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Revenue Recognition
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
A majority of the Company’s revenues are earned through contracts with customers that normally provide for payment upon completion of specified work or units of work as identified in the contract. Although there is considerable variation in the terms of these contracts, they are primarily structured as fixed-price contracts, under which the Company agrees to do the entire project for a fixed amount, or unit-price contracts, under which the Company agrees to do the work at a fixed price per unit of work as specified in the contract. The Company also enters into time-and-equipment and time-and-materials contracts under which the Company is paid for labor and equipment at negotiated hourly billing rates and for other expenses, including materials, as incurred at rates agreed to in the contract. Finally, the Company sometimes enters into cost-plus contracts, where the Company is paid for costs plus a negotiated margin. On occasion, time-and-equipment, time-and-materials and cost-plus contracts include a guaranteed not-to-exceed maximum price.
Historically, fixed-price and unit-price contracts have had the highest potential margins; however, they have had a greater risk in terms of profitability because cost overruns may not be recoverable. Time-and-equipment, time-and-materials and cost-plus contracts have historically had less margin upside, but generally have had a lower risk of cost overruns. The Company also provides services under master service agreements (“MSAs”) and other variable-term service agreements. MSAs normally cover maintenance, upgrade and extension services, as well as new construction. Work performed under MSAs is typically billed on a unit-price, time-and-materials or time-and-equipment basis. MSAs are typically one to three years in duration; however, most of the Company’s contracts, including MSAs, may be terminated by the customer on short notice, typically 30 to 90 days, even if the Company is not in default under the contract. Under MSAs, customers generally agree to use the Company for certain services in a specified geographic region. Most MSAs include no obligation for the contract counterparty to assign specific volumes of work to the Company and do not require the counterparty to use the Company exclusively, although in some cases the MSA contract gives the Company a right of first refusal for certain work. Additional information related to the Company’s market types is provided in Note 11–Segment Information.
The components of the Company’s revenue by contract type for the three and nine months ended September 30, 2020 and 2019 were as follows:
​Three months ended September 30, 2020
​T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$126,387 42.2 %$248,596 80.7 %$374,983 61.7 %
Unit price88,579 29.6 22,589 7.3 111,168 18.3 
T&E79,714 26.6 24,322 7.9 104,036 17.1 
Other5,059 1.6 12,655 4.1 17,714 2.9 
​$299,739 100.0 %$308,162 100.0 %$607,901 100.0 %
​Three months ended September 30, 2019
​T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$157,357 53.4 %$220,872 76.6 %$378,229 64.9 %
Unit price49,392 16.7 19,518 6.8 68,910 11.8 
T&E84,299 28.6 32,868 11.4 117,167 20.1 
Other3,892 1.3 15,016 5.2 18,908 3.2 
​$294,940 100.0 %$288,274 100.0 %$583,214 100.0 %
The components of the Company’s revenue by contract type for the nine months ended September 30, 2020 and 2019 were as follows:
​Nine months ended September 30, 2020
​T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$373,739 44.7 %$654,797 81.5 %$1,028,536 62.7 %
Unit price236,518 28.3 59,712 7.4 296,230 18.1 
T&E209,397 25.1 61,876 7.7 271,273 16.6 
Other16,114 1.9 27,269 3.4 43,383 2.6 
​$835,768 100.0 %$803,654 100.0 %$1,639,422 100.0 %
​Nine months ended September 30, 2019
​T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$410,253 49.8 %$469,700 69.4 %$879,953 58.7 %
Unit price152,748 18.6 42,361 6.3 195,109 13.0 
T&E237,448 28.8 82,592 12.2 320,040 21.3 
Other22,949 2.8 82,033 12.1 104,982 7.0 
​$823,398 100.0 %$676,686 100.0 %$1,500,084 100.0 %
The components of the Company’s revenue by market type for the three months ended September 30, 2020 and 2019 were as follows:
​Three months ended September 30, 2020Three months ended September 30, 2019
(dollars in thousands)AmountPercentSegmentAmountPercentSegment
Transmission
$185,007 30.4 %T&D$196,083 33.6 %T&D
Distribution
114,732 18.9 T&D98,857 17.0 T&D
Electrical construction
308,162 50.7 C&I288,274 49.4 C&I
Total revenue$607,901 100.0 %$583,214 100.0 %
The components of the Company’s revenue by market type for the nine months ended September 30, 2020 and 2019 were as follows:
​Nine months ended September 30, 2020Nine months ended September 30, 2019
(dollars in thousands)AmountPercentSegmentAmountPercentSegment
Transmission
$537,762 32.8 %T&D$553,314 36.9 %T&D
Distribution
298,006 18.2 T&D270,084 18.0 T&D
Electrical construction
803,654 49.0 C&I676,686 45.1 C&I
Total revenue$1,639,422 100.0 %$1,500,084 100.0 %
Remaining Performance Obligations
As of September 30, 2020, the Company had $1.60 billion of remaining performance obligations. The Company’s remaining performance obligations include projects that have a written award, a letter of intent, a notice to proceed or an agreed upon work order to perform work on mutually accepted terms and conditions.
The following table summarizes the amount of remaining performance obligations as of September 30, 2020 that the Company expects to be realized and the amount of the remaining performance obligations that the Company reasonably estimates will not be recognized within the next twelve months.
​Remaining Performance Obligations at September 30, 2020​
(in thousands)TotalAmount estimated to not be
recognized within 12 months		Total at December 31, 2019
​​​​
T&D$639,171 $207,175 $381,850 
C&I965,589 185,027 1,027,193 
Total$1,604,760 $392,202 $1,409,043 
The Company expects a vast majority of the remaining performance obligations to be recognized within twenty-four months, although the timing of the Company’s performance is not always under its control. Additionally, the difference between the remaining performance obligations and backlog is due to the exclusion of a portion of the Company’s MSAs under certain contract types from the Company’s remaining performance obligations as these contracts can be canceled for convenience at any time by the Company or the customer without considerable cost incurred by the customer. Additional information related to backlog is provided in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”