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Segment Information
 3 Months Ended
Mar. 31, 2025
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 from 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 C&I segment has a diverse customer base with many long-standing relationships.
The information in the following table is derived from the segment’s internal financial reports used for corporate management purposes:
For the Three Months Ended March 31, 2025
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$461,769 $371,851 $— $833,620 
Operating costs (1)
425,548 354,474 19,308 799,330 
Income from operations36,221 17,377 (19,308)34,290 
Other income (expense):
Interest income191 
Interest expense(1,414)
Other expense, net(300)
Income before provision for income taxes32,767 
Income tax expense9,459 
Net income$23,308 
For the Three Months Ended March 31, 2024
(in thousands)T&DC&IGeneral CorporateConsolidated
Contract revenues$490,395 $325,167 $— $815,562 
Operating costs (1)
460,558 313,744 16,989 791,291 
Income from operations29,837 11,423 (16,989)24,271 
Other income (expense):
Interest income142 
Interest expense(1,054)
Other expense, net(263)
Income before provision for income taxes23,096 
Income tax expense4,157 
Net income$18,939 
(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. As of March 31, 2025 and December 31, 2024, there were $176.6 million and $177.9 million, respectively, of identifiable assets attributable to Canadian operations. The table below reflects the identifiable assets for each segment.
(in thousands)March 31, 2025December 31, 2024
T&D$577,246 $601,546 
C&I517,206 539,687 
General Corporate427,609 432,826 
$1,522,061 $1,574,059 
An allocation of total depreciation, including depreciation of shared construction equipment, and amortization to each segment is as follows:
For the Three Months Ended March 31,
(in thousands)20252024
Depreciation and amortization
T&D$14,038 $13,882 
C&I2,155 1,948 
$16,193 $15,830