Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of the Disaggregation of Revenue

The following tables present revenue disaggregated by contract type:

Three months ended September 30, 2024	Electrical & Mechanical		Transmission & Distribution		Total
	(In thousands)
Fixed-price	$	326,972	$	106,936	$	433,908
Unit-price	15,031		46,848		61,879
Cost reimbursable*	194,892		74,720		269,612
Total contract revenues	536,895		228,504		765,399
Eliminations	(2,154)		(2,260)		(4,414)
Total operating revenues	$	534,741	$	226,244	$	760,985

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Three months ended September 30, 2023	Electrical & Mechanical		Transmission & Distribution		Total
	(In thousands)
Fixed-price	$	272,042	$	92,607	$	364,649
Unit-price	18,401		29,590		47,991
Cost reimbursable*	226,490		82,231		308,721
Total contract revenues	516,933		204,428		721,361
Eliminations	(2,555)		(1,400)		(3,955)
Total operating revenues	$	514,378	$	203,028	$	717,406

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Nine months ended September 30, 2024	Electrical & Mechanical		Transmission & Distribution		Total
	(In thousands)
Fixed-price	$	966,035	$	282,582	$	1,248,617
Unit-price	49,254		118,016		167,270
Cost reimbursable*	466,489		223,179		689,668
Total contract revenues	1,481,778		623,777		2,105,555
Eliminations	(5,627)		(9,881)		(15,508)
Total operating revenues	$	1,476,151	$	613,896	$	2,090,047

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

Nine months ended September 30, 2023	Electrical & Mechanical		Transmission & Distribution		Total
	(In thousands)
Fixed-price	$	784,334	$	261,457	$	1,045,791
Unit-price	62,488		62,401		124,889
Cost reimbursable*	833,388		225,593		1,058,981
Total contract revenues	1,680,210		549,451		2,229,661
Eliminations	(7,262)		(3,727)		(10,989)
Total operating revenues	$	1,672,948	$	545,724	$	2,218,672

__________________

*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

The following table presents revenue disaggregated by customer type:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
	(In thousands)
Commercial	$	327,403	$	266,587	$	860,088	$	947,792
Industrial	76,493		116,013		236,349		367,331
Institutional	93,390		76,276		274,916		195,178
Renewables	10,414		19,244		27,551		43,947
Service & other	29,195		38,813		82,874		125,962
Total Electrical & Mechanical	536,895		516,933		1,481,778		1,680,210
Utility	206,669		188,680		559,922		508,850
Transportation	21,835		15,748		63,855		40,601
Total Transmission & Distribution	228,504		204,428		623,777		549,451
Eliminations	(4,414)		(3,955)		(15,508)		(10,989)
Total operating revenues	$	760,985	$	717,406	$	2,090,047	$	2,218,672

Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities

Costs, estimated earnings and billings on uncompleted contracts are summarized as follows:

	September 30, 2024		December 31, 2023
	(In thousands)
Costs incurred on uncompleted contracts	$	6,399,940	$	6,390,641
Estimated earnings	875,983		840,994
Costs and estimated earnings on uncompleted contracts	7,275,923		7,231,635
Less: billings to date	7,323,483		7,271,337
Net contract liabilities	$	(47,560)	$	(39,702)

Contract assets and contract liabilities consisted of the following:

	September 30, 2024		December 31, 2023
	(In thousands)
Unbilled revenue	$	174,102	$	158,529
Contract assets	$	174,102	$	158,529
Deferred revenue	$	220,478	$	196,686
Accrued loss provision	1,184		1,545
Contract liabilities	$	221,662	$	198,231

The following table presents the opening and closing balances of contract assets and contract liabilities as of:

	September 30, 2024						December 31, 2023
	Contract Assets		Contract Liabilities		Net Contract Liabilities		Contract Assets		Contract Liabilities		Net Contract Liabilities
	(In thousands)
Balance at beginning of period	$	158,529	$	(198,231)	$	(39,702)	$	153,907	$	(166,189)	$	(12,282)
Change during period	15,573		(23,431)		(7,858)		4,622		(32,042)		(27,420)
Balance at end of period	$	174,102	$	(221,662)	$	(47,560)	$	158,529	$	(198,231)	$	(39,702)

Summary of Remaining Performance Obligations and Expected Revenue Recognition

The table below shows additional information regarding the Company’s remaining performance obligations as of September 30, 2024, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:

	Within 12 months		Greater than 12 months
	(In thousands)
Remaining performance obligations:
Electrical & Mechanical	$	1,913,264	$	654,607
Transmission & Distribution	270,415		46,547
Total	$	2,183,679	$	701,154