XML 24 R15.htm IDEA: XBRL DOCUMENT
v3.23.3

Revenue from contracts with customers | 9 Months Ended
--- | ---
Sep. 30, 2023
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. The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdiction’s regulatory asset or liability for environmental compliance. For more information on the Company’s regulatory assets and liabilities, see Note 12. Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection. The Company received notification from a customer on a large project with a contract that was billed on a time and materials basis with no stated maximum price, that it is withholding payment of approximately $30.0 million on remaining outstanding billings, including retention. The Company believes it has substantial defenses against these claims based upon the terms of the contract and the Company's belief that it has performed under the terms of the contract. The Company believes collection of the remaining outstanding billings, including retention is probable and, as a result, the Company has recognized the revenue from this project in its results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute. 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 18.
Three Months Ended September 30, 2023 | Electric | Natural gas distribution | Pipeline | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 34,303 |  | $ | 68,733 |  | $ | — |  | $ | — |  | $ | — |  | $ | 103,036 |
Commercial utility sales | 49,754 |  | 40,360 |  | — |  | — |  | — |  | 90,114 |
Industrial utility sales | 10,747 |  | 7,272 |  | — |  | — |  | — |  | 18,019 |
Other utility sales | 1,865 |  | — |  | — |  | — |  | — |  | 1,865 |
Natural gas transportation | — |  | 13,050 |  | 35,338 |  | — |  | — |  | 48,388 |
Natural gas storage | — |  | — |  | 4,808 |  | — |  | — |  | 4,808 |
Electrical & mechanical specialty contracting | — |  | — |  | — |  | 514,378 |  | — |  | 514,378 |
Transmission & distribution specialty contracting | — |  | — |  | — |  | 192,056 |  | — |  | 192,056 |
Other | 14,701 |  | 3,881 |  | 3,916 |  | (89) |  | 1,689 |  | 24,098 |
Intersegment eliminations | (27) |  | (69) |  | (3,701) |  | — |  | (1,689) |  | (5,486) |
Revenues from contracts with customers | 111,343 |  | 133,227 |  | 40,361 |  | 706,345 |  | — |  | 991,276 |
Revenues out of scope | (3,254) |  | 1,669 |  | 43 |  | 11,061 |  | — |  | 9,519 |
Total external operating revenues | $ | 108,089 |  | $ | 134,896 |  | $ | 40,404 |  | $ | 717,406 |  | $ | — |  | $ | 1,000,795 |
Three Months Ended September 30, 2022 | Electric | Natural gas distribution | Pipeline | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 36,981 |  | $ | 64,074 |  | $ | — |  | $ | — |  | $ | — |  | $ | 101,055 |
Commercial utility sales | 38,785 |  | 43,734 |  | — |  | — |  | — |  | 82,519 |
Industrial utility sales | 10,838 |  | 7,209 |  | — |  | — |  | — |  | 18,047 |
Other utility sales | 2,002 |  | — |  | — |  | — |  | — |  | 2,002 |
Natural gas transportation | — |  | 11,910 |  | 32,144 |  | — |  | — |  | 44,054 |
Natural gas storage | — |  | — |  | 3,595 |  | — |  | — |  | 3,595 |
Electrical & mechanical specialty contracting | — |  | — |  | — |  | 543,717 |  | — |  | 543,717 |
Transmission & distribution specialty contracting | — |  | — |  | — |  | 181,550 |  | — |  | 181,550 |
Other | 10,758 |  | 3,495 |  | 3,814 |  | 200 |  | 1,472 |  | 19,739 |
Intersegment eliminations | (34) |  | (69) |  | (3,581) |  | (2,037) |  | (1,472) |  | (7,193) |
Revenues from contracts with customers | 99,330 |  | 130,353 |  | 35,972 |  | 723,430 |  | — |  | 989,085 |
Revenues out of scope | (47) |  | 1,792 |  | 86 |  | 11,571 |  | — |  | 13,402 |
Total external operating revenues | $ | 99,283 |  | $ | 132,145 |  | $ | 36,058 |  | $ | 735,001 |  | $ | — |  | $ | 1,002,487 |
Nine Months Ended September 30, 2023 | Electric | Natural gas distribution | Pipeline | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 102,953 |  | $ | 517,351 |  | $ | — |  | $ | — |  | $ | — |  | $ | 620,304 |
Commercial utility sales | 124,363 |  | 316,483 |  | — |  | — |  | — |  | 440,846 |
Industrial utility sales | 31,880 |  | 33,293 |  | — |  | — |  | — |  | 65,173 |
Other utility sales | 5,349 |  | — |  | — |  | — |  | — |  | 5,349 |
Natural gas transportation | — |  | 38,225 |  | 104,716 |  | — |  | — |  | 142,941 |
Natural gas storage | — |  | — |  | 12,427 |  | — |  | — |  | 12,427 |
Electrical & mechanical specialty contracting | — |  | — |  | — |  | 1,672,948 |  | — |  | 1,672,948 |
Transmission & distribution specialty contracting | — |  | — |  | — |  | 511,563 |  | — |  | 511,563 |
Other | 38,111 |  | 11,874 |  | 9,713 |  | 121 |  | 6,412 |  | 66,231 |
Intersegment eliminations | (82) |  | (208) |  | (37,889) |  | — |  | (6,412) |  | (44,591) |
Revenues from contracts with customers | 302,574 |  | 917,018 |  | 88,967 |  | 2,184,632 |  | — |  | 3,493,191 |
Revenues out of scope | (7,799) |  | 2,469 |  | 119 |  | 34,040 |  | — |  | 28,829 |
Total external operating revenues | $ | 294,775 |  | $ | 919,487 |  | $ | 89,086 |  | $ | 2,218,672 |  | $ | — |  | $ | 3,522,020 |
Nine Months Ended September 30, 2022 | Electric | Natural gas distribution | Pipeline | Construction services | Other | Total
| (In thousands)
Residential utility sales | $ | 103,648 |  | $ | 439,639 |  | $ | — |  | $ | — |  | $ | — |  | $ | 543,287 |
Commercial utility sales | 108,400 |  | 279,697 |  | — |  | — |  | — |  | 388,097 |
Industrial utility sales | 32,067 |  | 29,242 |  | — |  | — |  | — |  | 61,309 |
Other utility sales | 5,632 |  | — |  | — |  | — |  | — |  | 5,632 |
Natural gas transportation | — |  | 35,747 |  | 95,685 |  | — |  | — |  | 131,432 |
Natural gas storage | — |  | — |  | 10,210 |  | — |  | — |  | 10,210 |
Electrical & mechanical specialty contracting | — |  | — |  | — |  | 1,443,758 |  | — |  | 1,443,758 |
Transmission & distribution specialty contracting | — |  | — |  | — |  | 496,190 |  | — |  | 496,190 |
Other | 33,727 |  | 9,854 |  | 8,201 |  | 357 |  | 4,368 |  | 56,507 |
Intersegment eliminations | (102) |  | (206) |  | (37,309) |  | (4,391) |  | (4,368) |  | (46,376) |
Revenues from contracts with customers | 283,372 |  | 793,973 |  | 76,787 |  | 1,935,914 |  | — |  | 3,090,046 |
Revenues out of scope | (4,854) |  | (831) |  | 210 |  | 34,780 |  | — |  | 29,305 |
Total external operating revenues | $ | 278,518 |  | $ | 793,142 |  | $ | 76,997 |  | $ | 1,970,694 |  | $ | — |  | $ | 3,119,351 |
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 construction work 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:
| September 30, 2023 | December 31, 2022 | Change | Location on Consolidated Balance Sheets
| (In thousands) |
Contract assets | $ | 199,370 |  | $ | 154,144 |  | $ | 45,226 |  | Receivables, net
Contract liabilities - current | (183,705) |  | (168,361) |  | (15,344) |  | Accounts payable
Contract liabilities - noncurrent | (435) |  | (6) |  | (429) |  | Noncurrent liabilities - other
Net contract assets (liabilities) | $ | 15,230 |  | $ | (14,223) |  | $ | 29,453 |  |
The Company recognized $6.3 million and $164.3 million in revenue for the three and nine months ended September 30, 2023, respectively, which was previously included in contract liabilities at December 31, 2022. The Company recognized $8.2 million and $118.7 million in revenue for the three and nine months ended September 30, 2022, respectively, which was previously included in contract liabilities at December 31, 2021. The Company recognized a net increase in revenues of $20.2 million and $41.7 million for the three and nine months ended September 30, 2023, respectively, from performance obligations satisfied in prior periods. The Company recognized a net increase in revenues of $9.6 million and $43.7 million for the three and nine months ended September 30, 2022, respectively, from performance obligations satisfied in prior periods. Remaining performance obligations The remaining performance obligations, also referred to as backlog, at the construction services segment includes 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 contracting services 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 less than five years and two years, respectively. At September 30, 2023, the Company's remaining performance obligations were $2.5 billion. The Company expects to recognize the following revenue amounts in future periods related to these remaining performance obligations: $1.6 billion within the next 12 months or less; $371.0 million within the next 13 to 24 months; and $519.5 million in 25 months or more.

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration