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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
MYR Group is a holding company of specialty contractors serving electrical utility infrastructure and commercial construction markets in the United States and Canada. The Company has two reporting segments, each a separate operating segment, which are referred to as T&D and C&I. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Chief Executive Officer. For the CODM’s primary allocation of resources and performance assessment, he receives revenue and income for operations, by segment and excluding general corporate expenses, over multiple time periods, along with a comparison to the corresponding budgeted and prior year totals. General corporate expenses include corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and certain management fees. The CODM also considers many other factors, such as contract terms, individual project performance, project location and other items when determining performance measurement and resource allocation.
Transmission and Distribution: The T&D segment provides a broad range of services on electric transmission and distribution networks and substation facilities which include design, engineering, procurement, construction, upgrade, maintenance and repair services with a particular focus on construction, maintenance and repair. T&D services include the construction and maintenance of high voltage transmission lines, substations and lower voltage underground and overhead distribution systems, clean energy projects and electric vehicle charging infrastructure. The T&D segment also provides emergency restoration services. T&D customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
Commercial and Industrial: The C&I segment provides services such as the design, installation, maintenance and repair of commercial and industrial wiring, the installation of intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure. Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, and transportation control and management systems. The C&I segment generally provides electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contracts directly with facility owners.
The information in the following tables are derived from the segment’s internal financial reports used for corporate management purposes:
For the Year ended December 31, 2024
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$1,880,501 $1,481,789 $— $3,362,290 
Operating costs (1)
1,811,127 1,433,748 63,333 3,308,208 
Income from operations69,374 48,041 (63,333)54,082 
Other income (expense):
Interest income415 
Interest expense(6,525)
Other income (expense), net(1,479)
Income before provision for income taxes46,493 
Income tax expense 16,230 
Net income$30,263 
For the Year ended December 31, 2023
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$2,089,196 $1,554,709 $— $3,643,905 
Operating costs (1)
1,939,493 1,508,820 66,499 3,514,812 
Income from operations149,703 45,889 (66,499)129,093 
Other income (expense):
Interest income888 
Interest expense(4,939)
Other income (expense), net(38)
Income before provision for income taxes125,004 
Income tax expense34,014 
Net income$90,990 
For the Year ended December 31, 2022
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$1,745,792 $1,262,750 $— $3,008,542 
Operating costs (1)
1,606,906 1,219,591 67,138 2,893,635 
Income from operations138,886 43,159 (67,138)114,907 
Other income (expense):
Interest income187 
Interest expense(3,563)
Other income (expense), net2,673 
Income before provision for income taxes114,204 
Income tax expense30,823 
Net income$83,381 
(1) Operating costs include T&D, C&I and general corporate portion of contract costs, selling, general and administrative expenses, amortization of intangible assets and gain on sale of property and equipment. The expenses found in these other segment items are generally viewed as operating costs by the CODM and are not considered individually significant segment reporting items.
The Company does not identify capital expenditures and total assets by segment in its internal financial reports due in part to the shared use of a centralized fleet of vehicles and specialized equipment. Identifiable assets, consisting of contract receivables, contract assets, construction materials inventory, goodwill and intangibles for each segment are as follows as of December 31:
(in thousands)20242023
T&D$601,546 $632,788 
C&I539,687 502,451 
General Corporate432,826 443,507 
$1,574,059 $1,578,746 
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:
For the Year ended December 31,
(in thousands)202420232022
Depreciation and amortization
T&D$56,624 $51,470 $50,825 
C&I8,565 7,668 7,345 
$65,189 $59,138 $58,170 
As of December 31, 2024 and 2023, there were $177.9 million and $169.0 million, respectively, of identifiable assets attributable to Canadian operations.