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Revenue Recognition
 12 Months Ended
Dec. 31, 2023
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 perform a defined scope of a 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 require the Company to 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 17–Segment Information to the Financial Statements.
The components of the Company’s revenue by contract type were as follows for the year ended December 31:
2023
T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$1,100,273 52.7 %$1,274,763 82.0 %$2,375,036 65.2 %
Unit price549,221 26.3 92,581 6.0 641,802 17.6 
T&E(1)
439,702 21.0 187,365 12.0 627,067 17.2 
$2,089,196 100.0 %$1,554,709 100.0 %$3,643,905 100.0 %
2022
T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$835,288 47.8 %$1,051,428 83.3 %$1,886,716 62.7 %
Unit price475,276 27.2 78,714 6.2 553,990 18.4 
T&E(1)
435,228 25.0 132,608 10.5 567,836 18.9 
$1,745,792 100.0 %$1,262,750 100.0 %$3,008,542 100.0 %
2021
T&DC&ITotal
(dollars in thousands)AmountPercentAmountPercentAmountPercent
Fixed price$559,861 43.0 %$963,477 80.5 %$1,523,338 61.0 %
Unit price369,710 28.4 73,826 6.2 443,536 17.7 
T&E(1)
372,016 28.6 159,399 13.3 531,415 21.3 
$1,301,587 100.0 %$1,196,702 100.0 %$2,498,289 100.0 %
(1) The Company T&E contract type includes time-and-equipment, time-and-materials and cost-plus contracts.
The components of the Company’s revenue by market type were as follows for the year ended December 31:
202320222021
(dollars in thousands)SegmentAmountPercentAmountPercentAmountPercent
TransmissionT&D$1,380,923 37.9 %$1,083,415 36.0 %$806,367 32.3 %
DistributionT&D708,273 19.4 662,377 22.0 495,220 19.8 
Electrical constructionC&I1,554,709 42.7 1,262,750 42.0 1,196,702 47.9 
Total revenue$3,643,905 100.0 %$3,008,542 100.0 %$2,498,289 100.0 %
Remaining Performance Obligations
On December 31, 2023, the Company had $2.30 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 timing of when remaining performance obligations are recognized is evaluated quarterly and is largely driven by the estimated start date and duration of the underlying projects.
The following table summarizes the total amount of remaining performance obligations as of December 31, 2023 that the Company expects to be realized, the amount of the remaining performance obligations that the Company reasonably estimates will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months.
Remaining Performance Obligations as of December 31, 2023
(in thousands)TotalAmount estimated to be
recognized within 12 months		Amount estimated to be
recognized after 12 months
T&D$769,128 $722,765 $46,363 
C&I1,532,019 1,144,243 387,776 
Total$2,301,147 $1,867,008 $434,139 
The Company estimates approximately 95% or more of the remaining performance obligations will be recognized within twenty-four months, including approximately 80% of the remaining performance obligations estimated to be recognized within twelve months, although the timing of the Company’s performance is not always under its control. The timing of when remaining performance obligations are recognized by the Company can vary considerably and is impacted by multiple variables including, but not limited to: changes in the estimated versus actual start time of a project; the availability of labor, equipment and materials; changes in project workflow; weather; project delays and accelerations; and the timing of final contract settlements. 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 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report.