	$ 66,948	$ 58,808

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization, Business and Ba_2

Organization, Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Consolidated Financial Information	Interim Consolidated Financial Information The accompanying unaudited consolidated financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The Company believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income, shareholders’ equity and cash flows with respect to the interim consolidated financial statements, have been included. Certain reclassifications were made to prior year amounts to conform to the current year presentation. The consolidated balance sheet as of December 31, 2022 has been derived from the audited financial statements as of that date. The results of operations and comprehensive income are not necessarily indicative of the results for the full year or the results for any future periods. These financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on February 22, 2023 (the "2022 Annual Report").
Joint Ventures and Noncontrolling Interests	Joint Ventures and Noncontrolling Interests The Company accounts for investments in joint ventures using the proportionate consolidation method for income statement reporting and under the equity method for balance sheet reporting, unless the Company has a controlling interest causing the joint venture to be consolidated with equity owned by other joint venture partners recorded as noncontrolling interests. As of September 30, 2023, the Company did not have a controlling interest in any current joint venture partnerships. Under the proportionate consolidation method, joint venture activity is allocated to the appropriate line items found on the consolidated statements of operations in proportion to the percentage of participation the Company has in the joint venture. Under the equity method the net investment in joint ventures is stated as a single item on the Company’s consolidated balance sheets. If an investment in a joint venture contains a recourse or unfunded commitments to provide additional equity, distributions and/or losses in excess of the investment, a liability is recorded in other current liabilities on the Company’s consolidated balance sheets.
Foreign Currency	Foreign Currency The functional currency for the Company’s Canadian operations is the Canadian dollar. Assets and liabilities denominated in Canadian dollars are translated into U.S. dollars at the end-of-period exchange rate. Revenues and expenses are translated using average exchange rates for the periods reported. Equity accounts are translated at historical rates. Cumulative translation adjustments are included as a separate component of accumulated other comprehensive income (loss) in shareholders’ equity. Foreign currency transaction gains and losses, arising primarily from changes in exchange rates on short-term monetary assets and liabilities, and intercompany loans that are not deemed long-term investment accounts are recorded in the “other income (expense), net” line on the Company’s consolidated statements of operations. Foreign currency losses, recorded in other income (expense), net, for the nine months ended September 30, 2023 and 2022 were not significant. Foreign currency translation gains and losses, arising from intercompany loans that are deemed long-term investment accounts, are recorded in the foreign currency translation adjustment line on the Company’s consolidated statements of comprehensive income.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could differ from those estimates. The most significant estimates are related to estimates of costs to complete contracts, pending change orders and claims, shared savings, insurance reserves, income tax reserves, estimates surrounding stock-based compensation, acquisition-related contingent earn-out consideration liabilities, the recoverability of goodwill and intangibles and allowance for doubtful accounts. The Company estimates a cost accrual every quarter that represents costs incurred but not invoiced for services performed or goods delivered during the period, and estimates revenue from the contract cost portion of these accruals based on current gross margin rates to be consistent with its cost method of revenue recognition. As of September 30, 2023 and December 31, 2022, the Company had recognized revenues of $57.1 million and $19.6 million, respectively, related to large change orders and/or claims that had been included as contract price adjustments on certain contracts, some of which are multi-year projects. These change orders and/or claims are in the process of being negotiated in the normal course of business, and a portion of these recognized revenues had been included in multiple periods. The cost-to-cost method of accounting requires the Company to make estimates about the expected revenue and gross profit on each of its contracts in process. During the three months ended September 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.3%, which resulted in decreases in operating income of $11.5 million, net income of $8.0 million and diluted earnings per common share of $0.47. During the nine months ended September 30, 2023, changes in estimates pertaining to certain projects decreased consolidated gross margin by 1.2% and resulted in decreases in operating income of $32.2 million, net income of $22.4 million and diluted earnings per common share of $1.33. Additional discussion on the impact of these estimate changes can be found in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Consolidated Results of Operations.”
Recent Accounting Pronouncements	Recent Accounting PronouncementsChanges to U.S. GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. The Company, based on its assessment, determined that any recently issued or proposed ASUs are either not applicable to the Company or will have minimal impact on its consolidated financial statements when adopted.
Fair Value Measurements	Fair Value MeasurementsThe Company uses the three-tier hierarchy of fair value measurement, which prioritizes the inputs used in measuring fair value based upon their degree of availability in external active markets. These tiers include: Level 1 (the highest priority), defined as observable inputs, such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 (the lowest priority), defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Earnings Per Share	Earnings Per ShareThe Company computes earnings per share using the treasury stock method. Under the treasury stock method, basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period, and diluted earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the period plus all potentially dilutive common stock equivalents, except in cases where the effect of the common stock equivalent would be anti-dilutive.

Contract Assets and Liabiliti_2

Contract Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Schedule of contract assets and liabilities	Contract assets consisted of the following: (in thousands) September 30, December 31, Change Unbilled revenue, net $ 217,617 $ 156,266 $ 61,351 Contract retainages, net 192,660 144,349 48,311 Contract assets, net $ 410,277 $ 300,615 $ 109,662 Contract liabilities consisted of the following: (in thousands) September 30, December 31, Change Deferred revenue $ 227,208 $ 223,654 $ 3,554 Accrued loss provision 3,763 3,401 362 Contract liabilities $ 230,971 $ 227,055 $ 3,916 The following table provides information about contract assets and contract liabilities from contracts with customers: (in thousands) September 30, December 31, Change Contract assets, net $ 410,277 $ 300,615 $ 109,662 Contract liabilities (230,971) (227,055) (3,916) Net contract assets $ 179,306 $ 73,560 $ 105,746
Schedule of net asset position for contracts in process	The net asset position for contracts in process consisted of the following: (in thousands) September 30, December 31, Costs and estimated earnings on uncompleted contracts $ 6,329,063 $ 5,390,535 Less: billings to date 6,338,654 5,457,923 $ (9,591) $ (67,388) The net asset position for contracts in process is included within the contract asset and contract liability in the accompanying consolidated balance sheets as follows: (in thousands) September 30, December 31, Unbilled revenue $ 217,617 $ 156,266 Deferred revenue (227,208) (223,654) $ (9,591) $ (67,388)

Lease Obligations (Tables)

Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Summary of the lease-related assets and liabilities	The following is a summary of the lease-related assets and liabilities recorded: September 30, December 31, (in thousands) Classification on the Consolidated Balance Sheet Assets Operating lease right-of-use assets Operating lease right-of-use assets $ 29,098 $ 30,544 Finance lease right-of-use assets Property and equipment, net of accumulated depreciation 2,490 3,238 Total right-of-use lease assets $ 31,588 $ 33,782 Liabilities Current Operating lease obligations Current portion of operating lease obligations $ 9,319 $ 9,711 Finance lease obligations Current portion of finance lease obligations 2,139 1,127 Total current obligations 11,458 10,838 Non-current Operating lease obligations Operating lease obligations, net of current maturities 19,776 20,845 Finance lease obligations Finance lease obligations, net of current maturities 429 2,313 Total non-current obligations 20,205 23,158 Total lease obligations $ 31,663 $ 33,996
Summary of the lease terms and discount rates	The following is a summary of the lease terms and discount rates: September 30, December 31, Weighted-average remaining lease term - finance leases 1.2 years 1.9 years Weighted-average remaining lease term - operating leases 3.4 years 3.6 years Weighted-average discount rate - finance leases 3.1 % 3.0 % Weighted-average discount rate - operating leases 3.9 % 3.8 %
Schedule of lease costs	The following is a summary of certain information related to the lease costs for finance and operating leases: (in thousands) Three months ended Nine months ended 2023 2022 2023 2022 Lease cost: Finance lease cost: Amortization of right-of-use assets $ 78 $ 107 $ 1,566 $ 841 Interest on lease liabilities 20 30 65 105 Operating lease cost 3,638 3,488 10,764 9,898 Variable lease costs 89 102 262 313 Total lease cost $ 3,825 $ 3,727 $ 12,657 $ 11,157
Summary of supplemental cash flow information	The following is a summary of other information and supplemental cash flow information related to finance and operating leases: Nine months ended September 30, (in thousands) 2023 2022 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,989 $ 9,779 Right-of-use asset obtained in exchange for new operating lease obligations $ 7,763 $ 19,596 Right-of-use asset obtained in exchange for new finance lease obligations $ — $ 510
Schedule of future minimum operating lease payments	The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of September 30, 2023 were as follows: (in thousands) Finance Operating Lease Total Remainder of 2023 $ 290 $ 3,551 $ 3,841 2024 2,028 11,475 13,503 2025 312 8,706 9,018 2026 — 6,696 6,696 2027 — 2,612 2,612 2028 — 1,547 1,547 Thereafter — 1,783 1,783 Total minimum lease payments 2,630 36,370 39,000 Financing component (62) (7,275) (7,337) Net present value of minimum lease payments 2,568 29,095 31,663 Less: current portion of finance and operating lease obligations (2,139) (9,319) (11,458) Long-term finance and operating lease obligations $ 429 $ 19,776 $ 20,205
Schedule of future minimum finance lease payments	The future undiscounted minimum lease payments, as reconciled to the discounted minimum lease obligation indicated on the Company’s consolidated balance sheets, under financial leases, less interest, and under operating leases, less imputed interest, as of September 30, 2023 were as follows: (in thousands) Finance Operating Lease Total Remainder of 2023 $ 290 $ 3,551 $ 3,841 2024 2,028 11,475 13,503 2025 312 8,706 9,018 2026 — 6,696 6,696 2027 — 2,612 2,612 2028 — 1,547 1,547 Thereafter — 1,783 1,783 Total minimum lease payments 2,630 36,370 39,000 Financing component (62) (7,275) (7,337) Net present value of minimum lease payments 2,568 29,095 31,663 Less: current portion of finance and operating lease obligations (2,139) (9,319) (11,458) Long-term finance and operating lease obligations $ 429 $ 19,776 $ 20,205

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of total debt	The table below reflects the Company’s total debt, including borrowings under its credit agreement and master loan agreements for equipment notes: (dollar amounts in thousands) Inception Date Stated Interest Payment Term Outstanding Balance as of September 30, 2023 Outstanding Balance as of December 31, 2022 Credit Agreement Revolving loans 5/31/2023 Variable Variable 5 $ 39,297 $ 12,915 Equipment Notes Equipment Note 8 12/27/2019 2.75% Semi-annual 5 2,871 3,464 Equipment Note 10 8/26/2022 4.32% Semi-annual 5 20,124 24,119 Other equipment note 4/11/2022 4.55% Monthly 5 46 55 23,041 27,638 Total debt 62,338 40,553 Less: current portion of long-term debt (5,265) (5,074) Long-term debt $ 57,073 $ 35,479
Schedule of remaining principal payments for long term obligations	The following table sets forth our remaining principal payments for all of the Company’s outstanding equipment notes as of September 30, 2023: (in thousands) Future Remainder of 2023 $ 541 2024 6,514 2025 4,364 2026 4,555 2027 7,067 2028 — Total future principal payments 23,041 Less: current portion of equipment notes (5,265) Long-term principal obligations $ 17,776

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of revenue by contract and market type	The components of the Company’s revenue by contract type for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, 2023 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 283,440 51.7 % $ 319,546 81.7 % $ 602,986 64.2 % Unit price 143,218 26.1 26,899 6.9 170,117 18.1 T&E 121,937 22.2 44,436 11.4 166,373 17.7 $ 548,595 100.0 % $ 390,881 100.0 % $ 939,476 100.0 % Three months ended September 30, 2022 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 216,082 47.8 % $ 290,078 83.4 % $ 506,160 63.3 % Unit price 127,121 28.1 27,597 7.9 154,718 19.3 T&E 108,811 24.1 30,159 8.7 138,970 17.4 $ 452,014 100.0 % $ 347,834 100.0 % $ 799,848 100.0 % The components of the Company’s revenue by contract type for the nine months ended September 30, 2023 and 2022 were as follows: Nine months ended September 30, 2023 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 774,022 51.7 % $ 938,576 82.2 % $ 1,712,598 64.9 % Unit price 396,855 26.5 68,099 6.0 464,954 17.6 T&E 326,778 21.8 135,378 11.8 462,156 17.5 $ 1,497,655 100.0 % $ 1,142,053 100.0 % $ 2,639,708 100.0 % Nine months ended September 30, 2022 T&D C&I Total (dollars in thousands) Amount Percent Amount Percent Amount Percent Fixed price $ 559,920 45.5 % $ 752,337 82.5 % $ 1,312,257 61.2 % Unit price 349,051 28.3 60,332 6.6 409,383 19.1 T&E 323,134 26.2 99,812 10.9 422,946 19.7 $ 1,232,105 100.0 % $ 912,481 100.0 % $ 2,144,586 100.0 % The components of the Company’s revenue by market type for the three months ended September 30, 2023 and 2022 were as follows: Three months ended September 30, 2023 Three months ended September 30, 2022 (dollars in thousands) Amount Percent Segment Amount Percent Segment Transmission $ 357,708 38.1 % T&D $ 264,022 33.0 % T&D Distribution 190,887 20.3 T&D 187,992 23.5 T&D Electrical construction 390,881 41.6 C&I 347,834 43.5 C&I Total revenue $ 939,476 100.0 % $ 799,848 100.0 % The components of the Company’s revenue by market type for the nine months ended September 30, 2023 and 2022 were as follows: Nine months ended September 30, 2023 Nine months ended September 30, 2022 (dollars in thousands) Amount Percent Segment Amount Percent Segment Transmission $ 978,078 37.0 % T&D $ 735,707 34.3 % T&D Distribution 519,577 19.7 T&D 496,398 23.2 T&D Electrical construction 1,142,053 43.3 C&I 912,481 42.5 C&I Total revenue $ 2,639,708 100.0 % $ 2,144,586 100.0 %
Schedule of amount of the remaining performance obligations that the company reasonably estimates will not be recognized within the next twelve months	The following table summarizes the amount of remaining performance obligations as of September 30, 2023 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will not be recognized within the next twelve months. Remaining Performance Obligations at September 30, 2023 (in thousands) Total Amount estimated to not be Total at December 31, 2022 T&D $ 934,860 $ 90,901 $ 898,617 C&I 1,462,270 344,458 1,428,257 Total $ 2,397,130 $ 435,359 $ 2,326,874

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment's internal financial reports	The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes: Three months ended Nine months ended (in thousands) 2023 2022 2023 2022 Contract revenues: T&D $ 548,595 $ 452,014 $ 1,497,655 $ 1,232,105 C&I 390,881 347,834 1,142,053 912,481 $ 939,476 $ 799,848 $ 2,639,708 $ 2,144,586 Income from operations: T&D $ 36,262 $ 34,315 $ 106,817 $ 97,555 C&I 13,932 10,876 37,182 30,478 General Corporate (18,167) (18,216) (52,108) (49,911) $ 32,027 $ 26,975 $ 91,891 $ 78,122

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of weighted average number of common shares used to compute basic and dilute earnings per share	Net income and the weighted average number of common shares used to compute basic and diluted earnings per share were as follows: Three months ended Nine months ended (in thousands, except per share data) 2023 2022 2023 2022 Numerator: Net income $ 21,512 $ 18,436 $ 66,948 $ 58,808 Denominator: Weighted average common shares outstanding 16,710 16,659 16,678 16,822 Weighted average dilutive securities 119 194 143 222 Weighted average common shares outstanding, diluted 16,829 16,853 16,821 17,044 Income per common share: Basic $ 1.29 $ 1.11 $ 4.01 $ 3.50 Diluted $ 1.28 $ 1.09 $ 3.98 $ 3.45
Schedule of shared excluded from calculation of dilute securities	The following table summarizes the shares of common stock underlying the Company’s unvested performance awards that were excluded from the calculation of dilutive securities: Three months ended Nine months ended (in thousands) 2023 2022 2023 2022 Performance awards — 13 14 13

Organization, Business and Ba_3

Organization, Business and Basis of Presentation (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2023 USD ($) segment $ / shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Organization Consolidation and Presentation of Financial Statements [Line Items]
Number of business segments (segment) | segment			2
Foreign currency gains (losses)			$ 0	$ 0
Revenue recognized, related to change orders and claims included as contract price adjustments			57,100		$ 19,600
Increase (decrease) in operating income	$ 32,027	$ 26,975	91,891	78,122
Increase (decrease) in net income	$ 21,512	$ 18,436	$ 66,948	$ 58,808
Increase (decrease) in diluted earnings per common share (in dollars per share) | $ / shares	$ 1.28	$ 1.09	$ 3.98	$ 3.45
Contracts Accounted for under Percentage of Completion
Organization Consolidation and Presentation of Financial Statements [Line Items]
Increase (decrease) in consolidated gross margin	(1.30%)	(0.30%)	(1.20%)	0%
Increase (decrease) in operating income	$ (11,500)	$ (2,400)	$ (32,200)	$ 300
Increase (decrease) in net income	$ (8,000)	$ (1,700)	$ (22,400)	$ 100
Increase (decrease) in diluted earnings per common share (in dollars per share) | $ / shares	$ (0.47)	$ (0.10)	$ (1.33)	$ 0.01

Contract Assets and Liabiliti_3

Contract Assets and Liabilities - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Allowance for doubtful accounts associated with contract assets	$ 608		$ 608		$ 499
Revenues recognized during period	$ 16,300	$ 42,100	$ 114,000	$ 101,100

Contract Assets and Liabiliti_4

Contract Assets and Liabilities - Summary of contract assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contractors [Line Items]
Unbilled revenue, net	$ 217,617		$ 156,266
Contract retainages, net	192,660		144,349
Contract assets, net	410,277		$ 300,615
Changes in contract assets, net, Change	109,803	$ 74,775
Change
Contractors [Line Items]
Unbilled revenue, net, Change	61,351
Contract retainages, net, Change	48,311
Changes in contract assets, net, Change	$ 109,662

Contract Assets and Liabiliti_5

Contract Assets and Liabilities - Summary of contract liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contractors [Line Items]
Deferred revenue	$ 227,208		$ 223,654
Accrued loss provision	3,763		3,401
Contract liabilities	230,971		$ 227,055
Contract liabilities, Change	3,941	$ 5,582
Change
Contractors [Line Items]
Deferred revenue, Change	3,554
Accrued loss provision, Change	362
Contract liabilities, Change	$ 3,916

Contract Assets and Liabiliti_6

Contract Assets and Liabilities - Summary of contract assets and liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Contractors [Line Items]
Contract assets, net	$ 410,277		$ 300,615
Contract liabilities	(230,971)		(227,055)
Net contract assets	179,306		$ 73,560
Contract assets, net, Change	109,803	$ 74,775
Change
Contractors [Line Items]
Contract assets, net, Change	109,662
Contract liabilities, Change	(3,916)
Net contract assets (liabilities), Change	$ 105,746

Contract Assets and Liabiliti_7

Contract Assets and Liabilities - Contracts in process (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Costs and estimated earnings on uncompleted contracts	$ 6,329,063	$ 5,390,535
Less: billings to date	6,338,654	5,457,923
Net asset position for contracts in process	$ (9,591)	$ (67,388)

Contract Assets and Liabiliti_8

Contract Assets and Liabilities - Summary of net asset position for contracts in process (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Unbilled revenue	$ 217,617	$ 156,266
Deferred revenue	(227,208)	(223,654)
Net asset position for contracts in process	$ (9,591)	$ (67,388)

Lease Obligations - Additional

Lease Obligations - Additional information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Operating And Finance Leases [Line Items]
Option to extend lease term (up to)	5 years
Option to terminate leases, period	1 year
Minimum lease payments required	$ 36,370
Subsidiaries | Employees
Operating And Finance Leases [Line Items]
Minimum lease payments required	$ 7,100
Lease amortization period	4 years 9 months 18 days
Minimum
Operating And Finance Leases [Line Items]
Remaining lease term	1 year
Maximum
Operating And Finance Leases [Line Items]
Remaining lease term	6 years

Lease Obligations - Summary of

Lease Obligations - Summary of lease-related assets and liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Operating lease right-of-use assets	$ 29,098	$ 30,544
Finance lease right-of-use assets	$ 2,490	3,238
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property and equipment, net of accumulated depreciation of $372,147 and $351,753, respectively
Total right-of-use lease assets	$ 31,588	33,782
Current
Operating lease obligations	9,319	9,711
Finance lease obligations	2,139	1,127
Total current obligations	11,458	10,838
Non-current
Operating lease obligations	19,776	20,845
Finance lease obligations, net of current maturities	429	2,313
Total non-current obligations	20,205	23,158
Total lease obligations	$ 31,663	$ 33,996

Lease Obligations - Summary o_2

Lease Obligations - Summary of the lease terms and discount rates (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term - finance leases	1 year 2 months 12 days	1 year 10 months 24 days
Weighted-average remaining lease term - operating leases	3 years 4 months 24 days	3 years 7 months 6 days
Weighted-average discount rate - finance leases	3.10%	3%
Weighted-average discount rate - operating leases	3.90%	3.80%

Lease Obligations - Summary o_3

Lease Obligations - Summary of lease related costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease cost:
Amortization of right-of-use assets	$ 78	$ 107	$ 1,566	$ 841
Interest on lease liabilities	20	30	65	105
Operating lease cost	3,638	3,488	10,764	9,898
Variable lease costs	89	102	262	313
Total lease cost	$ 3,825	$ 3,727	$ 12,657	$ 11,157

Lease Obligations - Summary o_4

Lease Obligations - Summary of other and supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 10,989	$ 9,779
Right-of-use asset obtained in exchange for new operating lease obligations	7,763	19,596
Right-of-use asset obtained in exchange for new finance lease obligations	$ 0	$ 510

Lease Obligations - Schedule of

Lease Obligations - Schedule of future minimum lease payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finance Lease Obligations
Remainder of 2023	$ 290
2024	2,028
2025	312
2026	0
2027	0
2028	0
Thereafter	0
Total minimum lease payments	2,630
Financing component	(62)
Net present value of minimum lease payments	2,568
Current portion of finance lease obligations	(2,139)	$ (1,127)
Finance lease obligations, net of current maturities	429	2,313
Operating Lease Obligations
Remainder of 2023	3,551
2024	11,475
2025	8,706
2026	6,696
2027	2,612
2028	1,547
Thereafter	1,783
Total minimum lease payments	36,370
Financing component	(7,275)
Net present value of minimum lease payments	29,095
Less: current portion of finance and operating lease obligations	(9,319)	(9,711)
Operating lease obligations, net of current maturities	19,776	$ 20,845
Total Lease Obligations
Remainder of 2023	3,841
2024	13,503
2025	9,018
2026	6,696
2027	2,612
2028	1,547
Thereafter	1,783
Total minimum lease payments	39,000
Financing component	(7,337)
Net present value of minimum lease payments	31,663
Less: current portion of finance and operating lease obligations	(11,458)
Long-term finance and operating lease obligations	$ 20,205

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Powerline Plus Companies - Certain Performance Targets - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 04, 2022
Business Acquisition [Line Items]
Contingent earn-out consideration	$ 200,000		$ 200,000		$ 200,000	$ 900,000
Contingent earn-out consideration payment						$ 16,600,000
Change in contingent consideration	$ 0	$ 500,000	$ 0	$ 500,000

Debt - Summary of total debt (D

Debt - Summary of total debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 62,338	$ 40,553
Less: current portion of long-term debt	(5,265)	(5,074)
Long-term debt	57,073	35,479
Notes payable to banks
Debt Instrument [Line Items]
Total debt	$ 23,041	27,638
Notes payable to banks | Equipment Note 8
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	2.75%
Term (years)	5 years
Total debt	$ 2,871	3,464
Notes payable to banks | Equipment Note 10
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.32%
Term (years)	5 years
Total debt	$ 20,124	24,119
Notes payable to banks | Other equipment note
Debt Instrument [Line Items]
Stated Interest Rate (per annum)	4.55%
Term (years)	5 years
Total debt	$ 46	55
Revolving loans
Debt Instrument [Line Items]
Term (years)	5 years
Total debt	$ 39,297	$ 12,915

Debt - Additional information (

Debt - Additional information (Details)		9 Months Ended
	May 31, 2023 USD ($)	Sep. 30, 2023 USD ($) equipment_note	Dec. 31, 2022 USD ($)
Revolving loans
Debt Instrument [Line Items]
Debt instrument term		5 years
Secured debt | Credit agreement
Debt Instrument [Line Items]
Debt instrument term	5 years
Maximum borrowing capacity	$ 490,000,000
Option to increase borrowing capacity	$ 200,000,000
Percentage of capital stock from direct foreign subsidiaries	65%
Debt instrument covenant leveraged debt ratio restriction	2.75
Weighted average interest rate		6.96%
Leverage coverage ratio	3
Interest coverage ratio	3
Deferred debt issuance costs		$ 2,400,000
Unamortized deferred debt issuance costs	$ 400,000
Secured debt | Credit agreement | Minimum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.20%
Secured debt | Credit agreement | Maximum
Debt Instrument [Line Items]
Commitment fee on unused capacity	0.30%
Secured debt | Credit agreement | Base Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	0.25%
Secured debt | Credit agreement | Base Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	1%
Secured debt | Credit agreement | Adjusted Term Secured Overnight Financing Rate | Minimum
Debt Instrument [Line Items]
Interest rate margin	1.25%
Secured debt | Credit agreement | Adjusted Term Secured Overnight Financing Rate | Maximum
Debt Instrument [Line Items]
Interest rate margin	2%
Secured debt | Credit agreement | Revolving loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Debt outstanding under facility		39,300,000	$ 12,900,000
Secured debt | Credit agreement | Letter of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Letters of credit outstanding		18,900,000
Secured debt | Credit agreement | Letter of credit | Insurance program obligations
Debt Instrument [Line Items]
Letters of credit outstanding		11,700,000	$ 12,800,000
Secured debt | Credit agreement | Letter of credit | Contract Performance Obligations
Debt Instrument [Line Items]
Letters of credit outstanding		$ 7,200,000
Secured debt | Credit agreement | Letters Of Credit, Discretional
Debt Instrument [Line Items]
Maximum borrowing capacity	75,000,000
Secured debt | Credit agreement | Swingline Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 15,000,000
Secured debt | Credit agreement | Non-performance letters of credit | Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1.25%
Secured debt | Credit agreement | Non-performance letters of credit | Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	2%
Secured debt | Credit agreement | Performance letters of credit | Minimum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	0.625%
Secured debt | Credit agreement | Performance letters of credit | Maximum
Debt Instrument [Line Items]
Letter of credit facility commitment percentage	1%
Notes payable to banks | Master loan agreement
Debt Instrument [Line Items]
Number of equipment notes (equipment note) | equipment_note		2
Notes payable to banks | Other equipment note
Debt Instrument [Line Items]
Debt instrument term		5 years
Number of equipment notes (equipment note) | equipment_note		1

Debt - Schedule of remaining pr

Debt - Schedule of remaining principal payments for long term obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 62,338	$ 40,553
Less: current portion of equipment notes	(5,265)	(5,074)
Long-term principal obligations	57,073	35,479
Notes payable to banks
Debt Instrument [Line Items]
Total debt	23,041	$ 27,638
Master loan agreement | Notes payable to banks
Debt Instrument [Line Items]
Remainder of 2023	541
2024	6,514
2025	4,364
2026	4,555
2027	7,067
2028	0
Total debt	23,041
Less: current portion of equipment notes	(5,265)
Long-term principal obligations	$ 17,776

Revenue Recognition - Additiona

Revenue Recognition - Additional information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2,400
Minimum
Disaggregation of Revenue [Line Items]
Term of master service agreements	1 year
Short termination notice of master service agreements	30 days
Maximum
Disaggregation of Revenue [Line Items]
Term of master service agreements	3 years
Short termination notice of master service agreements	90 days

Revenue Recognition - Schedule

Revenue Recognition - Schedule of revenue by contract type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Contract revenues	$ 939,476	$ 799,848	$ 2,639,708	$ 2,144,586
Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 602,986	$ 506,160	$ 1,712,598	$ 1,312,257
Fixed price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	64.20%	63.30%	64.90%	61.20%
Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 170,117	$ 154,718	$ 464,954	$ 409,383
Unit price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	18.10%	19.30%	17.60%	19.10%
T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 166,373	$ 138,970	$ 462,156	$ 422,946
T&E | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	17.70%	17.40%	17.50%	19.70%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 548,595	$ 452,014	$ 1,497,655	$ 1,232,105
T&D | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
T&D | Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 283,440	$ 216,082	$ 774,022	$ 559,920
T&D | Fixed price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	51.70%	47.80%	51.70%	45.50%
T&D | Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 143,218	$ 127,121	$ 396,855	$ 349,051
T&D | Unit price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	26.10%	28.10%	26.50%	28.30%
T&D | T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 121,937	$ 108,811	$ 326,778	$ 323,134
T&D | T&E | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	22.20%	24.10%	21.80%	26.20%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 390,881	$ 347,834	$ 1,142,053	$ 912,481
C&I | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
C&I | Fixed price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 319,546	$ 290,078	$ 938,576	$ 752,337
C&I | Fixed price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	81.70%	83.40%	82.20%	82.50%
C&I | Unit price
Disaggregation of Revenue [Line Items]
Contract revenues	$ 26,899	$ 27,597	$ 68,099	$ 60,332
C&I | Unit price | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	6.90%	7.90%	6%	6.60%
C&I | T&E
Disaggregation of Revenue [Line Items]
Contract revenues	$ 44,436	$ 30,159	$ 135,378	$ 99,812
C&I | T&E | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	11.40%	8.70%	11.80%	10.90%

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of revenue by market type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Contract revenues	$ 939,476	$ 799,848	$ 2,639,708	$ 2,144,586
Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
T&D
Disaggregation of Revenue [Line Items]
Contract revenues	$ 548,595	$ 452,014	$ 1,497,655	$ 1,232,105
T&D | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
T&D | Transmission
Disaggregation of Revenue [Line Items]
Contract revenues	$ 357,708	$ 264,022	$ 978,078	$ 735,707
T&D | Transmission | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	38.10%	33%	37%	34.30%
T&D | Distribution
Disaggregation of Revenue [Line Items]
Contract revenues	$ 190,887	$ 187,992	$ 519,577	$ 496,398
T&D | Distribution | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	20.30%	23.50%	19.70%	23.20%
C&I
Disaggregation of Revenue [Line Items]
Contract revenues	$ 390,881	$ 347,834	$ 1,142,053	$ 912,481
C&I | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	100%	100%	100%	100%
C&I | Electrical construction
Disaggregation of Revenue [Line Items]
Contract revenues	$ 390,881	$ 347,834	$ 1,142,053	$ 912,481
C&I | Electrical construction | Product concentration risk | Revenue benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, Percent	41.60%	43.50%	43.30%	42.50%

Revenue Recognition - Summary o

Revenue Recognition - Summary of remaining performance obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 2,400,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 2,326,874
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 898,617
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term		1 year
Remaining performance obligations		$ 1,428,257
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 2,397,130
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 934,860
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 1,462,270
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 435,359
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | T&D
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 90,901
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | C&I
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, term	1 year
Remaining performance obligations	$ 344,458

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory tax rate	21%	21%	21%	21%
Effective tax rate	30.30%	29.40%	25.20%	25%
Unrecognized tax benefits	$ 0.6		$ 0.6		$ 0.5
Interest and penalties of unrecognized tax benefits	$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Other Commitments [Line Items]
Purchase orders outstanding	$ 37,400,000
Performance Guarantee
Other Commitments [Line Items]
Bonds outstanding	2,300,000,000
Estimated remaining costs for bonded projects	732,200,000
Contingencies Excluding Wildfire and Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	1,000,000
Wildfire
Other Commitments [Line Items]
Insurance coverage deductible	2,000,000
Health Insurance
Other Commitments [Line Items]
Insurance coverage deductible	$ 200,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	9 Months Ended
	Sep. 30, 2023 plan $ / shares shares	Mar. 25, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity compensation plans (plan) | plan	2
2017 Long-Term Incentive Plan | Time Vested Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	51,167
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 117.60
Shares vested (in shares)	63,722
Shares vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 59.71
2017 Long-Term Incentive Plan | Time Vested Stock Awards | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Service period	3 years
2017 Long-Term Incentive Plan | Time Vested Stock Awards | Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
2017 Long-Term Incentive Plan | Performance Awards | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	32,994
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 136.54
Service period	2 years 9 months 18 days
2017 Long-Term Incentive Plan | Performance Awards | Employees | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	0%
2017 Long-Term Incentive Plan | Performance Awards | Employees | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential target shares awarded	200%
2007 Long-Term Incentive Plan | Stock Options | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares exercised (in shares)	827
Shares exercised, weighted average exercise price (in dollars per share) | $ / shares	$ 24.68
Share expired (in shares)	42
Shares outstanding (in shares)		0

Segment Information - Additiona

Segment Information - Additional information (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of business segments (segment)	2

Segment Information - Summary o

Segment Information - Summary of segment's internal financial reports (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Contract revenues:	$ 939,476	$ 799,848	$ 2,639,708	$ 2,144,586
Income from operations:	32,027	26,975	91,891	78,122
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Income from operations:	(18,167)	(18,216)	(52,108)	(49,911)
T&D
Segment Reporting Information [Line Items]
Contract revenues:	548,595	452,014	1,497,655	1,232,105
T&D | Operating Segments
Segment Reporting Information [Line Items]
Income from operations:	36,262	34,315	106,817	97,555
C&I
Segment Reporting Information [Line Items]
Contract revenues:	390,881	347,834	1,142,053	912,481
C&I | Operating Segments
Segment Reporting Information [Line Items]
Income from operations:	$ 13,932	$ 10,876	$ 37,182	$ 30,478

Earnings Per Share - Summary of

Earnings Per Share - Summary of weighted average number of shares outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 21,512	$ 18,436	$ 66,948	$ 58,808
Denominator:
Weighted average common shares outstanding (in shares)	16,710	16,659	16,678	16,822
Weighted average dilutive securities (in shares)	119	194	143	222
Weighted average common shares outstanding, diluted (in shares)	16,829	16,853	16,821	17,044
Basic (in dollars per share)	$ 1.29	$ 1.11	$ 4.01	$ 3.50
Diluted (in dollars per share)	$ 1.28	$ 1.09	$ 3.98	$ 3.45

Earnings Per Share - Summary _2

Earnings Per Share - Summary of shares excluded from calculation of diluted securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Performance Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings (in shares)	0	13	14	13

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	May 02, 2023
Earnings Per Share [Abstract]
Shares repurchased related to tax withholding for stock-based compensation (in shares)	76,150	68,675
Payments related to tax withholding for stock-based compensation	$ 7,936,000	$ 6,791,000
Repurchase program authorized amount			$ 75,000,000
Shares repurchased under repurchase program (in shares)	0	398,152
Shares repurchased, weighted average price per share (in dollars per share)		$ 83.81
Remaining availability to repurchase shares	$ 75,000,000