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contractors servicing the T&D sector of the electric utility industry.
−Removed: Our T&D segment provides a broad range of services on electric transmission and distribution networks, substation facilities which include design, engineering, procurement, construction, upgrade and maintenance and repair services, with a particular focus on construction, maintenance and repair, to customers in the electric utility industry throughout the United States and Ontario, Canada.
−Removed: Our T&D services include the construction and maintenance of high voltage transmission lines, substations, lower voltage underground and overhead distribution systems, clean energy projects and limited gas construction services.
−Removed: The T&D segment also provides emergency restoration services in response to, wildfire, ice or other damage.
+Added: Our 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 and maintenance and repair services, with a particular focus on construction, maintenance and repair, to customers in the electric utility industry throughout the United States and Ontario, Canada.
+Added: Our 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.
+Added: The T&D segment also provides emergency restoration services.
In our T&D segment, we generally serve the electric utility industry and power generation companies as a prime contractor, through traditional design-bid-build or engineering, procurement and construction (“EPC”) forms of project delivery.
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We have provided electrical contracting services for commercial and industrial construction since 1912.
−Removed: Our 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 in the United States and western Canada.
+Added: Our 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 in the United States and western Canada.
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, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/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, commercial and industrial facilities, clean energy projects, manufacturing plants, processing facilities, water/waste-water treatment facilities, mining facilities, intelligent transportation systems, roadway lighting, signalization and electric vehicle charging infrastructure.
In our C&I segment, we generally provide our electric construction and maintenance services as a subcontractor to general contractors in the C&I industry, but also contract directly with facility owners.
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• technological capabilities;
−Removed: • weather-damage restoration abilities and reputation.
+Added: • emergency restoration abilities and reputation.
While we believe our customers consider a number of factors when selecting a service provider, most of their work is awarded through a bid process where price is always a principal factor.
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Our T&D segment competes with a number of companies in the local markets where we operate, ranging from small local independent companies, to medium size regional firms, to large national competitors.
−Removed: There are a number of barriers to entry into the transmission markets, including the cost of equipment and tooling necessary to perform transmission work, availability of qualified labor, scope of typical transmission projects and technical, managerial and supervisory skills necessary to complete the job.
+Added: There are a number of barriers to entry into the transmission and distribution markets, including the cost of equipment and tooling necessary to perform transmission work, availability of qualified labor, scope of typical transmission projects and technical, managerial and supervisory skills necessary to complete the job.
Larger transmission projects generally require specialized heavy duty equipment as well as strong financial resources to meet the cash flow, bonding or letter of credit requirements of these projects.
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Some of our competitors restrict their operations to one geographic area while others operate nationally and internationally.
−Removed: Compared to the transmission markets, there are fewer significant barriers to entry into the distribution markets in which we operate.
−Removed: As a result, any organization that has adequate financial resources and access to technical expertise can compete for distribution projects.
−Removed: Instead of outsourcing, some of our T&D customers also employ personnel internally to perform similar types of distribution services that we provide.
+Added: We believe that we have a favorable competitive position in the T&D markets that we serve, due in part to our operating history, our financial strength, our reputation and our relationships with our customers.
C&I Competition
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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.
−Removed: 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.
+Added: We believe that we have a favorable competitive position in the markets that we serve, due in part to our operating history, local market share, our reputation and our relationships with our customers.
Project Bonding Requirements and Parent Guarantees
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Our estimated remaining cost to complete these bonded projects for both segments was approximately $726.1 million as of December 31, 2023.
−Removed: As of December 31, 2021, we had approximately $406.0 million in original face amount of bonds outstanding for projects in our T&D segment and approximately $983.3 million for projects in our C&I segment.
+Added: As of December 31, 2022, we had approximately $541.5 million in original face amount of bonds outstanding for projects in our T&D segment and approximately $1.43 billion for projects in our C&I segment.
The ability to post bonds provides us with a competitive advantage over smaller or less financially secure competitors.
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Risk Factors — Backlog may not be realized or may not result in profits and may not accurately represent future revenue.”
−Removed: Certain projects that we undertake are not completed in one accounting period.
+Added: Many projects that we undertake are not completed in one accounting period.
Revenue on construction contracts is recognized over the contract term based on costs incurred under the cost-to-cost method.
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There can be no assurance as to the accuracy of our current estimates of customer requirements, existing and future needs under MSAs, or of the values of our cost or time-dependent contracts and, therefore, our current backlog may not be realized as part of our future revenues.
−Removed: Subject to the foregoing discussions, the following table summarizes our estimate of backlog that we believe to be firm as of the dates shown and the backlog that we reasonably estimate will not be recognized within the next twelve months:
+Added: Subject to the foregoing discussions, the following table summarizes our estimate of backlog that we believe to be firm as of the dates shown and the backlog that we reasonably estimate will be recognized within the next twelve months, and the amount estimated to be recognized after the next twelve months:
Backlog at December 31, 2023
−Removed: (in thousands) Total Amount estimated
−Removed: to not be recognized
−Removed: within 12 months Total backlog at December 31, 2021
+Added: (in thousands) Total Amount estimated to be
+Added: recognized within 12 months Amount estimated to be
+Added: recognized after 12 months Total backlog at December 31, 2022
T&D $ 959,553 $ 913,190 $ 46,363 $ 1,065,476
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The standardization of our equipment allows us to streamline training, maintenance and parts costs.
−Removed: We operate a centralized fleet facility, as well as numerous regional maintenance shops throughout the United States, that are staffed with mechanics and equipment managers who service our fleet.
+Added: We operate a centralized fleet facility, as well as numerous regional maintenance shops, that are staffed with mechanics and equipment managers who service our fleet.
Our ability to internally service our fleet allows us to reduce repair costs and the time equipment is out of service by eliminating both the need to ship equipment long distances for repair and dependence on third party maintenance providers.
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We are a final-stage manufacturer for several configurations of our specialty vehicles, and, in the event that a particular piece of equipment is not available to us, we can often build the component on-site, which reduces our reliance on our equipment suppliers.
−Removed: Our United States based fleet of equipment is managed by our centralized fleet management group.
+Added: Our fleet of equipment is generally managed by our centralized fleet management group.
Our fleet is highly mobile, which gives us the ability to shift resources from region-to-region quickly and to effectively respond to customer needs or major weather events.
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All of these factors are critical in allowing us to operate efficiently and meet our customers’ needs.
−Removed: Certain equipment needs in Canada are managed by our Canadian operating subsidiaries.
Our operations are subject to various laws and regulations including:
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• local laws and government acts regulating work on protected sites.
−Removed: We believe that we are in compliance with applicable regulatory requirements and we believe that we have all material licenses required to conduct our operations.
−Removed: Our failure to comply with applicable regulations could result in project delays, cost overruns, remediation costs, substantial fines and revocation of our operating licenses.
−Removed: We do not expect that continued compliance with such regulations will have a material effect upon capital expenditures, earnings, or our competitive position.
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.
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Risk Factors."
+Added: We believe that we are in compliance with applicable regulatory requirements and we believe that we have all material licenses required to conduct our operations.
+Added: 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 do not expect that continued compliance with such regulations will have a material effect upon capital expenditures, earnings, or our competitive position.
Environmental Matters
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These variation can be influenced by a number of factors such as weather, daylight hours, availability of workforce, asset readiness and holidays.
+Added: See also “Item 1A.
+Added: Risk Factors — Our business may be affected by seasonal and other variations, including severe weather conditions and the nature of our work environment.”
Human Capital Resources
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and compensation and benefits programs.
−Removed: 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.
+Added: We seek to attract and retain highly qualified craft employees by providing a superior work environment through our emphasis on safety, competitive compensation, and a high-quality fleet of equipment.
The number of individuals we employ varies significantly throughout the year, including the number of craft employees fluctuates depending on the number and size of projects at any particular time.
−Removed: As of December 31, 2022, we had approximately 8,500 employees, consisting of approximately 1,600 salaried employees, including executive officers, district managers, project managers, superintendents, estimators, office managers, administrative staff, clerical personnel and approximately 6,900 craft employees.
+Added: As of December 31, 2023, we had approximately 9,000 employees, consisting of approximately 7,300 craft employees, with the remaining 1,700 employees mainly consisting of district managers, project managers, superintendents, estimators, office managers, administrative staff, clerical personnel and executive officers.
Approximately 84% 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.
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Swartz 60 President and Chief Executive Officer
−Removed: Johnson 64 Senior Vice President and Chief Financial Officer
+Added: Huntington 48 Senior Vice President and Chief Financial Officer
Cooper 59 Senior Vice President, Chief Operating Officer T&D
+Added: Egan 53 Senior Vice President, Chief Operating Officer C&I
Fry 49 Vice President, Chief Legal Officer and Secretary
−Removed: Waneka 61 Senior Vice President, Chief Operating Officer C&I
Swartz was appointed president and chief executive officer in January 2017 and has served as a member of our Board of Directors since April 2019.
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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 has served as senior vice president, chief financial officer since October 2015.
−Removed: From October 2015 to November 2020, she also served as our treasurer.
+Added: Huntington joined us as senior vice president in January 2023 and became chief financial officer in February 2023.
Prior to joining us, Ms.
−Removed: Johnson served as the chief financial officer of Faith Technologies, Inc., a privately held electrical, engineering and technology systems contractor, in 2015.
−Removed: From 2009 to 2014, Ms.
−Removed: Johnson served as the vice president of global finance and chief financial officer of Sloan Valve Company.
−Removed: Prior to this, Ms.
−Removed: Johnson was executive vice president and chief financial officer with Block and Company, Inc.
−Removed: from 2003 to 2009.
−Removed: From 1999 to 2003 she served as the vice president-operations/finance with Encompass Services Corporation.
−Removed: Johnson served as our controller from 1992 to 1998 and vice president and controller from 1998 to 1999.
−Removed: Johnson served as a member of our Board of Directors from 2007 until accepting her current position with us in 2015.
−Removed: Johnson also currently serves on the board of directors of Atkore Inc., a publicly-traded manufacturer of electrical products company.
+Added: Huntington served as senior vice president & chief financial officer of USIC, LLC;
+Added: an underground utility location and damage prevention company from 2019 to 2022.
+Added: Huntington served as senior vice president, Enterprise Strategy for OneAmerica Financial Partners, Inc.
+Added: a financial services company from 2015 to 2019.
+Added: Prior to OneAmerica Financial Partners, Ms.
+Added: Huntington worked for Indianapolis Power & Light Company, an electrical utility and subsidiary of The AES Corporation, serving as president and chief executive officers from 2013 to 2015, as senior vice president and chief financial officer from 2011 to 2013 and various other from since 2003.
+Added: Huntington also currently serves on the Board of Directors of Capital Power.
Cooper was appointed senior vice president and chief operating officer of our T&D segment in January 2017.
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Cooper has held a number of additional positions since joining us in 1989, including business development manager, regional manager, district manager, and estimator.
+Added: Egan was appointed to serve as senior vice president and chief operating officer of our C&I segment in May 2023.
+Added: Prior to his current role, he served as group vice president and a member of the company’s executive leadership team since 2017, Mr.
+Added: Egan also served as president of several of our subsidiary companies including, Sturgeon Electric Company, Inc., from May 2020 to May 2023.
+Added: Egan has held a number of additional positions since joining the Company in 1991, including regional vice president, vice president, district manager, operations manager, and project manager.
Fry joined us as vice president, chief legal officer and secretary in January 2019.
1 unchanged sentence
Fry served as vice president - legal for Team Inc., a specialty industrial service, engineering and manufacturing company, from 2016 to 2018.
−Removed: 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.
+Added: 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, before its merger with Team Inc.
Prior to joining Furmanite Corporation, Mr.
Fry worked for American Tank & Vessel, Inc., a specialty engineering and construction company, in various roles from 2006 to 2012, ultimately serving as their general counsel.
−Removed: Waneka was appointed senior vice president and chief operating officer of our C&I segment in January 2017.
−Removed: Prior to his current role, he served as president of our subsidiary company, Sturgeon Electric Company, Inc., from February 2015 to December 2016.
−Removed: Waneka served as group vice president, C&I of MYR Group from 2014 to 2015 and vice president, C&I of MYR Group from 2009 to 2014.
−Removed: Waneka has held a number of additional positions since joining the Company in 1991, including regional manager, director business development and district manager.
Website Access to Company Reports
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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.