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Revenue from contracts with customers
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from contracts with customers Revenue from contracts with customers
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
Disaggregation
In the following tables, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 17.
Three Months Ended June 30, 2022ElectricNatural gas
distribution		PipelineConstruction
materials and
contracting		Construction
services		OtherTotal
(In thousands)
Residential utility sales
$29,363 $116,749 $— $— $— $— $146,112 
Commercial utility sales
34,015 72,354 — — — — 106,369 
Industrial utility sales
10,923 9,009 — — — — 19,932 
Other utility sales
1,880 — — — — — 1,880 
Natural gas transportation
— 11,456 31,967 — — — 43,423 
Natural gas storage
— — 2,896 — — — 2,896 
Contracting services
— — — 330,682 — — 330,682 
Construction materials
— — — 550,363 — — 550,363 
Intrasegment eliminations— — — (169,232)— — (169,232)
Electrical & mechanical specialty contracting— — — — 507,233 — 507,233 
Transmission & distribution specialty contracting— — — — 166,174 — 166,174 
Other
10,216 3,751 2,676 — 109 4,389 21,141 
Intersegment eliminations
(124)(141)(7,792)(200)(1,803)(4,389)(14,449)
Revenues from contracts with customers
86,273 213,178 29,747 711,613 671,713 — 1,712,524 
Revenues out of scope
(812)(2,738)66 — 11,881 — 8,397 
Total external operating revenues
$85,461 $210,440 $29,813 $711,613 $683,594 $— $1,720,921 
Three Months Ended June 30, 2021ElectricNatural gas
distribution		PipelineConstruction
materials and
contracting		Construction
services		OtherTotal
(In thousands)
Residential utility sales
$29,258 $83,480 $— $— $— $— $112,738 
Commercial utility sales
33,834 47,612 — — — — 81,446 
Industrial utility sales
10,354 6,180 — — — — 16,534 
Other utility sales
1,825 — — — — — 1,825 
Natural gas transportation
— 11,451 27,685 — — — 39,136 
Natural gas storage
— — 3,094 — — — 3,094 
Contracting services
— — — 280,834 — — 280,834 
Construction materials
— — — 498,762 — — 498,762 
Intrasegment eliminations— — — (145,780)— — (145,780)
Electrical & mechanical specialty contracting— — — — 347,702 — 347,702 
Transmission & distribution specialty contracting— — — — 165,123 — 165,123 
Other
9,465 2,794 4,810 — 57 3,389 20,515 
Intersegment eliminations
(136)(142)(7,862)(142)(797)(3,361)(12,440)
Revenues from contracts with customers
84,600 151,375 27,727 633,674 512,085 28 1,409,489 
Revenues out of scope
(950)2,413 46 — 12,659 — 14,168 
Total external operating revenues
$83,650 $153,788 $27,773 $633,674 $524,744 $28 $1,423,657 
Six Months Ended June 30, 2022ElectricNatural gas
distribution		PipelineConstruction
materials and
contracting		Construction
services		OtherTotal
(In thousands)
Residential utility sales
$66,667 $375,565 $— $— $— $— $442,232 
Commercial utility sales
69,615 235,963 — — — — 305,578 
Industrial utility sales
21,229 22,033 — — — — 43,262 
Other utility sales
3,630 — — — — — 3,630 
Natural gas transportation
— 23,837 63,541 — — — 87,378 
Natural gas storage
— — 6,615 — — — 6,615 
Contracting services
— — — 444,949 — — 444,949 
Construction materials
— — — 792,095 — — 792,095 
Intrasegment eliminations— — — (215,266)— — (215,266)
Electrical & mechanical specialty contracting— — — — 900,041 — 900,041 
Transmission & distribution specialty contracting— — — — 314,640 — 314,640 
Other
22,969 6,360 4,386 — 157 8,730 42,602 
Intersegment eliminations
(247)(277)(33,734)(330)(2,861)(8,730)(46,179)
Revenues from contracts with customers
183,863 663,481 40,808 1,021,448 1,211,977 — 3,121,577 
Revenues out of scope
(4,807)(2,623)124 — 23,209 — 15,903 
Total external operating revenues
$179,056 $660,858 $40,932 $1,021,448 $1,235,186 $— $3,137,480 
Six Months Ended June 30, 2021ElectricNatural gas
distribution		PipelineConstruction
materials and
contracting		Construction
services		OtherTotal
(In thousands)
Residential utility sales
$62,694 $286,617 $— $— $— $— $349,311 
Commercial utility sales
66,762 167,664 — — — — 234,426 
Industrial utility sales
20,383 14,992 — — — — 35,375 
Other utility sales
3,391 — — — — — 3,391 
Natural gas transportation
— 23,903 57,102 — — — 81,005 
Natural gas storage
— — 7,123 — — — 7,123 
Contracting services
— — — 376,859 — — 376,859 
Construction materials
— — — 715,174 — — 715,174 
Intrasegment eliminations— — — (192,496)— — (192,496)
Electrical & mechanical specialty contracting— — — — 702,892 — 702,892 
Transmission & distribution specialty contracting— — — — 316,486 — 316,486 
Other
19,238 5,803 7,470 — 93 6,730 39,334 
Intersegment eliminations
(271)(284)(34,092)(204)(1,839)(6,685)(43,375)
Revenues from contracts with customers
172,197 498,695 37,603 899,333 1,017,632 45 2,625,505 
Revenues out of scope
(3,873)5,299 82 — 24,582 — 26,090 
Total external operating revenues
$168,324 $503,994 $37,685 $899,333 $1,042,214 $45 $2,651,595 
Presented in the previous tables are intrasegment revenues within the construction materials and contracting segment to highlight the focus on vertical integration as this segment sells materials to both third parties and internal customers. Due to consolidation requirements, these revenues must be eliminated against construction materials to arrive at the external operating revenue total for the segment.
Contract balances
The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in a contract asset or a contract liability. A contract asset occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. A contract liability occurs when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation.
The changes in contract assets and liabilities were as follows:
June 30, 2022December 31, 2021ChangeLocation on Consolidated Balance Sheets
(In thousands)
Contract assets
$236,951 $125,742 $111,209 Receivables, net
Contract liabilities - current(167,507)(179,140)11,633 Accounts payable
Contract liabilities - noncurrent(19)(118)99 Noncurrent liabilities - other
Net contract assets (liabilities)$69,425 $(53,516)$122,941 
The Company recognized $14.8 million and $136.7 million in revenue for the three and six months ended June 30, 2022, respectively, which was previously included in contract liabilities at December 31, 2021. The Company recognized $21.9 million and $145.3 million in revenue for the three and six months ended June 30, 2021, respectively, which was previously included in contract liabilities at December 31, 2020.
The Company recognized a net increase in revenues of $30.0 million and $42.4 million for the three and six months ended June 30, 2022, respectively, from performance obligations satisfied in prior periods. The company recognized a net increase in revenues of $27.3 million and $54.6 million for the three and six months ended June 30, 2021, respectively, from performance obligations satisfied in prior periods.
Remaining performance obligations
The remaining performance obligations, also referred to as backlog, at the construction materials and contracting and construction services segments include unrecognized revenues that the Company reasonably expects to be realized. These unrecognized revenues can include: projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under master service agreements. The majority of the Company's construction contracts have an original duration of less than two years.
The remaining performance obligations at the pipeline segment include firm transportation contracts with fixed pricing and fixed volumes. The Company has applied the practical expedient, which does not require additional disclosures for contracts with an original duration of less than 12 months, to certain firm transportation and non-regulated contracts. The Company's firm transportation contracts included in the remaining performance obligations have weighted average remaining durations of less than five years.
At June 30, 2022, the Company's remaining performance obligations were $3.5 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $2.8 billion within the next 12 months or less; $389.0 million within the next 13 to 24 months; and $368.4 million in 25 months or more.