XML 39 R24.htm IDEA: XBRL DOCUMENT v3.22.4
Segment Information
 12 Months Ended
Dec. 31, 2022
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. Performance measurement and resource allocation for the reporting segments are based on many factors. The primary financial measures used to evaluate the segment information are contract revenues and income from operations, excluding general corporate expenses. General corporate expenses include corporate facility and staffing costs, which includes safety costs, professional fees, IT expenses and management fees.
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 and clean energy projects. The T&D segment also provides emergency restoration services in response to hurricane, wildfire, ice or other damage. 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 and signalization. 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 table is derived from the segment’s internal financial reports used for corporate management purposes:
For the Year ended December 31,
(in thousands)202220212020
Contract revenues:
T&D$1,745,792 $1,301,587 $1,154,378 
C&I1,262,750 1,196,702 1,093,014 
$3,008,542 $2,498,289 $2,247,392 
Income from operations:
T&D$138,886 $132,738 $109,387 
C&I43,159 54,418 37,247 
General Corporate(67,138)(68,596)(60,089)
$114,907 $118,560 $86,545 
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)20222021
T&D$500,568 $303,685 
C&I473,101 408,896 
General Corporate425,189 408,511 
$1,398,858 $1,121,092 
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)202220212020
Depreciation and amortization
T&D$50,825 $38,668 $37,254 
C&I7,345 7,537 9,199 
$58,170 $46,205 $46,453 
As of December 31, 2022 and 2021, there were $146.1 million and $23.1 million, respectively, of identifiable assets attributable to Canadian operations.