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Revenue from contracts with customers | 6 Months Ended
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Jun. 30, 2021
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, 2021 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total
| (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) |
Inside specialty contracting | — |  | — |  | — |  | — |  | 347,702 |  | — |  | 347,702 |
Outside 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 |
Three Months Ended June 30, 2020 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 27,954 |  | $ | 78,653 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 106,607 |
Commercial utility sales | 29,877 |  | 41,027 |  | — |  | — |  | — |  | — |  | 70,904 |
Industrial utility sales | 8,072 |  | 5,658 |  | — |  | — |  | — |  | — |  | 13,730 |
Other utility sales | 1,591 |  | — |  | — |  | — |  | — |  | — |  | 1,591 |
Natural gas transportation | — |  | 10,350 |  | 27,965 |  | — |  | — |  | — |  | 38,315 |
Natural gas gathering | — |  | — |  | 1,181 |  | — |  | — |  | — |  | 1,181 |
Natural gas storage | — |  | — |  | 3,104 |  | — |  | — |  | — |  | 3,104 |
Contracting services | — |  | — |  | — |  | 303,356 |  | — |  | — |  | 303,356 |
Construction materials | — |  | — |  | — |  | 482,498 |  | — |  | — |  | 482,498 |
Intrasegment eliminations | — |  | — |  | — |  | (164,719) |  | — |  | — |  | (164,719) |
Inside specialty contracting | — |  | — |  | — |  | — |  | 324,921 |  | — |  | 324,921 |
Outside specialty contracting | — |  | — |  | — |  | — |  | 160,696 |  | — |  | 160,696 |
Other | 7,717 |  | 2,711 |  | 3,363 |  | — |  | 412 |  | 2,861 |  | 17,064 |
Intersegment eliminations | (196) |  | (185) |  | (7,999) |  | (90) |  | (779) |  | (2,973) |  | (12,222) |
Revenues from contracts with customers | 75,015 |  | 138,214 |  | 27,614 |  | 621,045 |  | 485,250 |  | (112) |  | 1,347,026 |
Revenues out of scope | 1,423 |  | 3,280 |  | 44 |  | — |  | 11,155 |  | — |  | 15,902 |
Total external operating revenues | $ | 76,438 |  | $ | 141,494 |  | $ | 27,658 |  | $ | 621,045 |  | $ | 496,405 |  | $ | (112) |  | $ | 1,362,928 |
Six Months Ended June 30, 2021 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total
| (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) |
Inside specialty contracting | — |  | — |  | — |  | — |  | 702,892 |  | — |  | 702,892 |
Outside 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 |
Six Months Ended June 30, 2020 | Electric | Natural gas distribution | Pipeline | Construction materials and contracting | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 60,303 |  | $ | 265,354 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 325,657 |
Commercial utility sales | 63,464 |  | 156,023 |  | — |  | — |  | — |  | — |  | 219,487 |
Industrial utility sales | 18,439 |  | 14,179 |  | — |  | — |  | — |  | — |  | 32,618 |
Other utility sales | 3,239 |  | — |  | — |  | — |  | — |  | — |  | 3,239 |
Natural gas transportation | — |  | 22,148 |  | 55,397 |  | — |  | — |  | — |  | 77,545 |
Natural gas gathering | — |  | — |  | 3,271 |  | — |  | — |  | — |  | 3,271 |
Natural gas storage | — |  | — |  | 6,150 |  | — |  | — |  | — |  | 6,150 |
Contracting services | — |  | — |  | — |  | 401,757 |  | — |  | — |  | 401,757 |
Construction materials | — |  | — |  | — |  | 690,408 |  | — |  | — |  | 690,408 |
Intrasegment eliminations | — |  | — |  | — |  | (208,823) |  | — |  | — |  | (208,823) |
Inside specialty contracting | — |  | — |  | — |  | — |  | 697,130 |  | — |  | 697,130 |
Outside specialty contracting | — |  | — |  | — |  | — |  | 290,846 |  | — |  | 290,846 |
Other | 16,167 |  | 5,209 |  | 6,604 |  | — |  | 763 |  | 5,852 |  | 34,595 |
Intersegment eliminations | (391) |  | (370) |  | (33,198) |  | (152) |  | (3,249) |  | (5,946) |  | (43,306) |
Revenues from contracts with customers | 161,221 |  | 462,543 |  | 38,224 |  | 883,190 |  | 985,490 |  | (94) |  | 2,530,574 |
Revenues out of scope | 1,125 |  | 5,394 |  | 89 |  | — |  | 23,120 |  | — |  | 29,728 |
Total external operating revenues | $ | 162,346 |  | $ | 467,937 |  | $ | 38,313 |  | $ | 883,190 |  | $ | 1,008,610 |  | $ | (94) |  | $ | 2,560,302 |
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, 2021 | December 31, 2020 | Change | Location on Consolidated Balance Sheets
| (In thousands) |
Contract assets | $ | 147,033 |  | $ | 104,345 |  | $ | 42,688 |  | Receivables, net
Contract liabilities - current | (146,116) |  | (158,603) |  | 12,487 |  | Accounts payable
Contract liabilities - noncurrent | (160) |  | (52) |  | (108) |  | Noncurrent liabilities - other
Net contract assets (liabilities) | $ | 757 |  | $ | (54,310) |  | $ | 55,067 |  |
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 $32.3 million and $121.7 million in revenue for the three and six months ended June 30, 2020, respectively, which was previously included in contract liabilities at December 31, 2019. 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. The Company recognized a net increase in revenues of $31.9 million and $42.9 million for the three and six months ended June 30, 2020, 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 and storage 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 and firm storage contracts included in the remaining performance obligations have weighted average remaining durations of approximately five and one years, respectively. At June 30, 2021, the Company's remaining performance obligations were $2.4 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.8 billion within the next 12 months or less; $339.5 million within the next 13 to 24 months; and $225.9 million in 25 months or more.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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