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Business Segment Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two operating segments, which represent its two reportable segments:
Electrical & Mechanical: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services to customers in both the public and private sectors.
Transmission & Distribution: Contracting services for the construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segments’ performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment
operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.
All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the consolidated financial statements.
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
Year ended December 31, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,031,447 $837,146 $— $2,868,593 
Eliminations
(7,536)(11,372)— (18,908)
Total segment operating revenues
2,023,911 825,774 — 2,849,685 
Cost of sales
1,804,095 703,152 2,987 2,510,234 
Gross profit
219,816 122,622 (2,987)339,451 
Selling, general and administrative expenses82,845 37,567 29,132 149,544 
Operating income$136,971 $85,055 $(32,119)189,907 
Interest expense
14,023 
Other income
4,875 
Total consolidated income before income taxes and income from equity method investments
$180,759 
Year ended December 31, 2023
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,134,867 $734,577 $— $2,869,444 
Eliminations
(9,324)(5,730)— (15,054)
Total segment operating revenues
2,125,543 728,847 — 2,854,390 
Cost of sales
1,911,721 620,738 13 2,532,472 
Gross profit
213,822 108,109 (13)321,918 
Selling, general and administrative expenses79,445 34,499 17,431 131,375 
Operating income$134,377 $73,610 $(17,444)190,543 
Interest expense
16,954 
Other income
3,981 
Total consolidated income before income taxes and income from equity method investments
$177,570 
Year ended December 31, 2022
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,997,840 $717,393 $— $2,715,233 
Eliminations
(9,111)(6,872)— (15,983)
Total segment operating revenues
1,988,729 710,521 — 2,699,250 
Cost of sales
1,816,938 606,097 169 2,423,204 
Gross profit
171,791 104,424 (169)276,046 
Selling, general and administrative expenses66,830 32,089 12,483 111,402 
Operating income$104,961 $72,335 $(12,652)164,644 
Interest expense
6,354 
Other income
1,379 
Total consolidated income before income taxes and income from equity method investments
$159,669 
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Years Ended December 31,
202420232022
E&MT&DE&MT&DE&MT&D
(In thousands)
Depreciation and amortization expense$6,358 $19,099 $6,200 $17,108 $5,751 $15,816 
Interest expense
(800)4,027 4,957 4,490 2,572 1,406 
Income taxes
38,609 20,989 33,143 17,399 26,318 17,628 
Capital expenditures*$7,944 $40,355 $4,853 $30,736 $6,373 $29,471 
__________________
*Capital expenditures for 2024, 2023 and 2022 include noncash transactions for capital expenditure-related accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:
20242023
(In thousands)
E&M segment assets
$764,470 $657,731 
T&D segment assets
410,887 373,617 
Total reportable segment assets
1,175,357 1,031,348 
Other assets
161,016 43,628 
Elimination of intercompany receivables
(47,910)(22,517)
Total consolidated assets
$1,288,463 $1,052,459 
For more information about the disaggregation of the Company’s revenues by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.
No single customer accounted for more than 10% of total operating revenues for the year ended December 31, 2024. However, revenue from a single customer accounted for 16.8% and 14.5% of total operating revenues for the years ended December 31, 2023 and 2022, respectively, which was included in the E&M segment.
At the segment level, no single E&M customer account for more than 10% of total E&M segment revenues for the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, revenue from a single E&M customer mentioned above accounted for 22.5% and 19.6% of total E&M segment revenues, respectively.
As for T&D, for the year ended December 31, 2024, revenue from a single T&D customer accounted for 17.2% of total T&D segment revenues. For the years ended December 31, 2023 and 2022, combined revenue from two T&D customers accounted for 31.2% and 29.8% of total T&D segment revenues, respectively.
No single customer had trade receivables of 10% or more of total trade receivables as of December 31, 2024. Trade receivables from a single customer accounted for 14.1% of total trade receivables as of December 31, 2023.