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Sturgeon Electric Company, Inc.;
−Removed: MYR Transmission Services, Inc.;
+Added: MYR Energy Services, Inc.;
Boulos Company;
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We provide a broad range of services, including design, engineering, procurement, construction, upgrade, maintenance and repair services, with a particular focus on construction, maintenance and repair.
−Removed: Our principal executive offices are located at 1701 Golf Road, Suite 3-1012, Rolling Meadows, Illinois 60008.
+Added: Our principal executive offices are located at 12150 East 112th Avenue, Henderson, Colorado 80640.
The telephone number of our principal executive offices is (303) 286-8000.
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We concentrate our efforts on projects where our technical and project management expertise are critical to successful and timely execution.
−Removed: Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, convention centers, renewable energy projects, manufacturing plants, processing facilities, waste-water treatment facilities, mining facilities and transportation control and management systems.
+Added: Typical C&I contracts cover electrical contracting services for airports, hospitals, data centers, hotels, stadiums, convention centers, renewable energy projects, manufacturing plants, processing facilities, water treatment facilities, mining facilities and transportation control and management systems.
In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general contractors, but also contract directly with facility owners.
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For the years ended December 31, 2020, 2019 and 2018, no single customer accounted for more than 10.0% of annual revenues.
−Removed: For the year ended December 31, 2017, one T&D customer accounted for 10.7% of our revenues.
For the years ended December 31, 2020, 2019 and 2018, revenues derived from T&D customers accounted for 51.4%, 54.8% and 58.3% of our total revenues, respectively, and revenues derived from C&I customers accounted for 48.6%, 45.2% and 41.7% of our total revenues, respectively.
3 unchanged sentences
If selected as the successful bidder, we generally enter into a contract with the customer that provides for payment upon completion of specified work or units of work as identified in the contract.
+Added: Most of our contracts, including MSAs, may be terminated by our customers on short notice, typically 30 to 90 days, even if we are not in default under the contract.
Although there is considerable variation in the terms of the contracts we undertake, our contracts are primarily structured as:
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however, they hold a greater risk in terms of profitability because cost overruns may not be recoverable.
−Removed: Time-and-equipment, time-and-materials and cost-plus contracts have less margin upside, but generally have a lower risk of cost
+Added: Time-and-equipment, time-and-materials and cost-plus contracts have less margin upside, but generally have a lower risk of cost overruns.
Work in our T&D segment is generally completed under fixed-price, time-and-materials, time-and-equipment, unit-price and cost-plus agreements.
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MSAs are typically one to three years in duration.
−Removed: however, most of our contracts, including MSAs, may be terminated by our customers on short notice, typically 30 to 90 days, even if we are not in default under the contract.
Under MSAs, customers generally agree to contract with us for certain services in a specified geographic region.
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We hold our subcontractors responsible for their work or delays in their performance.
−Removed: On larger projects, we may require performance and payment bonding from subcontractors, where we deem appropriate, based on the risk involved.
When we perform work as a subcontractor we are often only paid after the general or prime contractor is paid.
+Added: On larger projects, we may require performance and payment bonding from subcontractors, where we deem appropriate, based on the risk involved.
Our business is highly competitive in both our T&D and C&I segments.
−Removed: Competition in both of our business segments is primarily based on the price of the construction services and upon the reputation for
−Removed: safety, quality and reliability of the contractor.
+Added: Competition in both of our business segments is primarily based on the price of the construction services and upon the reputation for safety, quality and reliability of the contractor.
The competition we encounter can vary depending upon the type and location of construction services.
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See “Risk Factors — Our industry is highly competitive.”
−Removed: Increased competition can place downward pressure on contract prices and profit margins and may limit the number of projects that we are awarded.”
T&D Competition
−Removed: Our T&D segment competes with a number of companies in the local market where we operate, ranging from small local independent companies to large national firms.
+Added: Our T&D segment competes with a number of companies in the local markets where we operate, ranging from small local independent companies to large national firms.
There are many national or large regional firms that compete with us for T&D contracts including, among others, Asplundh Construction Corp., Davis H.
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Our C&I segment predominately competes with a number of regional or local firms and with subsidiaries of national firms.
−Removed: There are few significant barriers to entry in the C&I markets, and there are a number of
−Removed: small companies that compete for C&I business.
+Added: There are few significant barriers to entry in the C&I markets, and there are a number of small companies that compete for C&I business.
The size, location and technical requirements of the project will impact which competitors we will encounter when bidding on any particular project.
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We differentiate ourselves from our competitors by bidding for larger and more technically complex projects, which we believe many of our smaller competitors may not be capable of executing effectively or profitably.
−Removed: We believe that we have a favorable competitive position in the markets that we serve due in part to our strong operating history and strong local market share as well as our reputation and relationships with our customers.
+Added: We believe that we have a favorable competitive position in the markets that we serve due in part to our strong operating history, strong local market share, our reputation and our relationships with our customers.
Project Bonding Requirements and Parent Guarantees
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Our backlog includes 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.
−Removed: Additionally, the difference between our backlog and remaining performance obligations is due to the portion of our MSAs that is excluded, under certain contract types, from our
−Removed: remaining performance obligations as these contracts can be canceled for convenience at any time by us or the customer without considerable cost incurred by the customer.
+Added: Additionally, the difference between our backlog and remaining performance obligations is due to the portion of our MSAs that is excluded, under certain contract types, from our remaining performance obligations as these contracts can be canceled for convenience at any time by us or the customer without considerable cost incurred by the customer.
Our estimated backlog also includes our proportionate share of unconsolidated joint venture contracts.
−Removed: Additional information related to our remaining performance obligations is provided in Note 11 — Revenue Recognition in the accompanying notes to our Consolidated Financial Statements.
+Added: Additional information related to our remaining performance obligations is provided in Note 11 — Revenue Recognition to our Financial Statements.
See also “Item 1A.
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Backlog at December 31, 2020
−Removed: (in thousands)
−Removed: Amount estimated
+Added: (in thousands) Total Amount estimated
to not be recognized
−Removed: within 12 months
−Removed: Total backlog at
−Removed: December 31, 2018
−Removed: Changes in backlog from period to period are primarily the result of fluctuations in the timing of acquisitions, awards and revenue recognition of contracts.
+Added: within 12 months Total backlog at December 31, 2019
+Added: T&D $ 753,932 $ 184,526 $ 469,898
+Added: C&I 895,524 208,519 1,029,305
+Added: Total $ 1,649,456 $ 393,045 $ 1,499,203
+Added: Changes in backlog from period to period are primarily the result of fluctuations in the timing of awards and revenue recognition of contracts.
Our backlog as of December 31, 2020 included our proportionate share of unconsolidated joint venture backlog totaling $24.8 million.
4 unchanged sentences
Sturgeon Electric Company, Inc.;
−Removed: MYR Transmission Services, Inc.;
+Added: MYR Energy Services, Inc.;
Boulos Company;
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Our long history in the T&D industry has allowed us to be instrumental in designing much of the specialty tools and equipment used in the industry, including wire pullers, wire tensioners and aerial devices.
−Removed: We operate a fleet of trucks and trailers, support vehicles, bulldozers, bucket trucks, digger derricks and
−Removed: cranes and specialty construction equipment, such as wire pullers and wire tensioning machines.
+Added: We operate a fleet of trucks and trailers, support vehicles, bulldozers, bucket trucks, digger derricks and cranes and specialty construction equipment, such as wire pullers and wire tensioning machines.
We also rely on specialized tooling, including stringing blocks, wire grips and presses.
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Our failure to comply with applicable regulations could result in project delays, cost overruns, remediation costs, substantial fines and revocation of our operating licenses.
+Added: We are also required to comply with increasingly complex and changing laws and regulations enacted to protect business and personal data regarding privacy, data protection and data security, including those related to the collection, storage, use, transmission and protection of personal information and other customer, vendor or employee data.
+Added: In addition, health and safety regulations (including laws or regulations promulgated in response to the ongoing COVID-19 pandemic) may require increased operating costs or capital investments to promote a safe working environment.
+Added: With respect to the laws and regulations noted above, as well as other applicable laws and regulations, the Company's compliance programs may under certain circumstances involve material investments in the form of additional processes, training, personnel, information technology and capital.
+Added: For a discussion of the risks associated with certain applicable laws and regulations, see “Item 1A.
+Added: Risk Factors.
Environmental Matters
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Risk Factors — Our failure to comply with environmental and other laws and regulations could result in significant liabilities” and “Item 1A.
−Removed: Risk Factors — We are subject to risks associated with climate change.”
+Added: Risk Factors — We are subject to risks associated with climate change including financial risks and physical risks such as an increase in extreme weather events (such as floods, wildfires or hurricanes), rising sea levels and limitations on water availability and quality."
Cyclical Nature of Business and Seasonality
−Removed: The demand for construction and maintenance services from our customers is cyclical, particularly in our T&D segment, in nature and vulnerable to downturns in the industries we serve as well as the economy in general.
+Added: The demand for construction and maintenance services from our customers is cyclical in nature, particularly in our T&D segment, and vulnerable to downturns in the industries we serve as well as the economy in general.
As a result, our volume of business could be adversely affected by declines or delays in new projects in various geographic regions.
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however, extended periods of rain and other severe weather can affect the deployment of our crews and the efficiency of our operations.
+Added: Human Capital Resources
+Added: We believe that our people are our greatest assets and the success and growth of our business depend in large part on our ability to attract, develop and retain a diverse population of talented, qualified and highly skilled employees at all levels of our organization, including the individuals who comprise our workforce as well as our executive officers and other key personnel.
+Added: We have developed key recruitment and retention strategies, objectives and measures that serve as the framework for our human capital management approach and guide the overall management of our business.
+Added: These strategies, objectives and measures are advanced through a number of programs, policies and initiatives, including those related to:
+Added: health and safety;
+Added: inclusion, diversity, and equality;
+Added: employee recruitment, training and development;
+Added: and compensation and benefits programs.
We seek to attract and retain highly qualified craft employees by providing a superior work environment through our emphasis on safety, competitive compensation, and high-quality fleet of equipment.
3 unchanged sentences
Approximately 88% of our craft employees are members of unions, with the majority being members of the International Brotherhood of Electrical Workers (“IBEW”), who are represented by many local unions under agreements with generally uniform terms and varying expiration dates.
−Removed: We generally are not direct parties to such local agreements, but instead these agreements are entered into by and between the IBEW local unions and the National Electrical Contractors Association (“NECA”), of which the majority of our subsidiaries are members.
+Added: We generally are not direct
+Added: parties to such local agreements, but instead these agreements are entered into by and between the IBEW local unions and the National Electrical Contractors Association (“NECA”), of which the majority of our subsidiaries are members.
On occasion, we also employ individuals who are members of other trade unions pursuant to multi-employer, multi-union project agreements.
1 unchanged sentence
March 3, 2021
−Removed: President and Chief Executive Officer
−Removed: Senior Vice President, Chief Financial Officer and Treasurer
−Removed: Senior Vice President, Chief Operating Officer T&D
−Removed: Vice President, Chief Legal Officer and Secretary
−Removed: Senior Vice President, Chief Operating Officer C&I
−Removed: Swartz, has served as a member of our board of directors since April 2019 and was appointed president and chief executive officer on January 1, 2017.
+Added: Swartz 57 President and Chief Executive Officer
+Added: Johnson 62 Senior Vice President and Chief Financial Officer
+Added: Cooper 56 Senior Vice President, Chief Operating Officer T&D
+Added: Fry 46 Vice President, Chief Legal Officer and Secretary
+Added: Waneka 59 Senior Vice President, Chief Operating Officer C&I
+Added: Swartz was appointed president and chief executive officer on January 1, 2017 and has served as a member of our board of directors since April 2019.
Prior to his current role, he served as executive vice president and chief operating officer from September 2016 to December 2016 and as senior vice president and chief operating officer from May 2011 to September 2016.
3 unchanged sentences
Swartz has held a number of additional positions since he joined us in 1982, including project foreman, superintendent, project manager and district manager.
−Removed: Johnson joined us as senior vice president, chief financial officer and treasurer on October 19, 2015.
+Added: Johnson has served as senior vice president, chief financial officer since October 19, 2015.
+Added: From October 19, 2015 to November, 2020, she also served as treasurer.
Prior to joining us, Ms.
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Cooper was appointed senior vice president and chief operating officer T&D on January 1, 2017.
−Removed: Prior to his current role, he served as senior vice president from August 2013.
+Added: Prior to his current role, he served as senior vice president from August 2013 to December 2016.
Cooper served as group vice president, east from 2009 to 2013 and vice president T&D, east from 2006 to 2009.
2 unchanged sentences
Prior to joining us, Mr.
−Removed: Fry served as vice president — legal for Team Inc., a specialty industrial service, engineering and manufacturing company from 2016.
+Added: Fry served as vice president — legal for Team Inc., a specialty industrial service, engineering and manufacturing company from 2016 to 2018.
Fry was general counsel, secretary, vice president & chief compliance officer of Furmanite Corporation, a provider of specialized technical services and product solutions, from 2012 to 2016, prior to its merger with Team Inc.
9 unchanged sentences
The information on our website is not a part of this Annual Report on Form 10-K or incorporated into any other filings we make with the SEC.
−Removed: TABLE OF CONTENTS
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.