EVERUS CONSTRUCTION GROUP, INC., 10-K filed on 2/28/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 24, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-42276    
Entity Registrant Name Everus Construction Group, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 99-1952207    
Entity Address, Address Line One 1730 Burnt Boat Drive    
Entity Address, City or Town Bismarck    
Entity Address, State or Province ND    
Entity Address, Postal Zip Code 58503    
City Area Code (701)    
Local Phone Number 221-6400    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol ECG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Non-accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] false    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   50,999,228  
Documents Incorporated by Reference
Relevant portions of the registrant's 2025 Proxy Statement, to be filed no later than 120 days from December 31, 2024, are incorporated by reference in Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K.
    
Entity Central Index Key 0002015845    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Entity Public Float     $ 0
v3.25.0.1
Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location Minneapolis, Minnesota
v3.25.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Operating revenues $ 2,849,685 $ 2,854,390 $ 2,699,250
Cost of sales 2,510,234 2,532,472 2,423,204
Gross profit 339,451 321,918 276,046
Selling, general and administrative expenses 149,544 131,375 111,402
Operating income 189,907 190,543 164,644
Interest expense 14,023 16,954 6,354
Other income 4,875 3,981 1,379
Income before income taxes and income from equity method investments 180,759 177,570 159,669
Income taxes expense 49,523 45,286 40,788
Income from equity method investments 12,185 4,946 5,900
Net income $ 143,421 $ 137,230 $ 124,781
Earnings per share:      
Earnings per share - basic (in dollars per share) $ 2.81 $ 2.69 $ 2.45
Earnings per share - diluted (in dollars per share) $ 2.81 $ 2.69 $ 2.45
Weighted average common shares outstanding:      
Weighted average common shares outstanding - basic (in shares) 50,973 50,972 50,972
Weighted average common shares outstanding - diluted (in shares) 51,072 50,972 50,972
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 143,421 $ 137,230 $ 124,781
Other comprehensive income:      
Reclassification adjustment for loss on derivative instruments included in net income, net of tax benefit of $0, $1 and $70 in 2024, 2023 and 2022, respectively 0 35 85
Other comprehensive income 0 35 85
Comprehensive income attributable to common stockholders $ 143,421 $ 137,265 $ 124,866
v3.25.0.1
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Reclassification adjustment for loss on derivative instruments included in net income, tax $ 0 $ 1 $ 70
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash, cash equivalents and restricted cash $ 86,012 $ 1,567
Contract assets, net 167,049 206,235
Inventories 43,750 42,709
Prepayments and other current assets 30,390 17,651
Total current assets 917,229 729,295
Noncurrent assets:    
Property, plant and equipment, net of accumulated depreciation of $157,278 and $143,831, respectively 134,409 116,018
Goodwill 143,224 143,224
Other intangible assets, net of accumulated amortization of $10,334 and $8,738, respectively 116 2,004
Operating lease right-of-use assets 67,045 53,233
Investments 21,286 8,413
Other 5,154 272
Total noncurrent assets 371,234 323,164
Total assets 1,288,463 1,052,459
Current liabilities:    
Current portion of long-term debt 15,000 0
Contract liabilities, net 207,304 140,108
Accounts payable 138,097 116,573
Taxes payable 6,768 8,557
Accrued compensation 67,815 44,721
Current portion of operating lease liabilities 26,354 21,143
Accrued payroll-related liabilities 38,995 35,342
Total current liabilities 513,370 394,060
Noncurrent liabilities:    
Long-term debt 280,648  
Deferred income taxes 8,161 6,535
Operating lease liabilities 41,200 32,504
Other 22,472 1,979
Total noncurrent liabilities 352,481 209,549
Total liabilities 865,851 603,609
Commitments and contingencies
Common stockholders’ equity:    
Common stock, 300,000,000 shares authorized, $0.01 par value, 50,980,924 shares issued and outstanding at December 31, 2024; Common stock, stated value $1, no par value; 1,000 shares authorized, issued and outstanding at December 31, 2023 510 1
Other paid-in capital 138,130 136,184
Retained earnings 283,972 312,665
Total stockholders’ equity 422,612 448,850
Total liabilities and stockholders’ equity 1,288,463 1,052,459
Nonrelated party    
Current assets:    
Receivables, net 590,028 449,626
Current liabilities:    
Other accrued liabilities 13,037 13,001
Noncurrent liabilities:    
Long-term debt 280,648 0
Related party    
Current assets:    
Receivables, net 0 11,507
Current liabilities:    
Other accrued liabilities 0 14,615
Noncurrent liabilities:    
Long-term debt $ 0 $ 168,531
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for receivables $ 7,097 $ 7,967
Accumulated depreciation 157,278 143,831
Accumulated amortization $ 10,334 $ 8,738
Common stock, authorized (in shares) 300,000,000 1,000
Common stock, stated value (in dollars per share) $ 0.01 $ 1
Common stock, issued (in shares) 50,980,924 1,000
Common stock, outstanding (in shares) 50,980,924 1,000
v3.25.0.1
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Nonrelated party
Common Stock
Other Paid-in Capital
Other Paid-in Capital
Nonrelated party
Retained Earnings
Retained Earnings
Nonrelated party
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2021     1,000          
Beginning balance at Dec. 31, 2021 $ 362,937   $ 1 $ 136,033   $ 227,023   $ (120)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 124,781         124,781    
Other comprehensive income 85             85
Net transfers (to) from CEHI, LLC and/or MDU Resources Group, Inc. (105,556)     294   (105,850)    
Ending balance (in shares) at Dec. 31, 2022     1,000          
Ending balance at Dec. 31, 2022 382,247   $ 1 136,327   245,954   (35)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 137,230         137,230    
Other comprehensive income 35             35
Net transfers (to) from CEHI, LLC and/or MDU Resources Group, Inc. $ (70,662)     (143)   (70,519)    
Ending balance (in shares) at Dec. 31, 2023 1,000   1,000          
Ending balance at Dec. 31, 2023 $ 448,850   $ 1 136,184   312,665   0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income 143,421         143,421    
Other comprehensive income 0              
Stock-based compensation (in shares)     8,865          
Stock-based compensation 1,472     2,047   (575)    
Retirement of historical common stock in connection with the Separation (in shares)     (1,000)          
Retirement of historical common stock in connection with the Separation 0   $ (1) 1        
Issuance of common stock in connection with the Separation (in shares)     50,972,059          
Issuance of common stock in connection with the Separation $ 0   $ 510 (510)        
Net transfers (to) from CEHI, LLC and/or MDU Resources Group, Inc.   $ (171,131)     $ 408   $ (171,539)  
Ending balance (in shares) at Dec. 31, 2024 50,980,924   50,980,924          
Ending balance at Dec. 31, 2024 $ 422,612   $ 510 $ 138,130   $ 283,972   $ 0
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 143,421 $ 137,230 $ 124,781
Adjustments to reconcile net income to net cash provided by (used in) operating activities:       
Depreciation 23,384 21,051 19,220
Amortization of intangible assets 1,888 2,097 2,249
Deferred income taxes 1,626 (3,105) 1,060
Provision for credit losses (56) 6,202 186
Amortization of debt issuance costs 263 0 0
Stock-based compensation costs 1,559 804 1,068
Unrealized gain on investments (585) 0 0
Gain on sale of assets (7,231) (8,174) (6,646)
Equity in earnings of unconsolidated affiliates, net of distributions (8,055) (4,946) (402)
Changes in current assets and liabilities, net of acquisitions:      
Receivables (140,345) 28,944 (143,115)
Due from related-party 11,507 (489) (296)
Contract assets, net 39,186 16,863 (91,686)
Inventories (1,041) (5,865) (15,798)
Other current assets (12,814) (4,390) (5,486)
Accounts payable 14,296 (21,782) 66,469
Due to related-party (2,135) (2,803) (3,140)
Contract liabilities, net 67,196 15,713 8,043
Other current liabilities 20,728 (6,933) 15,992
Other noncurrent changes 10,585 921 2,006
Net cash provided by (used in) operating activities 163,377 171,338 (25,495)
Investing activities:      
Capital expenditures (48,278) (35,590) (35,844)
Net proceeds from sale or disposition of property 13,706 16,214 11,337
Investments (2,489) (596) (58)
Net cash used in investing activities (37,061) (19,972) (24,565)
Financing activities:      
Proceeds under the credit facility 40,000 0 0
Repayments under the credit facility (40,000) 0 0
Payment of debt issuance costs (7,879) 0 0
Contribution from MDU Resources 13,531 0 0
Net amounts (paid to) received from related-party cash management program (168,531) (10,584) 131,077
Transfers to Centennial and MDU Resources (178,992) (69,327) (106,573)
Net cash (used in) provided by financing activities (41,871) (151,911) 51,504
Increase (Decrease) in cash, cash equivalents and restricted cash 84,445 (545) 1,444
Cash, cash equivalents and restricted cash - beginning of year 1,567 2,112 668
Cash, cash equivalents and restricted cash - end of year 86,012 1,567 2,112
Supplemental Cash Flow Information:      
Interest paid, net 14,800 16,845 5,748
Income taxes paid, net 50,207 52,322 33,201
Noncash investing activities:      
Purchases of property, plant and equipment included in accounts payable 421 258 751
Related party      
Financing activities:      
Issuance of long-term debt 0 0 27,000
Repayment of related-party long-term notes payable 0 (45,000) 0
Repayment of related-party short-term notes payable 0 (27,000) 0
Nonrelated party      
Financing activities:      
Issuance of long-term debt $ 300,000 $ 0 $ 0
v3.25.0.1
Background and Nature of Operations
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Background and Nature of Operations Background and Nature of Operations
Nature of Operations
Everus Construction Group, Inc. (the “Company” or “Everus”) is a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets across the United States, which are provided to utilities and manufacturing, transportation, commercial, industrial, institutional, renewables and governmental customers. The Company operates throughout most of the United States through two operating segments, which represent its two reportable segments:
Electrical & Mechanical: Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services to customers in both the public and private sectors.
Transmission & Distribution: Contracting services including construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools.
Separation from MDU Resources
On November 2, 2023, MDU Resources Group, Inc. (“MDU Resources” or “MDU”) announced its intent to pursue a tax-free spinoff of Everus Construction, Inc. (formerly known as MDU Construction Services Group, Inc.) (“Everus Construction”) from MDU Resources (the “Separation”). Prior to the Separation, Everus Construction was the construction services segment of MDU Resources and operated as a wholly owned subsidiary of CEHI, LLC (“Centennial”), which is a wholly owned subsidiary of MDU Resources. In anticipation of the Separation, MDU Resources formed a new wholly owned subsidiary, Everus Construction Group, Inc., that became the new parent company of Everus Construction.
On October 31, 2024, MDU Resources completed the Separation by transferring Everus Construction, inclusive of all its assets and liabilities, to Everus and distributing 50,972,059 shares of Everus common stock ($0.01 par value) to MDU Resources stockholders of record as of October 21, 2024 (the “Distribution”). The Distribution was structured as a pro rata distribution of one share of Everus common stock for every four shares of MDU Resources common stock (such ratio, the “Distribution Ratio”). MDU Resources did not distribute any fractional shares of Everus common stock to its stockholders as part of the Distribution. Instead, MDU Resources’ stockholders received cash in lieu of any fractional shares of Everus common stock that they would have received after application of the Distribution Ratio.
As a result of the Separation and Distribution, Everus is an independent publicly traded company and its common stock is listed under the ticker symbol “ECG” on the New York Stock Exchange. More information on the Separation and Distribution, as well as the Company's historical results, can be found within the Company's Registration Statement on Form 10 (“Form 10”), which is not incorporated by reference herein.
The Separation and Distribution was completed pursuant to a separation and distribution agreement as well as other agreements with MDU Resources, including, but not limited to, a transition services agreement, a tax matters agreement and an employee matters agreement. Refer to Note 15 – Related-Party Transactions for additional information on the transition services agreement. The Company incurred costs in establishing itself as an independent public entity and expects additional ongoing expenses related to its continued operations as such.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. For periods prior to the Separation, the accompanying consolidated financial statements and footnotes were prepared on a “carve-out” basis in connection with the Separation and were derived from the audited consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the consolidated financial statements do not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company for those periods presented and may not be indicative of its future performance.
The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include all adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements and are of a normal recurring nature. The consolidated balance sheet as of December 31, 2023, reflected the assets and liabilities of Centennial that were specifically identifiable as being directly attributable to the Company.
All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated financial statements. For periods prior to the Separation, the consolidated financial statements included allocated expenses for certain functions provided by MDU Resources and Centennial, including, but not limited to, certain general corporate expenses related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. These general corporate expenses were included in the consolidated statements of income within Cost of sales and Selling, general and administrative expenses. The amounts allocated were $30.4 million, $27.1 million and $21.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder principally allocated on the basis of percent of total capital invested or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Refer to Note 15 – Related-Party Transactions for more information on the transition services agreement between the Company and MDU Resources.
Earnings per share information has been retrospectively adjusted for periods prior to the Separation on the consolidated statements of income to reflect the Distribution. Refer to Note 9 – Earnings Per Share for more information on the share counts used in the earnings per share calculations.
Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which were reflected as related-party notes payable on the consolidated balance sheets for periods prior to the Separation. Interest expense in the audited consolidated statements of income for periods prior to the Separation reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations. For additional information related to the Company’s current financing arrangements and related interest expense recognition, refer to Note 7 – Debt and Note 15 – Related-Party Transactions.
Prior to the Separation, MDU Resources maintained various benefit and stock-based compensation plans at a corporate level and the Company’s employees participated in these programs. The costs associated with its employees were included in the Company’s consolidated financial statements for the periods prior to the Separation. Following the Separation, the Company has its own employee benefit and stock-based compensation plans at a corporate level that its employees participate in. Refer to Note 10 – Stock-Based Compensation and Note 13 – Employee Benefit Plans for additional information.
Principles of Consolidation
The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, as well as entities that the Company controls through its ownership of a majority voting interest or pursuant to control of a variable interest entity (“VIE”). All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
The Company holds a minority economic interest in a captive insurance company, which has been determined to be a VIE. The captive insurance is structured with protected cell captives for each insured party (“Captive Cells”) in which participants’ assets and liabilities are held separately from each other. The Company is the primary beneficiary of its individual Captive Cell and has the power to direct the activities that most significantly impact economic performance of its Captive Cell, as well as the obligation to absorb losses of, and receive benefits from the activities of its Captive Cell. Accordingly, the Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. As such, the consolidated financial statements include the consolidation of only the assets and liabilities of the Company’s Captive Cell.
Related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries, for general operating activities, the Company’s participation in MDU Resources’ centralized cash management program through
Centennial, and intercompany debt were included in the consolidated financial statements for periods prior to the Separation. These related-party transactions were historically settled in cash and were reflected in the consolidated balance sheets prior to the Separation as Due from related-party, Due from related-party – noncurrent, Due to related-party, or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the consolidated statements of cash flows within operating activities for periods prior to the Separation. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the consolidated statements of cash flows within investing and financing activities for periods prior to the Separation. Refer to Note 15 – Related-Party Transactions for additional information on related-party transactions.
Subsequent Events
The Company has evaluated transactions for consideration as recognized subsequent events in these consolidated financial statements through February 28, 2025, the date of issuance of these consolidated financial statements, and determined that no additional events requiring disclosure occurred.
Summary of Significant Accounting Policies
Revenue Recognition
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
The Company generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. The Company provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the Company obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services the Company provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint.
The nature of the Company’s contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur.
Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved.
Changes in circumstances could impact management’s estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.
Contract revenue is recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred.
The Company also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law.
For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations.
The Company recognizes all other revenues when services are rendered or goods are delivered.
Consolidation of Variable Interest Entities
The Company has an ownership interest in a captive insurance entity, which has been determined to be a VIE, that holds and acts as the administrator of segregated account protected Captive Cells. The captive insurance company is structured with protected Captive Cells for each insured party and is not exposed to the insurance and investment risks that the Captive Cells are designed to create and distribute on behalf of the insured parties. The Company has a variable interest in the captive insurance company due to its ownership interest. However, as the captive insurance company is not exposed to the variability of the Captive Cells, only the activity of the Captive Cell whose activities are controlled by the Company is recorded in the Company’s consolidated financial statements.
Cash deposits held by the Captive Cell are considered restricted cash as they are to remain in the Captive Cell. After consolidation by the Company, the total carrying amount of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the consolidated balance sheet held by the Captive Cell were as follows as of December 31:
2024
(In thousands)
Cash, cash equivalents and restricted cash
$16,057 
Other accrued liabilities
1,816 
Other noncurrent liabilities
$9,271 
Legal Costs 
The Company expenses external legal fees as they are incurred.
Advertising
The Company expenses advertising costs as they are incurred. Advertising costs, which are included in Selling, general and administrative expenses, were $1.1 million, $0.9 million and $0.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Income Taxes
Prior to the Separation, the Company’s operations were historically included in the consolidated federal income tax returns and combined and separate state income tax returns filed by MDU Resources. Pursuant to the tax sharing agreement that existed between MDU Resources and its subsidiaries, federal income taxes paid by MDU Resources, as parent of the consolidated group, were allocated to the individual subsidiaries based on separate company computations of tax. MDU Resources made a similar allocation for state income taxes paid in connection with combined state filings.
Following the Separation, Everus and its subsidiaries file consolidated federal income tax returns and combined and separate state income tax returns. Pursuant to the tax sharing agreement that exists between Everus and its subsidiaries, federal income taxes paid by Everus, as parent of the consolidated group, are allocated to the individual subsidiaries based on separate company computations of tax. Everus makes a similar allocation for state income taxes paid in connection with combined state filings.
The Company recognizes deferred federal and state income taxes on all temporary differences between the book and tax basis of the Company’s assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date.
The Company records uncertain tax positions in accordance with accounting guidance on accounting for income taxes on the basis of a two-step process in which (i) the Company determines whether it is more-likely-than-not that the tax position will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Tax positions that do not meet the more-likely-than-not criteria are reflected as a tax liability. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income taxes in the consolidated statements of income.
Joint Ventures
The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. For the years ended December 31, 2024, 2023 and 2022, the Company held interests between 25 percent and 50 percent in joint ventures formed primarily for the purpose of pooling resources on construction contracts.
Proportionate consolidation is used for joint ventures that include unincorporated legal entities when we hold an undivided interest in each asset and are proportionately liable for our share of liabilities and the activities of the joint ventures that are construction related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s consolidated financial statements.
For those joint ventures accounted for using proportionate consolidation, the Company recorded operating revenues of $0.6 million, $7.8 million and $14.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, and $0.2 million, $2.1 million and $3.0 million of operating income for the years ended December 31, 2024, 2023 and 2022, respectively, in the consolidated statements of income. As of December 31, 2024, the Company did not have any remaining interest in assets from these joint ventures. However, as of December 31, 2023, the Company had interest in assets from these joint ventures of $1.8 million.
For those joint ventures accounted for under the equity method, the Company’s investment balances for the joint ventures are included in Investments in the consolidated balance sheets and the Company’s pro rata share of net income is included in Income from equity method investments in the consolidated statements of income. The Company’s investments in equity method joint ventures as of December 31, 2024 and 2023, were a net asset of $14.3 million and $6.2 million, respectively. For the years ended December 31, 2024, 2023 and 2022, the Company recognized income from equity method joint ventures of $12.2 million, $5.0 million and $5.9 million, respectively.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; loss contingencies; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. 
Stock-Based Compensation 
Prior to the Separation, eligible employees of the Company participated in MDU Resources’ stock-based compensation plans. The Company recorded compensation expense on awards granted by MDU Resources to its employees, including post-Separation compensation expense for certain Company employees who transferred from MDU Resources.
At the time of Separation, all outstanding MDU Resources restricted stock units held by Company employees were converted into Everus restricted stock units. The converted awards will continue to vest over the original vesting periods of three years from the respective grant dates. Refer to Note 10 – Stock-Based Compensation for additional information related to the conversion to Everus restricted stock unit awards.
Stock-based compensation awards are accounted for based on the estimated fair values at the grant date and compensation expense is recognized over the vesting period. The Company uses the straight-line amortization method to recognize compensation expense related to restricted stock units, which only have a service condition. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award.
Prior to the Separation, the Company applied a forfeiture rate estimate, consistent with MDU Resources’ accounting policy, and adjusted compensation expense accordingly. Following the Separation, the Company implemented a change in accounting policy pertaining to forfeitures and is now recognizing forfeitures when they occur and recognizes the related true-up to expense on a cumulative catch-up basis at the time of the forfeitures.
Cash, Cash Equivalents and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash represents deposits held by the Company’s Captive Cell that are to be used solely for Captive Cell’s purposes. As of December 31, 2024, the Company had $86.0 million of cash, cash equivalents, and restricted cash, including $16.1 million of restricted cash held by the Captive Cell. As of December 31, 2023, the Company had $1.6 million of cash and cash equivalents, with no restricted cash. The cash presented on the consolidated balance sheet as of December 31, 2023, represented the amounts not subjected to MDU Resources’ centralized cash management program.
Receivables and Allowance for Expected Credit Losses 
Receivables consist primarily of trade receivables from the sale of goods and services, net of expected credit losses. The Company’s trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of December 31: 
20242023
(In thousands)
Trade receivables:
Completed contracts$42,462 $42,467 
Contracts in progress546,543 409,872 
Other8,120 5,254 
Receivables, gross597,125 457,593 
Less expected credit losses7,097 7,967 
Receivables, net$590,028 $449,626 
The following table presents the opening and closing balances of Receivables, net, as of December 31:
20242023
(In thousands)
Balance at beginning of period$449,626 $484,772 
Change during period140,402 (35,146)
Balance at end of period$590,028 $449,626 
The Company’s expected credit losses are determined using historical credit loss experience, changes in asset-specific characteristics, current conditions, and reasonable and supportable future forecasts, among other specific account data. A review of the Company’s expected credit losses is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses. Risk characteristics used by the Company may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. The year-to-date change in the credit loss provisions were due to outstanding receivable balances being collected that had been reserved for due to changes in economic factors related to certain customer accounts.
Details of the Company’s expected credit losses were as follows:
202420232022
(In thousands)
Balance at beginning of year
$7,967 $2,161 $2,533 
Current expected credit loss provision(56)6,202 186 
Less: write-offs charged against the allowance
870 455 626 
Credit loss recoveries collected56 59 68 
Balance at end of year
$7,097 $7,967 $2,161 
Inventories
As of December 31, 2024 and 2023, inventories consisted primarily of manufactured equipment held for resale and/or rental of $36.9 million and $37.2 million, respectively, and materials and supplies of $6.8 million and $5.5 million, respectively. These inventories are stated at the lower of average cost or net realizable value. The value of inventory may decrease due to obsolescence, physical deterioration, damage, costs to repair or other causes. Inventory valuation write-downs are determined based on specific facts and circumstances and were immaterial as a whole as of December 31, 2024 and 2023.
Property, Plant and Equipment
Additions to property, plant and equipment are recorded at cost. Gains or losses resulting from the retirement or disposal of assets are recognized as a component of operating income. The Company capitalizes interest, when applicable, on certain property, plant and equipment. There was no interest capitalized in 2024 or 2023. Property, plant and equipment are depreciated on a straight-line basis over the average useful lives of the assets.
Goodwill
Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. 
The Company performed its annual goodwill impairment test in the fourth quarter of 2024. The Company determined that the reporting units for its goodwill impairment test were its operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available and for which management regularly reviews the operating results. As such, the Company’s reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). For more information on the Company’s reporting units, refer to Note 5 – Goodwill and Other Intangible Assets. Goodwill impairment, if any, is measured by comparing the fair value of each reporting unit to its carrying value. If the fair value exceeds carrying value, the goodwill of the reporting unit is not impaired. If the carrying value exceeds fair value, the Company must record a goodwill impairment loss for the amount that the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. For the years ended December 31, 2024, 2023 and 2022, there were no goodwill impairment losses recorded. As of October 31, 2024, the fair value substantially exceeded the carrying value for all reporting units. 
Determining the fair value of a reporting unit requires judgment and the use of significant estimates which include assumptions about the Company’s future revenue, profitability and cash flows, amount and timing of estimated capital expenditures, inflation rates, risk-adjusted cost of capital, operational plans, and current and future economic conditions, among others. Prior to the Separation under MDU Resources, for 2023 and 2022, the fair value of each reporting unit was determined using a weighted combination of income and market approaches. Following the Separation as a standalone company, for 2024, the fair value of each reporting unit was determined using an income approach. The Company believed that the estimates and assumptions used in its goodwill impairment assessments were reasonable and based on available market information.
Impairment of Long-Lived Assets, Excluding Goodwill 
The Company reviews the carrying values of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a lower level than that of goodwill impairment testing. Long-lived assets or groups of assets are evaluated for impairment at the lowest level of independently identifiable cash flows for an individual operation or group of operations collectively serving a local market. The determination of whether a long-lived asset impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the long-lived asset impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value.
No long-lived asset impairment losses were recorded in 2024, 2023 or 2022. Unforeseen events and changes in circumstances could require the recognition of long-lived asset impairment losses in the future.
Leases
The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification, and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the
consolidated balance sheets depends on, among other things, management’s estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease.
Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company recognizes leases with an original lease term of 12 months or less in net income on a straight-line basis over the term of the lease and does not recognize a corresponding right-of-use asset or lease liability. The Company’s lease agreements may contain variable lease payments based on inflation adjustments, property taxes and common area maintenance, all of which are expensed as incurred.
The Company determines the lease term based on the non-cancellable and cancellable periods in each contract. The non-cancellable period consists of the term of the contract that is legally enforceable and cannot be cancelled by either party without incurring a significant penalty. The cancellable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue.
The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class and the Company’s borrowing rates, as of the commencement date of the contract.
Insurance
The Company entered into an insurance arrangement in anticipation of the Separation. The insurance arrangement is subject to applicable insurance rules and regulations, and insures the Company’s exposure related to workers’ compensation, general liability and automobile liability on a primary basis. These policies are subject to certain self-insured limits up to $5.0 million.
The insurance arrangement establishes a reserve for estimated ultimate losses on reported claims and those incurred but not yet reported utilizing actuarial projections. The reserves are classified within Other accrued liabilities or Other noncurrent liabilities on the consolidated balance sheets based on projections of when the estimated losses will be paid. The estimates that are utilized to record potential losses on claims are inherently subjective, and actual claims could differ from amounts recorded, which could result in increased or decreased expense in future periods.
The Company also purchases excess coverage from unrelated insurance carriers and obtains third-party coverage for other forms of insurance including, but not limited to, excess liability, contractors pollution liability, directors and officers liability and employment practices liability. These policies are subject to certain deductible thresholds up to $1.5 million.
For certain health benefit plans, the Company carries insurance policies that are subject to stop-loss limits of up to $1.0 million, for qualified individuals. The Company maintains a reserve for these health benefit plans that is included within Other accrued liabilities on the consolidated balance sheets. The reserve includes an estimate for losses on reported claims as well as for amounts incurred but not yet reported, based on historical trends.
Investments
The Company’s investments primarily include the cash surrender value of life insurance policies and insurance contracts. The Company measures its investments in insurance contracts at fair value with any unrealized gains and losses recorded on the consolidated statements of income. The Company’s valuation techniques used to measure fair value are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.
New Accounting Standards
Changes to GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of an Accounting Standards Update (“ASU”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Recently Adopted Accounting Standards Updates
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date, which included a sunset provision within ASC 848 - Reference Rate Reform, based on expectations of when the London Inter-Bank Offered Rate (“LIBOR”) would cease to be published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK
Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023, which is beyond the then-current sunset date of ASC 848. The amendments defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must have identified a replacement rate by June 30, 2023. New contracts will incorporate a new reference rate, which includes the Secured Overnight Financing Rate (“SOFR”). The standard was effective upon issuance (December 21, 2022) through December 31, 2024. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company determined the adoption of the guidance did not have a material impact on its audited consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provided guidance on improving financial reporting by requiring disclosure on incremental segment information, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard was effective for annual periods beginning in the fiscal year ending December 31, 2024, and will be effective for interim periods beginning January 1, 2025, with retrospective application for prior periods disclosed. The Company adopted the standard in the fourth quarter of fiscal year 2024. Refer to Note 12 – Business Segment Data for the related disclosure-only impacts of adopting this standard. Future interim periods will also be impacted through the inclusion of required updated disclosures.
New Accounting Standards Updates Not Yet Adopted
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which provided guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture’s financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). The standard will be effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. However, a joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. The Company is currently evaluating the impact the guidance will have on its interim and annual disclosures for the year ended December 31, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provided guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. The standard will be effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which provided guidance to address investors’ requests for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development costs. The standard will be effective for fiscal year ending December 31, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ending December 31, 2027 and future interim periods beginning in 2028.
Immaterial restatement of prior period financial statements
Subsequent to the issuance of the Company’s annual consolidated financial statements in its Form 10, errors were identified within the Consolidated Balance Sheets related to the classification of Receivables, net, Contract assets, net, Noncurrent retention receivable, and Contract liabilities, net for all prior periods presented. The errors related to the inappropriate presentation of retainage receivable on a gross basis rather than netting with contract assets and contract liabilities under ASC 606 - Revenue from Contracts with Customers, as well as the classification of short-term retainage receivable within Receivables, net. As a result, the Company has restated the prior period financial statements and related footnote disclosures in Notes 2, 3 and 12 in this Annual Report to correct the errors. The Company has also restated the line items impacted in the Consolidated Statements of Cash Flows. The errors had no impact on total cash flows from operating activities in the Consolidated Statements of Cash Flows. In addition, the errors did not impact the Consolidated Statements of Income. The overall impact of the errors on the Consolidated Balance Sheet is shown in the table below. Management evaluated the
materiality of the errors and concluded that it was not material to the prior period financial statements. The Company will also correct previously reported interim financial information for such immaterial errors in future filings, as applicable.
The following table reflects the effects of the correction on all affected line items of the Company’s previously reported Consolidated Balance Sheet as of December 31, 2023, presented in this Annual Report:
As Previously Reported
Adjustments
As Restated
(In thousands)
Balance Sheet
Receivables, net
$534,100 $(84,474)$449,626 
Contract assets, net
158,529 47,706 206,235 
Total current assets
766,063 (36,768)729,295 
Noncurrent retention receivable
21,355 (21,355)— 
Total noncurrent assets
344,519 (21,355)323,164 
Total assets
$1,110,582 $(58,123)$1,052,459 
Contract liabilities, net
$198,231 $(58,123)$140,108 
Total current liabilities
452,183 (58,123)394,060 
Total liabilities
661,732 (58,123)603,609 
Total liabilities and stockholders’ equity
$1,110,582 $(58,123)$1,052,459 
v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
Contract Estimates and Changes in Estimates
Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection.
As of December 31, 2024 and 2023, $56.2 million and $57.3 million, respectively, of unexecuted change orders were included in contract transaction price and in Contract assets on the consolidated balance sheets. The Company was in the process of negotiating execution of these change orders in the normal course of business and the recognized amounts represent the Company’s best estimates of additional contract revenues for which it is not probable that a significant reversal of the revenue amounts will occur in the future.
As of December 31, 2024 and 2023, in the normal course of business, the Company had additional priced work not approved by the customer to begin project work of approximately $265.3 million and $187.4 million, respectively, with minimal costs incurred. These amounts were excluded from contract transaction price. In addition, claim positions of $54.9 million and $42.7 million were excluded from the contract transaction price as of December 31, 2024 and 2023, respectively. The Company continues to evaluate these claims.
As of December 31, 2024 and 2023, the Company recorded loss provisions of $1.0 million and $1.5 million, respectively, in Contract liabilities on the consolidated balance sheets related to contracts that are still being completed and remain recorded.
The Company received notification in October 2023 from a customer that it was withholding payment of approximately $31.3 million on remaining outstanding billings, including retention, on a large project with a contract that was billed on a time and materials basis with no stated maximum price. The Company believes it has substantial defenses against these claims based upon the terms of the contract and it has performed under the terms of the contract. Therefore, the Company believes collection of the remaining outstanding billings, including retention, is probable and, as a result, the Company has recognized the revenue from this project in its results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute.
Disaggregation of Revenue
In the following tables, revenue is disaggregated by contract type and customer type for each reportable segment. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. For more information on the Company’s reportable segments, refer to Note 12 – Business Segment Data.
The following tables present revenue disaggregated by contract type:
Year ended December 31, 2024
Electrical & MechanicalTransmission & Distribution
Total
(In thousands)
Fixed-price
$1,299,059 $385,868 $1,684,927 
Unit-price
61,964 155,599 217,563 
Cost reimbursable*
670,424 295,679 966,103 
Total contract revenues
2,031,447 837,146 2,868,593 
Eliminations(7,536)(11,372)(18,908)
Total operating revenues
$2,023,911 $825,774 $2,849,685 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2023
Electrical & MechanicalTransmission & Distribution
Total

(In thousands)
Fixed-price
$1,049,626 $353,836 $1,403,462 
Unit-price
81,786 94,794 176,580 
Cost reimbursable*
1,003,455 285,947 1,289,402 
Total contract revenues
2,134,867 734,577 2,869,444 
Eliminations(9,324)(5,730)(15,054)
Total operating revenues
$2,125,543 $728,847 $2,854,390 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2022
Electrical & MechanicalTransmission & Distribution
Total

(In thousands)
Fixed-price
$1,002,117 $308,530 $1,310,647 
Unit-price
91,565 116,831 208,396 
Cost reimbursable*
904,158 292,032 1,196,190 
Total contract revenues
1,997,840 717,393 2,715,233 
Eliminations(9,111)(6,872)(15,983)
Total operating revenues
$1,988,729 $710,521 $2,699,250 
___________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Years Ended December 31,
202420232022
(In thousands)
Commercial
$1,197,760 $1,204,016 $1,082,456 
Industrial
322,661 473,339 405,730 
Institutional
364,611 262,344 215,509 
Renewables
36,975 55,402 151,100 
Service & other
109,440 139,766 143,045 
Total Electrical & Mechanical
2,031,447 2,134,867 1,997,840 
Utility
753,725 677,434 645,077 
Transportation
83,421 57,143 72,316 
Total Transmission & Distribution
837,146 734,577 717,393 
Eliminations
(18,908)(15,054)(15,983)
Total operating revenues
$2,849,685 $2,854,390 $2,699,250 
Uncompleted Contracts, Contract Assets and Contract Liabilities
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of December 31:
20242023
(In thousands)
Costs incurred on uncompleted contracts
$7,034,838 $6,390,641 
Estimated earnings
995,766 840,994 
Costs and estimated earnings on uncompleted contracts8,030,604 7,231,635 
Less: billings to date
8,070,859 7,165,508 
Net contract assets (liabilities)
$(40,255)$66,127 
The timing of revenue recognition may differ from the timing of invoicing to customers. The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Contracts from contracting services are billed as work progresses in accordance with agreed upon contractual terms. Generally, billing to the customer occurs contemporaneous to revenue recognition. A variance in timing of the billings may result in contract assets or contract liabilities.
Contract assets consist of unbilled revenue and retainage. Unbilled revenue occurs when revenues are recognized under the cost-to-cost measure of progress, which exceeds amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. Retainage represents amounts that have been contractually invoiced to customers and where payments have been partially withheld pending the achievement of certain milestones, satisfaction of other contractual conditions, or completion of the project. Contract assets are not considered a significant financing component as they are intended to protect the customer in the event the Company does not perform on its obligations under the contract.
Contract liabilities occur when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. Contract liabilities are not considered to have a significant financing component as they are used to meet working capital requirements that generally are higher in the early stages of a contract and are intended to protect the Company from the other party failing to meet its obligations under the contract.
The Company classifies Contract assets and Contract liabilities that may be settled after one year from the balance sheet date as current, consistent with the timing of the Company’s project operating cycle.
Contract assets and Contract liabilities consisted of the following as of December 31:
20242023
(In thousands)
Unbilled revenue, net
$124,007 $158,529 
Retainage, net
43,042 47,706 
Contract assets, net
$167,049 $206,235 
Deferred revenue, net
$206,283 $138,563 
Accrued loss provision1,021 1,545 
Contract liabilities, net
$207,304 $140,108 
The following table presents the opening and closing balances of net contract assets (liabilities):
20242023
Contract assets
Contract liabilities
Net contract assets (liabilities)
Contract assets
Contract liabilities
Net contract assets (liabilities)
(In thousands)
Balance at beginning of year
$206,235 $(140,108)$66,127 $223,098 $(124,395)$98,703 
Change during year
(39,186)(67,196)(106,382)(16,863)(15,713)(32,576)
Balance at end of year
$167,049 $(207,304)$(40,255)$206,235 $(140,108)$66,127 
Contract assets and contract liabilities fluctuate period to period based on various factors, including, but not limited to, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; variability in billing of retainage and the satisfaction of the specified condition; and unapproved change orders and contract claims recognized as revenues. The primary driver of the difference between the Company’s opening and closing contract asset and contract liability balances is the timing of the Company’s billings, including retainage, in relation to its performance of work.
The Company recognized a net increase in revenues of $117.5 million, $116.3 million and $127.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to previously recognized deferred revenues that were included in Contract liabilities, net as of December 31, 2023, 2022 and 2021, respectively. The Company recognized a net increase in revenues of $83.4 million, $45.7 million and $46.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, from performance obligations satisfied in prior periods.
Remaining Performance Obligations
Remaining performance obligations include unrecognized revenues that the Company reasonably expects to be realized from the uncompleted portion of services to be performed under job-specific contracts to the extent management believes additional contract revenues will be earned and are deemed probable of collection. The majority of the Company’s contracts for contracting services have an original duration of less than one year.
As of December 31, 2024 and 2023, the aggregate amount of the transaction price allocated to the Company’s remaining performance obligations was $2.46 billion and $2.01 billion, respectively. The table below shows additional information regarding the Company’s remaining performance obligations as of December 31, 2024, including an estimate of when the Company expects to recognize its remaining performance obligations as revenue:
Within 12 Months
Greater than 12 Months
(In thousands)
Electrical & Mechanical
$1,764,571 $435,208 
Transmission & Distribution
226,608 31,121 
Total $1,991,179 $466,329 
v3.25.0.1
Property, Plant, and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net as of December 31 was as follows:
20242023
Estimated Useful Life
(In thousands)
(In years)
Land$8,662 $8,662 
—
Buildings and improvements54,936 52,667 
5 to 33
Machinery and equipment86,689 78,019 
4 to 12
Vehicles133,437 113,783 
5 to 8
Other7,963 6,718 
3 to 7
Property, plant and equipment, gross
291,687 259,849 
Less: accumulated depreciation
157,278 143,831 
Property, plant and equipment, net
$134,409 $116,018 
For the years ended December 31, 2024, 2023 and 2022, depreciation expense was $23.4 million, $21.1 million and $19.2 million, respectively.
Depreciation expense is recognized in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the consolidated balance sheets, were as follows as of December 31;
20242023
(In thousands)
Machinery and equipment$59,549 $56,186 
Less: accumulated depreciation
29,687 29,134 
Property, plant and equipment, net $29,862 $27,052 
v3.25.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill
The Company’s carrying amount of goodwill remained unchanged at $143.2 million as of both December 31, 2024 and 2023. The Company’s reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). WSE is within the Transmission & Distribution reportable segment. Goodwill also remained unchanged for each reportable segment as of both December 31, 2024 and 2023, with $115.9 million for Electrical & Mechanical and $27.3 million for Transmission & Distribution. No impairments of goodwill were recorded for the years ended December 31, 2024, 2023 and 2022.
Other Intangible Assets, Net
Other amortizable intangible assets as of December 31 were as follows:
20242023
(In thousands)
Noncompete agreements$— $292 
Less: accumulated amortization
— 292 
Net noncompete agreements
— — 
Customer relationships10,450 10,450 
Less: accumulated amortization
10,334 8,446 
Net customer relationships
116 2,004 
Total $116 $2,004 
Amortization expense for finite-lived intangible assets was $1.9 million, $2.1 million and $2.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Amortization expense is recognized in Selling, general and administrative expenses in the consolidated statements of income. No impairments of finite-lived intangible assets were recorded for the years ended December 31, 2024, 2023 and 2022.
Future amortization expense for finite-lived intangible assets as of December 31, 2024, is estimated to be as follows:
20252026202720282029
Total
(In thousands)
Amortization expense
$116 $— $— $— $— $116 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. ASC 820 - Fair Value Measurement (“ASC 820”) establishes a three-tier hierarchy for grouping assets and liabilities, based on the significance and availability of inputs in active markets. The estimated fair values of the Company’s assets and liabilities measured on a recurring basis are determined using the market approach.
In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are “unobservable data points” for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The Company measured its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in the consolidated statements of income. The Company anticipates using these investments, which consist of insurance contracts, to satisfy its obligations under its unfunded, nonqualified deferred compensation plan for the Company’s executive officers and certain key management employees. The Company invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. Prior to the Separation, the Company was a participant in MDU Resources’ benefit and compensation plans. These investments, which totaled $4.8 million and $5.0 million as of December 31, 2024 and 2023, respectively, were included in Investments on the consolidated balance sheets. The Company recognized net unrealized gains on these investments of $0.6 million for the year ended December 31, 2024. The net unrealized gains and losses on these investments were immaterial for the years ended December 31, 2023 and December 31, 2022, respectively. The changes in fair value were classified in Other income on the consolidated statements of income.
The Company’s Level 2 money market funds were included as a part of Investments on the consolidated balance sheets and are valued at the net asset value of shares held at the end of the period, based on published market quotations on active markets or using other known sources, including pricing from outside sources. The estimated fair value of the Company’s Level 2 insurance contracts was based on contractual cash surrender values that were determined primarily by investments in managed separate accounts of the insurer. These amounts approximated fair value. The managed separate accounts were valued based on other observable inputs or corroborated market data.
Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.
The estimated fair values of the Company’s Cash, cash equivalents and restricted cash, Receivables, Accounts payable and Other accrued liabilities approximated their carrying value due to the short-term maturities of these instruments.
The carrying value of the Company’s long-term debt as of December 31, 2023, classified as Related-party notes payable, approximated fair value based on a comparison with current prevailing market rates for borrowings of similar risks and maturities. In connection with the Separation, the Company used the net proceeds of newly issued debt to repay its Related-party notes payable, which were no longer outstanding as of December 31, 2024. Refer to Note 15 – Related-Party Transactions for additional information.
The Company has a captive insurance arrangement in which a Captive Cell within a captive insurance company holds cash, classified as restricted cash, and certain other accrued liabilities and other noncurrent liabilities in order to manage and administer insurance claims on behalf of the Company. The fair value of the assets and liabilities held by the Captive Cell
approximated their fair value as of December 31, 2024. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on the Company’s captive insurance arrangement.
The Company’s assets measured at fair value on a recurring basis were as follows:
Fair Value Measurements
as of December 31, 2024, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2024
(In thousands)
Assets:
Insurance contracts
$— $4,766 $— $4,766 
Total assets measured at fair value
$— $4,766 $— $4,766 
Fair Value Measurements
as of December 31, 2023, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2023
(In thousands)
Assets:
Money market funds
$— $1,725 $— $1,725 
Insurance contracts
— 5,005 — 5,005 
Total assets measured at fair value
$— $6,730 $— $6,730 
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The Company applies the provisions of ASC 820 to its nonrecurring, non-financial measurements, including long-lived asset impairments. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on impairment of long-lived assets.
Assets and Liabilities Not Measured at Fair Value
The Company's long-term debt as of December 31, 2024 was not measured at fair value on the consolidated balance sheet, but the corresponding fair value is being provided for disclosure purposes only. The fair value was categorized as Level 2 in the fair value hierarchy and was based on discounted cash flows using current market interest rates. Refer to Note 7 – Debt for additional information on the Company’s long-term debt.
The estimated fair value of the Company's Level 2 long-term debt was as follows:

As of December 31, 2024

(In thousands)
Carrying value
$300,000 
Fair value
$298,559 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
Certain debt instruments of the Company contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt instruments, the Company must be in compliance with the applicable covenants and certain other conditions, all of which management believes the Company, as applicable, was in compliance with as of December 31, 2024. In the event the Company does not comply with the applicable covenants and other conditions, it would be in default on its agreements and alternative sources of funding may need to be pursued.
Long-Term Debt
Long-term debt outstanding was as follows:

Weighted Average Interest Rate as of December 31, 2024
As of December 31, 2024

(In percentage)
(In thousands)
Term loan due on October 31, 2029
6.84 %$300,000 
Less: unamortized debt issuance costs
4,352 
Total debt
295,648 
Less: current maturities
15,000 
Total long-term debt
$280,648 
Term Loan and Revolving Credit Facility
On October 31, 2024, the Company entered into a five-year senior secured credit agreement (“Credit Agreement”), which provides for a $300.0 million term loan (“Term Loan”) and a $225.0 million revolving credit facility (“Revolving Credit Facility”). The Revolving Credit Facility includes letters of credit available under the Credit Agreement in an aggregate amount of up to $50.0 million. The Company drew $40.0 million under the Revolving Credit Facility on the Separation date for projected working capital needs.
On November 29, 2024, the Company repaid the $40.0 million outstanding balance, plus accrued interest, under the Revolving Credit Facility. As of December 31, 2024, there was no outstanding balance under the Revolving Credit Facility, but there were $15.6 million of outstanding standby letters of credit. As a result, the Company had a borrowing capacity of $209.4 million under the Revolving Credit Facility.
The Company incurred $4.4 million and $3.5 million of debt issuance costs for the Term Loan and Revolving Credit Facility, respectively. The costs associated with the Term Loan were capitalized and classified as a reduction to Long-term debt and the costs associated with the Revolving Credit Facility were capitalized and recorded as Other noncurrent assets. Each will be amortized to Interest expense over the term of the Credit Agreement.
The Company incurred $4.1 million of Interest expense related to the Credit Agreement for the year ended December 31, 2024, consisting of $3.7 million of interest on outstanding borrowings, $0.3 million of debt issuance costs amortization and $0.1 million of unused commitment fees. The Company did not incur any Interest expense related to the Credit Agreement for the years ended December 31, 2023 and 2022 as the agreement had not yet commenced during these periods. Refer to Note 15 – Related-Party Transactions for additional information on related-party interest expense pertaining to periods prior to the Separation.
The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. The Credit Agreement also requires mandatory prepayments in connection with certain asset sales, subject to certain exceptions.
Borrowings under the Credit Agreement bear interest equal to, at the Company’s option, at an annual rate equal to (a) adjusted term SOFR, defined in a customary manner (“Term SOFR”) plus an applicable rate of 2.00% to 2.75%, based on the Company’s total net leverage ratio, or (b) the base rate (determined by reference to the highest of (x) the prime rate, (y) the greater of (i) the federal funds effective rate and (ii) the overnight bank funding rate, in each case, plus 0.50% and (z) the one-month adjusted Term SOFR rate plus 1.00% per annum, subject to customary floors (clauses (x) through (z), the “Base Rate”)) plus an applicable rate of 1.00% to 1.75%, based on the Company’s total net leverage ratio. Undrawn commitment fees under the Revolving Credit Facility range from 0.30% to 0.45% based on the Company’s consolidated total net leverage ratio.
The Credit Agreement provides for incremental revolving and term facilities at the Company’s request and at the discretion of the lenders or other persons providing such incremental facilities, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount of such incremental facility or other debt as specified in the Credit Agreement.
The Credit Agreement contains certain limitations with respect to indebtedness, liens, acquisitions and other investments, fundamental changes, restrictive agreements, dividends and redemptions or repurchases of stock, prepayments of certain subordinated indebtedness, dispositions of assets and transactions with affiliates, in each case subject to certain exceptions.
The Credit Agreement contains financial covenants requiring the Company to maintain a maximum consolidated total net leverage ratio of 3.00 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00, each determined as of the end of each fiscal quarter. The consolidated total net leverage ratio may be increased at the Company’s option to 3.50 to 1.00 in connection with certain qualifying material acquisitions. The covenants also include restrictions on the sale of certain assets, loans and investments.
Schedule of Debt Maturities
The amounts of scheduled long-term debt maturities, excluding unamortized debt issuance costs, for the five years following December 31, 2024, aggregate as follows:
20252026202720282029
Total
(In thousands)
Long-term debt maturities, including current portion
$15,000 $15,000 $15,000 $15,000 $240,000 $300,000 
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties.
Lessee Accounting
The leases the Company has entered into as part of its ongoing operations are considered operating leases. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
Generally, leases for vehicles and equipment have a term of five years or less and buildings have a longer term of up to 35 years or more. For certain leases, lease terms may include the options to extend or terminate the lease. Similarly, building or property leases could include one or more options to renew, with renewal terms that could extend the lease term one to five years or more.
The Company also has guaranteed the residual value under certain of its equipment operating leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the asset at the time of lease termination generally has approximated or exceeded the residual value guarantee. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.
In March 2024, in anticipation of the Separation, the Company entered into a 60 month lease for a new corporate headquarters, with a lease term of August 1, 2024 through July 31, 2029. The new corporate headquarters, which is located in Bismarck, North Dakota, is for 16,188 square feet with average annual rent payments and average annual common area maintenance charges totaling approximately $303 thousand and $102 thousand, respectively, for the duration of the lease.
The following table provides information on the Company’s lease costs for operating leases:
Years Ended December 31,
202420232022
(In thousands)
Lease costs:
Operating lease cost
$31,274 $26,386 $24,518 
Variable lease cost(1)
1,232 1,215 1,228 
Short-term lease cost(1)
107,421 99,964 103,075 
Total lease costs
$139,927 $127,565 $128,821 
__________________
(1)Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amount in the preceding table has been revised to correct the impact of this classification error for the year ended December 31, 2023. The reclassification error had no impact to results of operations, the balance sheet, or cash flows for the period described.
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20242023
Weighted average remaining lease term (in years)
1.38 years1.34 years
Weighted average discount rate (in percentages)
5.50 %4.94 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Years Ended December 31,
202420232022
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$31,156 $26,810 $24,071 
Right-of-use assets obtained in exchange for new operating lease liabilities$44,214 $43,917 $37,834 
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows:
As of December 31, 2024
(In thousands)
2025$29,239 
202620,086 
202712,391 
20286,088 
20292,953 
Thereafter
3,091 
Total 73,848 
Less: discount
6,294 
Total operating lease liabilities
$67,554 
The Company entered into a $4.2 million operating lease that had not yet commenced as of December 31, 2024. The operating lease has a lease term of three years and will commence in March 2025.
Lessor Accounting
The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months. The Company recognizes revenue from operating leases in Operating revenues in the consolidated statements of income on a straight-line basis over the respective operating lease terms.
The Company recognized revenue from operating leases of $41.4 million, $45.3 million and $47.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024 and 2023, the Company had $11.3 million and $9.3 million, respectively, of lease receivables in Receivables, net on the consolidated balance sheets with a majority due within 12 months or less from the respective balance sheet dates.
The Company leases components of certain equipment to third parties under operating leases, which are included within Property, plant and equipment, net. Refer to Note 4 – Property, Plant and Equipment, Net for additional information.
Leases Leases
Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties.
Lessee Accounting
The leases the Company has entered into as part of its ongoing operations are considered operating leases. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the consolidated statements of income.
Generally, leases for vehicles and equipment have a term of five years or less and buildings have a longer term of up to 35 years or more. For certain leases, lease terms may include the options to extend or terminate the lease. Similarly, building or property leases could include one or more options to renew, with renewal terms that could extend the lease term one to five years or more.
The Company also has guaranteed the residual value under certain of its equipment operating leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the asset at the time of lease termination generally has approximated or exceeded the residual value guarantee. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.
In March 2024, in anticipation of the Separation, the Company entered into a 60 month lease for a new corporate headquarters, with a lease term of August 1, 2024 through July 31, 2029. The new corporate headquarters, which is located in Bismarck, North Dakota, is for 16,188 square feet with average annual rent payments and average annual common area maintenance charges totaling approximately $303 thousand and $102 thousand, respectively, for the duration of the lease.
The following table provides information on the Company’s lease costs for operating leases:
Years Ended December 31,
202420232022
(In thousands)
Lease costs:
Operating lease cost
$31,274 $26,386 $24,518 
Variable lease cost(1)
1,232 1,215 1,228 
Short-term lease cost(1)
107,421 99,964 103,075 
Total lease costs
$139,927 $127,565 $128,821 
__________________
(1)Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amount in the preceding table has been revised to correct the impact of this classification error for the year ended December 31, 2023. The reclassification error had no impact to results of operations, the balance sheet, or cash flows for the period described.
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20242023
Weighted average remaining lease term (in years)
1.38 years1.34 years
Weighted average discount rate (in percentages)
5.50 %4.94 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Years Ended December 31,
202420232022
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$31,156 $26,810 $24,071 
Right-of-use assets obtained in exchange for new operating lease liabilities$44,214 $43,917 $37,834 
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows:
As of December 31, 2024
(In thousands)
2025$29,239 
202620,086 
202712,391 
20286,088 
20292,953 
Thereafter
3,091 
Total 73,848 
Less: discount
6,294 
Total operating lease liabilities
$67,554 
The Company entered into a $4.2 million operating lease that had not yet commenced as of December 31, 2024. The operating lease has a lease term of three years and will commence in March 2025.
Lessor Accounting
The Company leases certain equipment to third parties. These leases are considered short-term operating leases with terms of less than 12 months. The Company recognizes revenue from operating leases in Operating revenues in the consolidated statements of income on a straight-line basis over the respective operating lease terms.
The Company recognized revenue from operating leases of $41.4 million, $45.3 million and $47.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
As of December 31, 2024 and 2023, the Company had $11.3 million and $9.3 million, respectively, of lease receivables in Receivables, net on the consolidated balance sheets with a majority due within 12 months or less from the respective balance sheet dates.
The Company leases components of certain equipment to third parties under operating leases, which are included within Property, plant and equipment, net. Refer to Note 4 – Property, Plant and Equipment, Net for additional information.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Prior to the Separation, Everus Construction had 1,000 common shares issued and outstanding. On October 31, 2024, as part of the Distribution, 50,972,059 shares of Everus common stock were issued and outstanding. Basic and diluted earnings per share for periods prior to the Separation and Distribution have been retrospectively adjusted to incorporate the Everus shares outstanding on the Distribution date. For comparative purposes, and to provide meaningful insight into the weighted average common shares calculation, the Distribution date share count was assumed to be outstanding throughout periods prior to the
Separation and Distribution in the calculation of basic weighted average common shares outstanding. In addition, for periods prior to the Separation and Distribution, it was assumed that there were no dilutive or anti-dilutive equity instruments as there were no Everus stock-based awards outstanding during those periods.
Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted earnings per share using the treasury stock method. Diluted earnings per share is calculated by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.
Basic and diluted earnings per share were calculated as follows, based on a reconciliation of the weighted-average common shares outstanding on a basic and diluted basis:
Years ended December 31,
202420232022
(In thousands, except per share amounts)
Net income
$143,421 $137,230 $124,781 
Weighted average common shares outstanding - basic
50,97350,97250,972
Effect of dilutive securities - share-based awards
9900
Weighted average common shares outstanding - diluted
51,07250,97250,972
Earnings per share - basic
$2.81 $2.69 $2.45 
Earnings per share - diluted
$2.81 $2.69 $2.45 
For the year ended December 31, 2024, there were no shares excluded from the calculation of diluted earnings per share due to their anti-dilutive effect.
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Prior to the Separation, key employees of the Company participated in the stock-based compensation plans authorized and managed by MDU Resources. In connection with MDU Resources’ separation of Knife River Corporation (“Knife River”) on May 31, 2023, the provisions of the existing MDU Resources’ compensation plans required adjustments to the number and terms of outstanding employee time-vested restricted stock units and performance share awards to preserve the intrinsic value of the awards immediately prior to the Knife River separation.
However, the outstanding performance share awards would no longer be subject to performance-based vesting conditions. The performance share awards were first adjusted for performance. The combined performance factors were determined based on the performance of MDU Resources as of December 31, 2022. Then, at the time of the Knife River separation, all outstanding stock-based compensation awards of MDU Resources were converted into MDU Resources restricted stock units. Following the Knife River separation, no performance share awards existed.
In addition, similar required adjustments were needed to the number and terms of outstanding MDU Resources restricted stock units to preserve the intrinsic value of the awards immediately prior to the Separation. At the time of Separation, all outstanding MDU Resources restricted stock units held by Company employees were converted into Everus restricted stock units.
The number of restricted stock units was determined by taking the closing per share price of MDU Resources on October 31, 2024, and dividing by the closing per share price of Everus on November 1, 2024. The ratio used to convert the MDU Resources’ share-based awards was designed to preserve the aggregate intrinsic value of the award immediately after the Separation when compared to the aggregate intrinsic value of the award immediately prior to the Separation. The existing unvested stock-based awards issued through MDU Resources’ stock-based compensation plans were modified in connection with the Separation to maintain an equivalent value immediately before and after Separation. Everus did not incur any incremental compensation expenses related to the conversion of the restricted stock units. The outstanding awards will continue to vest over the original vesting periods of three years from the respective grant dates, contingent on continued employment.
Following the Separation, the Company has its own stock-based compensation plan under which it currently is authorized to grant 2.5 million restricted stock units and other stock awards. As of December 31, 2024, there were 2.5 million shares
available to grant under this plan. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards.
Total stock-based compensation expense, including Company participants and non-employee directors, was $1.6 million, $0.8 million, and $1.1 million in 2024, 2023, and 2022, respectively, and is included in Selling, general and administrative expenses in the consolidated statements of income.
Stock Awards
Non-employee directors receive shares of common stock in addition to cash payments for directors’ fees. On November 26, 2024, the Company granted 8,865 shares with a grant date fair value of $0.6 million to non-employee directors.
Restricted Stock Units
In February 2024, 2023, and 2022, key employees of the Company were granted restricted stock units under MDU Resources’ long-term performance-based incentive plan authorized by MDU Resources’ compensation committee. MDU Resources’ compensation committee had the authority to select recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants. The restricted stock units vest over three years, contingent on continued employment. Compensation expense is recognized over the vesting period. Upon vesting, participants receive dividends that accumulate during the vesting period.
As previously discussed, adjustments were made to the number of MDU Resources restricted stock units to preserve the intrinsic value of the awards in connection with the separation of Knife River in 2023 and outstanding MDU Resources performance share awards were converted to MDU Resources restricted stock units. And at the time of Separation, MDU Resources restricted stock units were converted to Everus restricted stock units for outstanding restricted stock awards granted to Everus employees.
A summary of restricted stock units, including the conversion to Everus restricted stock units, for the year ended December 31, 2024 was as follows: 
Restricted Stock Units
Number of Shares
Weighted Average Grant-Date Fair Value**
Nonvested pre-Separation243,327 $21.37 
Conversion to Everus restricted stock units*
(109,596)
Vested shares
(30,939)40.72 
Nonvested as of December 31, 2024
102,792 $38.33 
__________________
*Includes the conversion adjustments to preserve the intrinsic value of the awards.
**     Weighted average grant-date fair values represent post-separations of Knife River Corporation and the Company from MDU Resources in 2023 and 2024, respectively.
As of December 31, 2024, total remaining unrecognized compensation expense related to the restricted stock units was approximately $2.1 million, which will be amortized over a weighted average period of 1.7 years.
Historical Performance Share Awards
In February 2022, key employees of the Company were granted performance share awards under MDU Resources’ long-term performance-based incentive plan authorized by MDU Resources’ compensation committee. The compensation committee had the authority to select recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants. Share awards were generally earned over a three-year vesting period and tied to specific financial metrics. Upon vesting, participants may receive dividends that accumulate during the vesting period. However, as previously discussed, the outstanding performance share awards were converted to restricted stock units of MDU Resources in connection with the Knife River separation. As a result, there were no outstanding performance share awards as of December 31, 2024 or 2023, respectively.
Under the market condition for these performance share awards, participants could earn from zero to 200% of the apportioned target grant of shares based on MDU Resources’ total stockholder return relative to that of the selected peer group. Compensation expense was based on the grant-date fair value as determined by a Monte Carlo simulation.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense on the consolidated statements of income was as follows:
Years ended December 31,
202420232022
(In thousands)
Current:
Federal$36,964 $39,468 $32,198 
State10,933 8,923 7,530 
Total current
47,897 48,391 39,728 
Deferred:
Federal1,214 (2,629)1,066 
State and city
412 (476)(6)
Total deferred
1,626 (3,105)1,060 
Total income tax expense
$49,523 $45,286 $40,788 
Components of deferred tax assets and deferred tax liabilities as of December 31 were as follows:
20242023
(In thousands)
Deferred tax assets:
Operating lease liabilities
$16,808 $13,951 
Compensation-related13,573 10,256 
Research and development costs
5,596 3,861 
Workers’ compensation reserve
1,878 1,497 
Employee benefit plans costs
1,614 1,046 
Bad debt reserve
1,437 1,760 
Capital investment overhead on contracts
535 458 
Other2,764 4,076 
Total deferred tax assets
44,205 36,905 
Deferred tax liabilities:
Basis differences on property, plant and equipment
(17,664)(17,173)
Operating lease right-of-use-assets
(16,672)(13,825)
Intangible assets
(10,912)(10,372)
Prepaid expenses
(6,597)(1,256)
Total deferred tax liabilities
(51,845)(42,626)
Valuation allowance
(521)(814)
Net deferred income tax liabilities
$(8,161)$(6,535)
As of both December 31, 2024 and 2023, the Company had various state income tax net operating loss carryforwards of $16.5 million. The state income tax net operating loss carryforwards are due to expire beginning in 2031. It is likely that a portion of the benefit from certain carryforwards will not be realized; therefore, valuation allowances have been provided. As of December 31, 2024 and 2023, the total valuation allowance on deferred tax assets, related to the state income tax net operating loss carryforwards, was approximately $0.5 million and $0.8 million, respectively. The decrease in the Company’s valuation allowance as of December 31, 2024, was primarily the result of a change in state tax rates. Changes in tax regulations or assumptions regarding current and future taxable income could require an adjustment to the valuation allowance in the future.
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The reasons for this difference were as follows:
Years ended December 31,
202420232022
Amount
%
Amount
%
Amount
%
(In thousands, except percentages)
Computed tax at federal statutory rate
$40,518 21.0 %$38,328 21.0 %$34,769 21.0 %
Increases (reductions) resulting from:
State income taxes, net of federal income tax
9,085 4.7 7,714 4.2 6,423 3.9 
Tax compliance and uncertain tax positions
(751)(0.3)(1,506)(0.8)(275)(0.2)
Other671 0.3 750 0.4 (129)(0.1)
Total income tax expense
$49,523 25.7 %$45,286 24.8 %$40,788 24.6 %
Reconciliations of unrecognized tax benefits were as follows as of December 31:
202420232022
(In thousands)
Balance at beginning of year
$656 $570 $513 
Additions based on tax positions related to current year
145 145 145 
Additions for tax positions of prior years
78 279 15 
Reductions for tax positions of prior years
— (60)(35)
Reductions resulting from a lapse of the applicable statute of limitations periods
(147)(278)(68)
Balance at end of year
$732 $656 $570 
The Company’s accrued interest and penalties and recognized interest and penalties related to unrecognized tax benefits for each of the years ended December 31, 2024, 2023, and 2022, were immaterial. The liability for all unrecognized tax benefits is recorded in Taxes payable and accrued interest and penalties is recorded in Other accrued liabilities on the consolidated balance sheets.
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. The Company is no longer subject to U.S. federal tax examinations by tax authorities for years ending prior to 2021. With few exceptions, as of December 31, 2024, the Company is no longer subject to state and local income tax examinations by tax authorities for years ending prior to 2021.
v3.25.0.1
Business Segment Data
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Data Business Segment Data
The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two operating segments, which represent its two reportable segments:
Electrical & Mechanical: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services to customers in both the public and private sectors.
Transmission & Distribution: Contracting services for the construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools.
The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segments’ performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment
operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.
All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the consolidated financial statements.
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
Year ended December 31, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,031,447 $837,146 $— $2,868,593 
Eliminations
(7,536)(11,372)— (18,908)
Total segment operating revenues
2,023,911 825,774 — 2,849,685 
Cost of sales
1,804,095 703,152 2,987 2,510,234 
Gross profit
219,816 122,622 (2,987)339,451 
Selling, general and administrative expenses82,845 37,567 29,132 149,544 
Operating income$136,971 $85,055 $(32,119)189,907 
Interest expense
14,023 
Other income
4,875 
Total consolidated income before income taxes and income from equity method investments
$180,759 
Year ended December 31, 2023
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,134,867 $734,577 $— $2,869,444 
Eliminations
(9,324)(5,730)— (15,054)
Total segment operating revenues
2,125,543 728,847 — 2,854,390 
Cost of sales
1,911,721 620,738 13 2,532,472 
Gross profit
213,822 108,109 (13)321,918 
Selling, general and administrative expenses79,445 34,499 17,431 131,375 
Operating income$134,377 $73,610 $(17,444)190,543 
Interest expense
16,954 
Other income
3,981 
Total consolidated income before income taxes and income from equity method investments
$177,570 
Year ended December 31, 2022
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,997,840 $717,393 $— $2,715,233 
Eliminations
(9,111)(6,872)— (15,983)
Total segment operating revenues
1,988,729 710,521 — 2,699,250 
Cost of sales
1,816,938 606,097 169 2,423,204 
Gross profit
171,791 104,424 (169)276,046 
Selling, general and administrative expenses66,830 32,089 12,483 111,402 
Operating income$104,961 $72,335 $(12,652)164,644 
Interest expense
6,354 
Other income
1,379 
Total consolidated income before income taxes and income from equity method investments
$159,669 
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Years Ended December 31,
202420232022
E&MT&DE&MT&DE&MT&D
(In thousands)
Depreciation and amortization expense$6,358 $19,099 $6,200 $17,108 $5,751 $15,816 
Interest expense
(800)4,027 4,957 4,490 2,572 1,406 
Income taxes
38,609 20,989 33,143 17,399 26,318 17,628 
Capital expenditures*$7,944 $40,355 $4,853 $30,736 $6,373 $29,471 
__________________
*Capital expenditures for 2024, 2023 and 2022 include noncash transactions for capital expenditure-related accounts payable.
Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:
20242023
(In thousands)
E&M segment assets
$764,470 $657,731 
T&D segment assets
410,887 373,617 
Total reportable segment assets
1,175,357 1,031,348 
Other assets
161,016 43,628 
Elimination of intercompany receivables
(47,910)(22,517)
Total consolidated assets
$1,288,463 $1,052,459 
For more information about the disaggregation of the Company’s revenues by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.
No single customer accounted for more than 10% of total operating revenues for the year ended December 31, 2024. However, revenue from a single customer accounted for 16.8% and 14.5% of total operating revenues for the years ended December 31, 2023 and 2022, respectively, which was included in the E&M segment.
At the segment level, no single E&M customer account for more than 10% of total E&M segment revenues for the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, revenue from a single E&M customer mentioned above accounted for 22.5% and 19.6% of total E&M segment revenues, respectively.
As for T&D, for the year ended December 31, 2024, revenue from a single T&D customer accounted for 17.2% of total T&D segment revenues. For the years ended December 31, 2023 and 2022, combined revenue from two T&D customers accounted for 31.2% and 29.8% of total T&D segment revenues, respectively.
No single customer had trade receivables of 10% or more of total trade receivables as of December 31, 2024. Trade receivables from a single customer accounted for 14.1% of total trade receivables as of December 31, 2023.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Nonqualified Deferred Compensation Plans 
In 2012, MDU Resources established a nonqualified deferred compensation plan for certain key management employees, including certain employees of the Company. In 2020, the plan was frozen to new participants and no new Company contributions were made to the plan after December 31, 2020. Vesting for participants not fully vested was retained. To replace the plan originally established in 2012, a new nonqualified deferred compensation plan was adopted in 2020 by MDU Resources, effective January 1, 2021.
In connection with the Separation, the Company adopted its own nonqualified deferred compensation plan, effective October 31, 2024, in which eligible employees of the Company may participate. Previous Company employee liability balances related to the MDU Resources 2020 plan were transferred to the Company. The original MDU Resources 2012 plan associated liability balances were assumed by MDU Resources.
Expenses incurred by the Company under these plans for the years ended December 31, 2024, 2023 and 2022 were $1.3 million, $1.6 million, and $1.1 million, respectively.
Defined Contribution Plans 
Prior to the Separation, MDU Resources sponsored a defined contribution plan in which the Company participated. As a result of the Separation, the Company now sponsors its own defined contribution plan, effective September 1, 2024, in which its employees participate and previous Company employee liability balances were transferred from the MDU Resources sponsored plan to the Company. The costs incurred by the Company under these plans for eligible employees were $6.2 million, $4.5 million and $4.5 million for the years ended December 31, 2024, 2023 and 2022, respectively. 
Multiemployer Plans 
The Company also contributes to a number of multiemployer pension plans under the terms of collective bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:
•Assets contributed to the multiemployer plans by one employer may be used to provide benefits to employees of other participating employers. 
•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. 
•If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.
Amounts contributed to defined contribution multiemployer plans were $67.3 million, $73.3 million, and $67.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Amounts contributed to defined benefit multiemployer plans were $82.8 million, $95.4 million, and $86.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company also contributes to a number of multiemployer other postretirement plans under the terms of collective bargaining agreements that cover its union-represented employees. These plans provide benefits such as health insurance, disability insurance and life insurance to retired union employees. Many of the multiemployer other postretirement plans are combined with active multiemployer health and welfare plans. The Company’s total contributions to its multiemployer other postretirement plans, which includes contributions to active multiemployer health and welfare plans, were $91.5 million, $86.6 million, and $79.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
Approximately 83 percent of the Company’s total workforce is covered by collective bargaining agreements. Approximately 24 percent of the collective bargaining agreements are set to expire within one year.
The Company’s participation in the defined benefit multiemployer plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2024, 2023 and 2022 is for the plan’s year-end as of December 31, 2024, 2023 and 2022, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.
Among other factors, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Fund 
EIN/ Pension 
Plan Number 
Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement
2024
2023
2024
2023
2022
Edison Pension Plan
936061681-001
Green GreenNo $23,310 $16,957 $18,750 No 12/31/2026
IBEW Local 357 Pension Plan A
886023284-001Green GreenNo 4,376 18,936 12,876 No 
5/31/2027
IBEW Local 82 Pension Plan
316127268-001
Green as of 6/30/2024
Green as of 6/30/2023No 2,518 2,149 1,854 No 12/6/2026
IBEW Local 683 Pension Fund Pension Plan
341442087-001Green GreenNo 6,650 3,986 3,362 No 
5/30/2027
NEBF - National Electrical Benefit Fund
530181657-001Green GreenNo 18,233 19,040 18,060 No 
8/25/2024-1/31/2029
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
886003864-001
Green as of 6/30/2024
Green as of 6/30/2022No 3,788 8,020 6,304 No 
9/30/2025
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV
956052257-001Green Green
No
2,189 3,631 3,400 No 
6/30/2028
Other Funds 
21,722 22,639 22,060 
Total Contributions
$82,786 $95,358 $86,666 
The Company was listed in the plans’ Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund 
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End) 
DB Pension Plan of AGC-IUOE Local 701 Pension Trust Fund
2023
Edison Pension Plan
2023 and 2022
Eight District Electrical Pension Fund
2022
Electrical Workers Local No. 26 Pension Fund
2023 and 2022
IBEW Local 82 Pension Plan
2023 and 2022
IBEW Local 124 Pension Trust Fund
2023 and 2022
IBEW Local 212 Pension Trust Fund
2023 and 2022
IBEW Local 357 Pension Plan A
2023 and 2022
IBEW Local 648 Pension Plan
2023 and 2022
IBEW Local 683 Pension Fund Pension Plan
2023 and 2022
National Electrical Benefit Fund
2023 and 2022
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
2023 and 2022
Sheet Metal Workers Pension Plan of Southern, CA AZ and NV
2023 and 2022
Western States Insulators and Allied Workers’ Pension Plan
2023 and 2022
v3.25.0.1
Commitments, Contingencies and Guarantees
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Guarantees Commitments, Contingencies and Guarantees
The Company is party to claims and lawsuits arising out of its business, including that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for loss contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the loss contingency and, in some circumstances, an estimate of the possible loss.
Litigation
As of December 31, 2024 and 2023, the Company accrued $4.5 million and $0.1 million, respectively, for litigation-related contingent liabilities that have not been discounted, which were included in Other accrued liabilities on the consolidated balance sheets. As of December 31, 2024 and 2023, the Company also recorded $1.0 million and $0.1 million, respectively, of corresponding insurance claim receivables related to certain of the accrued liabilities in Other current assets on the consolidated balance sheets. For such cases where the Company determined that the outcome of the outstanding litigation cases will be covered by the Company’s insurance carrier, any amounts due related to the litigation will be paid directly by the Company’s insurance carrier. Therefore, any excess contingency liabilities over insurance claim receivables as of December 31, 2024 and 2023 reflect amounts that the Company would be responsible for resulting from litigation.
The Company will continue to monitor each matter and adjust accruals as necessary based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company’s financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred and are included in Selling, general and administrative expenses on the consolidated statements of income. 
Guarantees
In the normal course of business, the Company has surety bonds related to construction contracts of its subsidiaries. These bonds relate to certain public and private sector contracts to secure contractual performance, including completion of agreed upon contract terms, timing and price, payments to subcontractors and suppliers, and protection for customers from fraudulent practices. In the event a subsidiary of the Company does not fulfill a bonded obligation, the Company would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds are expected to expire within the next 12 months; however, the Company likely will continue to enter into surety bonds for its subsidiaries in the future. As of December 31, 2024 and 2023, the maximum potential amount of payments the Company would be required to make under the outstanding surety bonds was approximately $717.0 million and $299.9 million, respectively, which were not reflected on the consolidated balance sheets.
The Company has outstanding guarantees to third parties that guarantee the performance of certain subsidiaries of the Company. These guarantees are related to contracts for contracting services. As of December 31, 2024 and 2023, the fixed maximum amounts guaranteed under these agreements aggregated to $542.7 million and $341.4 million, respectively. The scheduled expiration of the maximum amounts guaranteed as of December 31, 2024, aggregate to $172.4 million in 2025, $307.7 million in 2026, $43.0 million in 2027, $19.2 million in 2028 and $0.4 million in 2029. There were no amounts outstanding under the previously mentioned guarantees and the maximum amounts guaranteed were not reflected on the consolidated balance sheets as of December 31, 2024 or 2023. However, in the event of default under these guaranteed obligations, the Company would be required to make payments to satisfy its guarantees.
The Company also has outstanding letters of credit to third parties for certain guarantees, excluding standby letters of credit tied to our Revolving Credit Facility. As of December 31, 2024 and 2023, the fixed maximum amounts guaranteed under these letters of credit aggregated to $2.2 million and $0.2 million, respectively, all of which expire within the next 12 months. There were no amounts outstanding under the previously mentioned letters of credit as of December 31, 2024 or 2023. In the event of default under these letter-of-credit obligations, the Company would be obligated for reimbursement of payments made under the letters of credit.
Refer to Note 7 – Debt for more information on the outstanding standby letters of credit under the Company’s Revolving Credit Facility.
In addition, the Company has issued guarantees to third parties related to the routine purchase of maintenance items, materials and lease obligations for which no fixed maximum amounts have been specified. These guarantees have no scheduled maturity date. In the event a subsidiary of the Company defaults under these obligations, the Company would be required to make payments to satisfy these guarantees. The Company had an immaterial amount of outstanding guarantees reflected on the consolidated balance sheets in Operating lease right-of-use assets, Current portion of operating lease liabilities and/or Operating lease liabilities as of December 31, 2024 and 2023.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related-Party Transactions
Allocation of Corporate Expenses
Prior to the Separation, Centennial and MDU Resources allocated expenses for corporate services provided to the Company, including costs related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. For the years ended December 31, 2024, 2023 and 2022, the Company was allocated $30.4 million, $27.1 million and $21.2 million, respectively, for these corporate services. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder allocated on the basis of percent of total capital invested, the percent of total average cash management program borrowings with MDU Resources, the percent of total average commercial paper borrowings with Centennial or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. Some of the utilization factors considered included the following: number of employees paid and stated as cost per check; number of employees served; weighted factor of travel, managed units, national account spending, equipment and fleet acquisitions; purchase order dollars spent and purchase order line count; number of payments, vouchers or unclaimed property reports; labor hours; time tracked; and projected workload.
These cost allocations were a reasonable reflection of the utilization of services provided to, or the benefit derived by, the Company during the periods presented prior to the Separation. However, the allocations may not be indicative of the actual expenses that would have been incurred had the Company operated as a standalone company. Actual costs as a standalone company depend on a number of factors, including the chosen organizational structure, whether functions are outsourced or performed by Company employees, and strategic decisions made in areas such as selling and marketing, information technology and infrastructure. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information.
Transition Services Agreement
On October 31, 2024, as part of the Separation, the Company and MDU Resources entered into a transition services agreement whereby the Company and MDU Resources will provide certain transition services to each other. The transition services agreement outlines services that are expected to be provided between parties related to tax, legal, treasury, human resources, information technology, risk management and other general and administrative functions. For the year ended December 31, 2024, the Company paid $0.7 million related to these activities, which was reflected in Selling, general and administrative expenses on the consolidated statements of income. For the year ended December 31, 2024, the Company received $47 thousand related to these activities, which was reflected in Other income on the consolidated statements of income. The majority of the transition services are expected to be completed over a period of 20 months, but no longer than two years, after the Separation.
Cash Management and Financing
Prior to the second quarter of 2023, Centennial had a commercial paper program and long-term borrowing arrangements in which the Company and certain of its subsidiaries participated. Centennial repaid all of its outstanding debt in the second quarter of 2023, and subsequently MDU Resources supported the Company’s borrowing needs through Centennial. The Company accounted for cash receipts and disbursements from MDU Resources and Centennial, through related-party receivables and payables. Until the Separation, the Company had related-party agreements in place with Centennial, via MDU Resources, for the financing of its capital needs. Following the Separation, the Company relies on its own credit and financing arrangements.
Related-Party Notes Payable
Prior to the Separation, during the periods in which the Company was utilizing MDU Resources financing arrangements, MDU Resources was required to be in compliance with certain financial covenants, cross-default provisions and other conditions. MDU Resources was in compliance with all requirements until the Separation. Also, the borrowings under the commercial paper program with Centennial did not have stated maturities. Therefore, MDU Resources committed to continue funding the Company through Centennial using its cash management program and revolving credit facility to allow the Company to meet its obligations as they became due prior to the Separation.
As part of the Separation, the Company repaid $230.0 million of outstanding cash management program borrowings to Centennial using a portion of the net proceeds of indebtedness incurred by the Company. The repayment amount represented the total Related-party notes payable balance outstanding as of October 31, 2024, and thus, there were no amounts outstanding as of December 31, 2024. Also, as a result of the Separation, a portion of the net proceeds of the indebtedness was used to pay a
$60.0 million dividend to MDU Resources and is included in Net transfers to Centennial and MDU Resources including Separation adjustments in the consolidated statements of equity for the year ended December 31, 2024. Refer to Note 7 – Debt for more information.
Related-party notes payable as of December 31, 2023, was as follows:

Weighted Average Interest Rate as of December 31, 2023
December 31, 2023

(In percentage)
(in thousands)
Borrowing arrangements with MDU Resources
5.94 %$168,531 
Total related-party notes payable
$168,531 
The Company repaid $27.0 million and $45.0 million of short- and long-term Related-party notes payable, respectively, during the year ended December 31, 2023, in connection with the Knife River separation.
The Company issued $27.0 million of short-term Related-party notes payable during the year ended December 31, 2022.
The Company was allocated interest based on borrowings from or lending to the cash management and financing program as well as the funding related to these agreements as described above. The related-party interest expense associated with the Company’s participation in the cash management and financing program was $10.2 million, $17.0 million and $6.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 143,421 $ 137,230 $ 124,781
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have implemented a cyber risk management program to help ensure that our electronic information and information systems are protected from various threats. The cyber risk management program is maintained as part of our overall governance, enterprise risk management program and compliance program. Our information systems experience ongoing and often sophisticated cyberattacks by a variety of sources with the apparent aim to breach our cyber-defenses. We have faced, and may continue to face, increased cyber risk due to the increased use of employee-owned devices and work from home arrangements. We are continuously reevaluating the need to upgrade and/or replace systems and network infrastructure. These upgrades and/or replacements could adversely impact operations by imposing substantial capital expenditures, creating delays or outages, or experiencing difficulties transitioning to new systems. System disruptions, if not anticipated and appropriately mitigated, could adversely affect us. We continually assess risks from cybersecurity threats and adapt and enhance our controls accordingly.
Risks from Cybersecurity Threats
Any risks from previous cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to materially affect our business, financial condition, or results of operations. Such risks and incidents could have a material adverse effect in the future as cyberattacks continue to increase in frequency and sophistication. We also have cyber event related insurance.
Employee Cybersecurity Training
We provide ongoing cybersecurity training and compliance programs to facilitate education for employees who may have access to our data and critical systems. Employee phishing tests are conducted on a monthly basis.
Engage Third-Parties on Risk Management
Periodic external reviews, including penetration tests and security framework assessments, are conducted by auditors, external assessors, and/or consultants to assess and ensure compliance with our information security programs and practices. Internal and external auditors assess our information technology general controls on an annual basis.
Oversee Third-Party Risk
We have implemented a third-party management risk program to help monitor and reduce risks associated with the Company's vendors, which includes processes such as completing due diligence on third party service providers before engaging with them for their services; assessing the third party’s cybersecurity posture by reviewing audit reports of the third party, completing cyber questionnaires, and reviewing applicable certification; including cybersecurity contractual language in contracts to limit risk; and monitoring and reassessing third parties to ensure ongoing compliance with their cybersecurity obligations.
Other Risk Factors
See also “Item 1A. Risk Factors–Operations, Growth and Competitive Risks–Technology disruptions or cyberattacks could adversely impact our operations.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have implemented a cyber risk management program to help ensure that our electronic information and information systems are protected from various threats. The cyber risk management program is maintained as part of our overall governance, enterprise risk management program and compliance program. Our information systems experience ongoing and often sophisticated cyberattacks by a variety of sources with the apparent aim to breach our cyber-defenses. We have faced, and may continue to face, increased cyber risk due to the increased use of employee-owned devices and work from home arrangements. We are continuously reevaluating the need to upgrade and/or replace systems and network infrastructure. These upgrades and/or replacements could adversely impact operations by imposing substantial capital expenditures, creating delays or outages, or experiencing difficulties transitioning to new systems. System disruptions, if not anticipated and appropriately mitigated, could adversely affect us. We continually assess risks from cybersecurity threats and adapt and enhance our controls accordingly.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The board, as a whole and through its committees, has responsibility for oversight of risk management. In its risk oversight role, the board of directors has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate for identifying, assessing, and managing risk. The audit committee of the board of directors of the Company is responsible for oversight of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The board, as a whole and through its committees, has responsibility for oversight of risk management. In its risk oversight role, the board of directors has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate for identifying, assessing, and managing risk. The audit committee of the board of directors of the Company is responsible for oversight of risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Vice President of Technology (“VP of Tech”) plays a large role in informing the audit committee on cybersecurity risks.
Cybersecurity Risk Role of Management [Text Block]
The Vice President of Technology (“VP of Tech”) plays a large role in informing the audit committee on cybersecurity risks. The audit committee receives presentations and reports from the VP of Tech on cybersecurity related issues which include
information security, technology risks and risk mitigation programs regularly at the quarterly board meetings. In addition to scheduled meetings, the VP of Tech and the audit committee maintain an ongoing dialogue regarding emerging or potential cybersecurity risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The VP of Tech, along with the Director of Cybersecurity and a designated security team of professionals, are responsible for assessing and managing risks as well as developing and implementing policies, procedures, and practices based on the range of threats faced by us. There are processes around access management, data security, encryption, asset management, secure system development, security operations, network and device security to provide safeguards from a cybersecurity incident along with continual monitoring of various threat intelligence feeds.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
Our cybersecurity leadership includes the VP of Tech, the Director of Cybersecurity and the Director of IT Governance. The VP of Tech, who reports to the chief executive officer, holds a masters degree in Cybersecurity and oversees the information technology (“IT”) and cybersecurity portfolios for us with over 25 years of information technology experience in the construction services industry. The Director of Cybersecurity, who reports to the VP of Tech, holds a masters degree in Applied Information Management, holds several IT security certifications, including the Certified Information Systems Security Professional (“CISSP”) and the Certified Information Systems Auditor (“CISA”), and has over 20 years of IT and information security experience. The Director of IT Governance, who also reports to the VP of Tech, holds a masters degree in Information Assurance and Computer Security, holds several IT security certifications, including the CISSP, and has 20 years of experience in IT.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
We have an incident response plan to identify, protect, detect, respond to, and recover from cybersecurity threats and incidents that is also tested on an annual basis. The incident response plan is updated based on results of the test or as new cyber related developments occur. The VP of Tech, executive leadership, which includes the chief executive officer, chief operating officer, chief financial officer, chief accounting officer, chief legal officer, SEC financial reporting department employees, and the board of directors, are notified of any material cybersecurity incidents through a defined escalation process. The defined escalation process is a risk-based process that specifies who is to be contacted and when at each risk level.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Prior to the Separation, Everus Construction historically operated as a wholly owned subsidiary of Centennial and an indirect, wholly owned subsidiary of MDU Resources and not as a standalone company. For periods prior to the Separation, the accompanying consolidated financial statements and footnotes were prepared on a “carve-out” basis in connection with the Separation and were derived from the audited consolidated financial statements of MDU Resources as if the Company operated on a standalone basis during the periods presented. However, the consolidated financial statements do not necessarily reflect what the Company’s results of operations, financial position and cash flows would have been had it operated as a separate, publicly traded company for those periods presented and may not be indicative of its future performance.
The accompanying consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). The consolidated financial statements include all adjustments that are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements and are of a normal recurring nature. The consolidated balance sheet as of December 31, 2023, reflected the assets and liabilities of Centennial that were specifically identifiable as being directly attributable to the Company.
All revenues and costs as well as assets and liabilities directly associated with the business activity of the Company are included in the consolidated financial statements. For periods prior to the Separation, the consolidated financial statements included allocated expenses for certain functions provided by MDU Resources and Centennial, including, but not limited to, certain general corporate expenses related to senior management, legal, human resources, finance and accounting, treasury, information technology, internal audit, risk management and other shared services. These general corporate expenses were included in the consolidated statements of income within Cost of sales and Selling, general and administrative expenses. The amounts allocated were $30.4 million, $27.1 million and $21.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. These expenses were allocated to the Company on the basis of direct usage where identifiable, with the remainder principally allocated on the basis of percent of total capital invested or other allocation methodologies that were considered to be a reasonable reflection of the utilization of the services provided to the benefits received. The allocations may not, however, reflect the expenses the Company would have incurred as a standalone company for the periods presented. These costs also may not be indicative of the expenses that the Company will incur in the future or would have incurred if the Company had obtained these services from a third party. Refer to Note 15 – Related-Party Transactions for more information on the transition services agreement between the Company and MDU Resources.
Earnings per share information has been retrospectively adjusted for periods prior to the Separation on the consolidated statements of income to reflect the Distribution. Refer to Note 9 – Earnings Per Share for more information on the share counts used in the earnings per share calculations.
Prior to the Separation, the Company historically participated in MDU Resources’ centralized cash management program through Centennial, including its overall financing arrangements. The Company had related-party agreements in place with Centennial for the financing of its capital needs, which were reflected as related-party notes payable on the consolidated balance sheets for periods prior to the Separation. Interest expense in the audited consolidated statements of income for periods prior to the Separation reflected the allocation of interest on borrowing and funding associated with the related-party agreements. Following the Separation, the Company has implemented its own centralized cash management program and has access to third-party credit facilities to fund day-to-day operations. For additional information related to the Company’s current financing arrangements and related interest expense recognition, refer to Note 7 – Debt and Note 15 – Related-Party Transactions.
Prior to the Separation, MDU Resources maintained various benefit and stock-based compensation plans at a corporate level and the Company’s employees participated in these programs. The costs associated with its employees were included in the Company’s consolidated financial statements for the periods prior to the Separation. Following the Separation, the Company has its own employee benefit and stock-based compensation plans at a corporate level that its employees participate in.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, as well as entities that the Company controls through its ownership of a majority voting interest or pursuant to control of a variable interest entity (“VIE”). All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying consolidated financial statements.
The Company holds a minority economic interest in a captive insurance company, which has been determined to be a VIE. The captive insurance is structured with protected cell captives for each insured party (“Captive Cells”) in which participants’ assets and liabilities are held separately from each other. The Company is the primary beneficiary of its individual Captive Cell and has the power to direct the activities that most significantly impact economic performance of its Captive Cell, as well as the obligation to absorb losses of, and receive benefits from the activities of its Captive Cell. Accordingly, the Company has prepared these consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) 810, Consolidation. ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the consolidated financial statements of such entity. As such, the consolidated financial statements include the consolidation of only the assets and liabilities of the Company’s Captive Cell.
Related-party transactions between the Company, MDU Resources, Centennial or other MDU Resources subsidiaries, for general operating activities, the Company’s participation in MDU Resources’ centralized cash management program through
Centennial, and intercompany debt were included in the consolidated financial statements for periods prior to the Separation. These related-party transactions were historically settled in cash and were reflected in the consolidated balance sheets prior to the Separation as Due from related-party, Due from related-party – noncurrent, Due to related-party, or Related-party notes payable. The aggregate net effect of general related-party operating activities was reflected in the consolidated statements of cash flows within operating activities for periods prior to the Separation. The effects of the Company’s participation in MDU Resources’ centralized cash management program and intercompany debt arrangements were reflected in the consolidated statements of cash flows within investing and financing activities for periods prior to the Separation.
Revenue Recognition
Revenue Recognition
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
The Company generates revenue from specialty contracting services which also includes the sale of construction equipment and other supplies. The Company provides specialty contracting services to a customer when a contract has been signed by both the customer and a representative of the Company obligating a service to be provided in exchange for the consideration identified in the contract. The nature of the services the Company provides generally includes multiple promised goods and services in a single project to create a distinct bundle of goods and services, which the Company has determined are single performance obligations. The transaction price includes the fixed consideration required pursuant to the original contract price together with any additional consideration, to which the Company expects to be entitled to, associated with executed change orders plus the estimate of variable consideration to which the Company expects to be entitled, subject to the following constraint.
The nature of the Company’s contracts gives rise to several types of variable consideration. Examples of variable consideration include: liquidated damages; performance bonuses or incentives and penalties; claims; unpriced change orders; and index pricing. The variable amounts usually arise upon achievement of certain performance metrics or change in project scope. The Company estimates the amount of revenue to be recognized on variable consideration using one of the two prescribed estimation methods, the expected value method or the most likely amount method, depending on which method best predicts the most likely amount of consideration the Company expects to be entitled to or expects to incur.
Assumptions as to the occurrence of future events and the likelihood and amount of variable consideration are made during the contract performance period. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on the assessment of anticipated performance and all information (historical, current, and forecasted) that is reasonably available to management. The Company only includes variable consideration in the estimated transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur or when the uncertainty associated with the variable consideration is resolved.
Changes in circumstances could impact management’s estimates made in determining the value of variable consideration recorded. When determining if the variable consideration is constrained, the Company considers if factors exist that could increase the likelihood or the magnitude of a potential reversal of revenue. The Company updates its estimate of the transaction price each reporting period and the effect of variable consideration on the transaction price is recognized as an adjustment to revenue on a cumulative catch-up basis.
Contract revenue is recognized over time using the input method based on the measurement of progress on a project. This is the preferred method of measuring revenue because the costs incurred have been determined to represent the best indication of the overall progress toward the transfer of such goods or services promised to a customer. Under the cost-to-cost measure of progress, the costs incurred are compared with total estimated costs of a performance obligation. Revenues are recorded proportionately to the costs incurred.
The Company also sells construction equipment and other supplies to third parties and internal customers. The contract for these sales is the use of a sales order or invoice, which includes the pricing and payment terms. All such contracts include a single performance obligation for the delivery of a single distinct product or a distinct separately identifiable bundle of products and services. Revenue is recognized at a point in time when the performance obligation has been satisfied with the delivery of the products or services. The warranties associated with the sales are those consistent with a standard warranty that the product meets certain specifications for quality or those required by law.
For most contracts, amounts billed to customers are due within 30 days of receipt. There are no material obligations for returns, refunds or other similar obligations.
The Company recognizes all other revenues when services are rendered or goods are delivered.
Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.
As part of the adoption of ASC 606 - Revenue from Contracts with Customers, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.
Contract Estimates and Changes in Estimates
Changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection.
Consolidation of Variable Interest Entities
Consolidation of Variable Interest Entities
The Company has an ownership interest in a captive insurance entity, which has been determined to be a VIE, that holds and acts as the administrator of segregated account protected Captive Cells. The captive insurance company is structured with protected Captive Cells for each insured party and is not exposed to the insurance and investment risks that the Captive Cells are designed to create and distribute on behalf of the insured parties. The Company has a variable interest in the captive insurance company due to its ownership interest. However, as the captive insurance company is not exposed to the variability of the Captive Cells, only the activity of the Captive Cell whose activities are controlled by the Company is recorded in the Company’s consolidated financial statements.
Cash deposits held by the Captive Cell are considered restricted cash as they are to remain in the Captive Cell.
Income Taxes
Income Taxes
Prior to the Separation, the Company’s operations were historically included in the consolidated federal income tax returns and combined and separate state income tax returns filed by MDU Resources. Pursuant to the tax sharing agreement that existed between MDU Resources and its subsidiaries, federal income taxes paid by MDU Resources, as parent of the consolidated group, were allocated to the individual subsidiaries based on separate company computations of tax. MDU Resources made a similar allocation for state income taxes paid in connection with combined state filings.
Following the Separation, Everus and its subsidiaries file consolidated federal income tax returns and combined and separate state income tax returns. Pursuant to the tax sharing agreement that exists between Everus and its subsidiaries, federal income taxes paid by Everus, as parent of the consolidated group, are allocated to the individual subsidiaries based on separate company computations of tax. Everus makes a similar allocation for state income taxes paid in connection with combined state filings.
The Company recognizes deferred federal and state income taxes on all temporary differences between the book and tax basis of the Company’s assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized as income in the period that includes the enactment date.
The Company records uncertain tax positions in accordance with accounting guidance on accounting for income taxes on the basis of a two-step process in which (i) the Company determines whether it is more-likely-than-not that the tax position will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of the tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. Tax positions that do not meet the more-likely-than-not criteria are reflected as a tax liability. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in income taxes in the consolidated statements of income.
Joint Ventures
Joint Ventures
The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation. For the years ended December 31, 2024, 2023 and 2022, the Company held interests between 25 percent and 50 percent in joint ventures formed primarily for the purpose of pooling resources on construction contracts.
Proportionate consolidation is used for joint ventures that include unincorporated legal entities when we hold an undivided interest in each asset and are proportionately liable for our share of liabilities and the activities of the joint ventures that are construction related. For those joint ventures accounted for under proportionate consolidation, only the Company’s pro rata share of assets, liabilities, revenues and expenses are included in the Company’s consolidated financial statements.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; expected credit losses; loss contingencies; costs on construction contracts; unbilled revenues; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.
Stock-Based Compensation
Stock-Based Compensation 
Prior to the Separation, eligible employees of the Company participated in MDU Resources’ stock-based compensation plans. The Company recorded compensation expense on awards granted by MDU Resources to its employees, including post-Separation compensation expense for certain Company employees who transferred from MDU Resources.
At the time of Separation, all outstanding MDU Resources restricted stock units held by Company employees were converted into Everus restricted stock units. The converted awards will continue to vest over the original vesting periods of three years from the respective grant dates. Refer to Note 10 – Stock-Based Compensation for additional information related to the conversion to Everus restricted stock unit awards.
Stock-based compensation awards are accounted for based on the estimated fair values at the grant date and compensation expense is recognized over the vesting period. The Company uses the straight-line amortization method to recognize compensation expense related to restricted stock units, which only have a service condition. This method recognizes stock compensation expense on a straight-line basis over the requisite service period for the entire award.
Prior to the Separation, the Company applied a forfeiture rate estimate, consistent with MDU Resources’ accounting policy, and adjusted compensation expense accordingly. Following the Separation, the Company implemented a change in accounting policy pertaining to forfeitures and is now recognizing forfeitures when they occur and recognizes the related true-up to expense on a cumulative catch-up basis at the time of the forfeitures.
Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash represents deposits held by the Company’s Captive Cell that are to be used solely for Captive Cell’s purposes.
Property, Plant and Equipment
Property, Plant and Equipment
Additions to property, plant and equipment are recorded at cost. Gains or losses resulting from the retirement or disposal of assets are recognized as a component of operating income. The Company capitalizes interest, when applicable, on certain property, plant and equipment. There was no interest capitalized in 2024 or 2023. Property, plant and equipment are depreciated on a straight-line basis over the average useful lives of the assets.
Goodwill
Goodwill
Goodwill represents the excess of the purchase price over the fair value of identifiable net tangible and intangible assets acquired in a business combination. Goodwill is required to be tested for impairment annually, which the Company completes in the fourth quarter, or more frequently if events or changes in circumstances indicate that goodwill may be impaired. 
The Company performed its annual goodwill impairment test in the fourth quarter of 2024. The Company determined that the reporting units for its goodwill impairment test were its operating segments, or components of an operating segment, that constitute a business for which discrete financial information is available and for which management regularly reviews the operating results. As such, the Company’s reporting units are Electrical & Mechanical, Transmission & Distribution, and Wagner Smith Equipment (“WSE”). For more information on the Company’s reporting units, refer to Note 5 – Goodwill and Other Intangible Assets. Goodwill impairment, if any, is measured by comparing the fair value of each reporting unit to its carrying value. If the fair value exceeds carrying value, the goodwill of the reporting unit is not impaired. If the carrying value exceeds fair value, the Company must record a goodwill impairment loss for the amount that the carrying value of the reporting unit, including goodwill, exceeds the fair value of the reporting unit. For the years ended December 31, 2024, 2023 and 2022, there were no goodwill impairment losses recorded. As of October 31, 2024, the fair value substantially exceeded the carrying value for all reporting units. 
Determining the fair value of a reporting unit requires judgment and the use of significant estimates which include assumptions about the Company’s future revenue, profitability and cash flows, amount and timing of estimated capital expenditures, inflation rates, risk-adjusted cost of capital, operational plans, and current and future economic conditions, among others. Prior to the Separation under MDU Resources, for 2023 and 2022, the fair value of each reporting unit was determined using a weighted combination of income and market approaches. Following the Separation as a standalone company, for 2024, the fair value of each reporting unit was determined using an income approach. The Company believed that the estimates and assumptions used in its goodwill impairment assessments were reasonable and based on available market information.
Impairment of Long-Lived Assets, Excluding Goodwill
Impairment of Long-Lived Assets, Excluding Goodwill 
The Company reviews the carrying values of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying values may not be recoverable. The Company tests long-lived assets for impairment at a lower level than that of goodwill impairment testing. Long-lived assets or groups of assets are evaluated for impairment at the lowest level of independently identifiable cash flows for an individual operation or group of operations collectively serving a local market. The determination of whether a long-lived asset impairment has occurred is based on an estimate of undiscounted future cash flows attributable to the assets, compared to the carrying value of the assets. If impairment has occurred, the amount of the long-lived asset impairment recognized is determined by estimating the fair value of the assets and recording a loss if the carrying value is greater than the fair value.
Leases
Leases
The Company determines if an arrangement contains a lease at inception of a contract and accounts for all leases in accordance with ASC 842 - Leases. The recognition of leases requires the Company to make estimates and assumptions that affect the lease classification, and the assets and liabilities recorded. The accuracy of lease assets and liabilities reported on the
consolidated balance sheets depends on, among other things, management’s estimates of interest rates used to discount the lease assets and liabilities to their present value, as well as the lease terms based on the unique facts and circumstances of each lease.
Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company recognizes leases with an original lease term of 12 months or less in net income on a straight-line basis over the term of the lease and does not recognize a corresponding right-of-use asset or lease liability. The Company’s lease agreements may contain variable lease payments based on inflation adjustments, property taxes and common area maintenance, all of which are expensed as incurred.
The Company determines the lease term based on the non-cancellable and cancellable periods in each contract. The non-cancellable period consists of the term of the contract that is legally enforceable and cannot be cancelled by either party without incurring a significant penalty. The cancellable period is determined by various factors that are based on who has the right to cancel a contract. If only the lessor has the right to cancel the contract, the Company will assume the contract will continue. If the lessee is the only party that has the right to cancel the contract, the Company looks to asset, entity and market-based factors. If both the lessor and the lessee have the right to cancel the contract, the Company assumes the contract will not continue.
The discount rate used to calculate the present value of the lease liabilities is based upon the implied rate within each contract. If the rate is unknown or cannot be determined, the Company uses an incremental borrowing rate, which is determined by the length of the contract, asset class and the Company’s borrowing rates, as of the commencement date of the contract.
Investments
Investments
The Company’s investments primarily include the cash surrender value of life insurance policies and insurance contracts. The Company measures its investments in insurance contracts at fair value with any unrealized gains and losses recorded on the consolidated statements of income. The Company’s valuation techniques used to measure fair value are designed to maximize the use of observable inputs and minimize the use of unobservable inputs.
Earnings Per Share
Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted earnings per share using the treasury stock method. Diluted earnings per share is calculated by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.
Fair Value
The Company’s Level 2 money market funds were included as a part of Investments on the consolidated balance sheets and are valued at the net asset value of shares held at the end of the period, based on published market quotations on active markets or using other known sources, including pricing from outside sources. The estimated fair value of the Company’s Level 2 insurance contracts was based on contractual cash surrender values that were determined primarily by investments in managed separate accounts of the insurer. These amounts approximated fair value. The managed separate accounts were valued based on other observable inputs or corroborated market data.
Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.
The estimated fair values of the Company’s Cash, cash equivalents and restricted cash, Receivables, Accounts payable and Other accrued liabilities approximated their carrying value due to the short-term maturities of these instruments.
The carrying value of the Company’s long-term debt as of December 31, 2023, classified as Related-party notes payable, approximated fair value based on a comparison with current prevailing market rates for borrowings of similar risks and maturities. In connection with the Separation, the Company used the net proceeds of newly issued debt to repay its Related-party notes payable, which were no longer outstanding as of December 31, 2024. Refer to Note 15 – Related-Party Transactions for additional information.
The Company has a captive insurance arrangement in which a Captive Cell within a captive insurance company holds cash, classified as restricted cash, and certain other accrued liabilities and other noncurrent liabilities in order to manage and administer insurance claims on behalf of the Company. The fair value of the assets and liabilities held by the Captive Cell
approximated their fair value as of December 31, 2024. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on the Company’s captive insurance arrangement.
New Accounting Standards
New Accounting Standards
Changes to GAAP are typically established by the Financial Accounting Standards Board (“FASB”) in the form of an Accounting Standards Update (“ASU”) to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs.
Recently Adopted Accounting Standards Updates
In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of Sunset Date, which included a sunset provision within ASC 848 - Reference Rate Reform, based on expectations of when the London Inter-Bank Offered Rate (“LIBOR”) would cease to be published. At the time ASU 2020-04 was issued, the UK Financial Conduct Authority had established its intent to cease overnight tenors of LIBOR after December 31, 2021. In March 2021, the UK
Financial Conduct Authority announced that the intended cessation date of the overnight tenors of LIBOR would be June 30, 2023, which is beyond the then-current sunset date of ASC 848. The amendments defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. Existing contracts referencing LIBOR or other reference rates expected to be discontinued must have identified a replacement rate by June 30, 2023. New contracts will incorporate a new reference rate, which includes the Secured Overnight Financing Rate (“SOFR”). The standard was effective upon issuance (December 21, 2022) through December 31, 2024. The Company has updated its credit agreements to include language regarding the successor or alternate rate to LIBOR. The Company determined the adoption of the guidance did not have a material impact on its audited consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which provided guidance on improving financial reporting by requiring disclosure on incremental segment information, primarily through enhanced disclosures about significant segment expenses on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The standard was effective for annual periods beginning in the fiscal year ending December 31, 2024, and will be effective for interim periods beginning January 1, 2025, with retrospective application for prior periods disclosed. The Company adopted the standard in the fourth quarter of fiscal year 2024. Refer to Note 12 – Business Segment Data for the related disclosure-only impacts of adopting this standard. Future interim periods will also be impacted through the inclusion of required updated disclosures.
New Accounting Standards Updates Not Yet Adopted
In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which provided guidance on accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statement in order to provide decision useful information to investors and other allocators of capital (collectively investors) in a joint venture’s financial statements and reduce diversity in practice. The new basis of accounting will require that a joint venture, upon formation, will recognize and initially measure its assets and liabilities at fair value (with the exceptions to fair value measurement that are consistent with the business combinations guidance). The standard will be effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. However, a joint venture that was formed before January 1, 2025, may elect to apply the guidance retrospectively if it has sufficient information. The Company is currently evaluating the impact the guidance will have on its interim and annual disclosures for the year ended December 31, 2025.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which provided guidance to address investors’ requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income tax paid information and effectiveness of income tax disclosures. The standard will be effective for fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which provided guidance to address investors’ requests for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development costs. The standard will be effective for fiscal year ending December 31, 2027, and interim periods beginning January 1, 2028. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ending December 31, 2027 and future interim periods beginning in 2028.
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Variable Interest Entities After consolidation by the Company, the total carrying amount of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the consolidated balance sheet held by the Captive Cell were as follows as of December 31:
2024
(In thousands)
Cash, cash equivalents and restricted cash
$16,057 
Other accrued liabilities
1,816 
Other noncurrent liabilities
$9,271 
Summary of Receivables, Net
Receivables consist primarily of trade receivables from the sale of goods and services, net of expected credit losses. The Company’s trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of December 31: 
20242023
(In thousands)
Trade receivables:
Completed contracts$42,462 $42,467 
Contracts in progress546,543 409,872 
Other8,120 5,254 
Receivables, gross597,125 457,593 
Less expected credit losses7,097 7,967 
Receivables, net$590,028 $449,626 
Summary of Net Receivables Activity
The following table presents the opening and closing balances of Receivables, net, as of December 31:
20242023
(In thousands)
Balance at beginning of period$449,626 $484,772 
Change during period140,402 (35,146)
Balance at end of period$590,028 $449,626 
Schedule of Company's Excepted Credit Losses
Details of the Company’s expected credit losses were as follows:
202420232022
(In thousands)
Balance at beginning of year
$7,967 $2,161 $2,533 
Current expected credit loss provision(56)6,202 186 
Less: write-offs charged against the allowance
870 455 626 
Credit loss recoveries collected56 59 68 
Balance at end of year
$7,097 $7,967 $2,161 
Schedule of the Effects of the Correction of Previously Reported Financial Statements
The following table reflects the effects of the correction on all affected line items of the Company’s previously reported Consolidated Balance Sheet as of December 31, 2023, presented in this Annual Report:
As Previously Reported
Adjustments
As Restated
(In thousands)
Balance Sheet
Receivables, net
$534,100 $(84,474)$449,626 
Contract assets, net
158,529 47,706 206,235 
Total current assets
766,063 (36,768)729,295 
Noncurrent retention receivable
21,355 (21,355)— 
Total noncurrent assets
344,519 (21,355)323,164 
Total assets
$1,110,582 $(58,123)$1,052,459 
Contract liabilities, net
$198,231 $(58,123)$140,108 
Total current liabilities
452,183 (58,123)394,060 
Total liabilities
661,732 (58,123)603,609 
Total liabilities and stockholders’ equity
$1,110,582 $(58,123)$1,052,459 
v3.25.0.1
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of the Disaggregation of Revenue
The following tables present revenue disaggregated by contract type:
Year ended December 31, 2024
Electrical & MechanicalTransmission & Distribution
Total
(In thousands)
Fixed-price
$1,299,059 $385,868 $1,684,927 
Unit-price
61,964 155,599 217,563 
Cost reimbursable*
670,424 295,679 966,103 
Total contract revenues
2,031,447 837,146 2,868,593 
Eliminations(7,536)(11,372)(18,908)
Total operating revenues
$2,023,911 $825,774 $2,849,685 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2023
Electrical & MechanicalTransmission & Distribution
Total

(In thousands)
Fixed-price
$1,049,626 $353,836 $1,403,462 
Unit-price
81,786 94,794 176,580 
Cost reimbursable*
1,003,455 285,947 1,289,402 
Total contract revenues
2,134,867 734,577 2,869,444 
Eliminations(9,324)(5,730)(15,054)
Total operating revenues
$2,125,543 $728,847 $2,854,390 
__________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
Year ended December 31, 2022
Electrical & MechanicalTransmission & Distribution
Total

(In thousands)
Fixed-price
$1,002,117 $308,530 $1,310,647 
Unit-price
91,565 116,831 208,396 
Cost reimbursable*
904,158 292,032 1,196,190 
Total contract revenues
1,997,840 717,393 2,715,233 
Eliminations(9,111)(6,872)(15,983)
Total operating revenues
$1,988,729 $710,521 $2,699,250 
___________________
*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.
The following table presents revenue disaggregated by customer type:
Years Ended December 31,
202420232022
(In thousands)
Commercial
$1,197,760 $1,204,016 $1,082,456 
Industrial
322,661 473,339 405,730 
Institutional
364,611 262,344 215,509 
Renewables
36,975 55,402 151,100 
Service & other
109,440 139,766 143,045 
Total Electrical & Mechanical
2,031,447 2,134,867 1,997,840 
Utility
753,725 677,434 645,077 
Transportation
83,421 57,143 72,316 
Total Transmission & Distribution
837,146 734,577 717,393 
Eliminations
(18,908)(15,054)(15,983)
Total operating revenues
$2,849,685 $2,854,390 $2,699,250 
Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities
Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of December 31:
20242023
(In thousands)
Costs incurred on uncompleted contracts
$7,034,838 $6,390,641 
Estimated earnings
995,766 840,994 
Costs and estimated earnings on uncompleted contracts8,030,604 7,231,635 
Less: billings to date
8,070,859 7,165,508 
Net contract assets (liabilities)
$(40,255)$66,127 
Contract assets and Contract liabilities consisted of the following as of December 31:
20242023
(In thousands)
Unbilled revenue, net
$124,007 $158,529 
Retainage, net
43,042 47,706 
Contract assets, net
$167,049 $206,235 
Deferred revenue, net
$206,283 $138,563 
Accrued loss provision1,021 1,545 
Contract liabilities, net
$207,304 $140,108 
The following table presents the opening and closing balances of net contract assets (liabilities):
20242023
Contract assets
Contract liabilities
Net contract assets (liabilities)
Contract assets
Contract liabilities
Net contract assets (liabilities)
(In thousands)
Balance at beginning of year
$206,235 $(140,108)$66,127 $223,098 $(124,395)$98,703 
Change during year
(39,186)(67,196)(106,382)(16,863)(15,713)(32,576)
Balance at end of year
$167,049 $(207,304)$(40,255)$206,235 $(140,108)$66,127 
Summary of Remaining Performance Obligations and Expected Revenue Recognition The table below shows additional information regarding the Company’s remaining performance obligations as of December 31, 2024, including an estimate of when the Company expects to recognize its remaining performance obligations as revenue:
Within 12 Months
Greater than 12 Months
(In thousands)
Electrical & Mechanical
$1,764,571 $435,208 
Transmission & Distribution
226,608 31,121 
Total $1,991,179 $466,329 
v3.25.0.1
Property, Plant, and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Summary of Property, Plant and Equipment
Property, plant and equipment, net as of December 31 was as follows:
20242023
Estimated Useful Life
(In thousands)
(In years)
Land$8,662 $8,662 
—
Buildings and improvements54,936 52,667 
5 to 33
Machinery and equipment86,689 78,019 
4 to 12
Vehicles133,437 113,783 
5 to 8
Other7,963 6,718 
3 to 7
Property, plant and equipment, gross
291,687 259,849 
Less: accumulated depreciation
157,278 143,831 
Property, plant and equipment, net
$134,409 $116,018 
The components of certain equipment leased to third parties under operating leases, which are included within Property, plant and equipment, net in the consolidated balance sheets, were as follows as of December 31;
20242023
(In thousands)
Machinery and equipment$59,549 $56,186 
Less: accumulated depreciation
29,687 29,134 
Property, plant and equipment, net $29,862 $27,052 
v3.25.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Other Intangible Assets
Other amortizable intangible assets as of December 31 were as follows:
20242023
(In thousands)
Noncompete agreements$— $292 
Less: accumulated amortization
— 292 
Net noncompete agreements
— — 
Customer relationships10,450 10,450 
Less: accumulated amortization
10,334 8,446 
Net customer relationships
116 2,004 
Total $116 $2,004 
Schedule of Amortization Expense for Finite-Lived Intangible Assets
Future amortization expense for finite-lived intangible assets as of December 31, 2024, is estimated to be as follows:
20252026202720282029
Total
(In thousands)
Amortization expense
$116 $— $— $— $— $116 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured on a Recurring Basis
The Company’s assets measured at fair value on a recurring basis were as follows:
Fair Value Measurements
as of December 31, 2024, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2024
(In thousands)
Assets:
Insurance contracts
$— $4,766 $— $4,766 
Total assets measured at fair value
$— $4,766 $— $4,766 
Fair Value Measurements
as of December 31, 2023, Using
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2023
(In thousands)
Assets:
Money market funds
$— $1,725 $— $1,725 
Insurance contracts
— 5,005 — 5,005 
Total assets measured at fair value
$— $6,730 $— $6,730 
Schedule of Assets and Liabilities Not Measured at Fair Value
The estimated fair value of the Company's Level 2 long-term debt was as follows:

As of December 31, 2024

(In thousands)
Carrying value
$300,000 
Fair value
$298,559 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Long-term debt outstanding was as follows:

Weighted Average Interest Rate as of December 31, 2024
As of December 31, 2024

(In percentage)
(In thousands)
Term loan due on October 31, 2029
6.84 %$300,000 
Less: unamortized debt issuance costs
4,352 
Total debt
295,648 
Less: current maturities
15,000 
Total long-term debt
$280,648 
Schedule of Maturities of Long-Term Debt
The amounts of scheduled long-term debt maturities, excluding unamortized debt issuance costs, for the five years following December 31, 2024, aggregate as follows:
20252026202720282029
Total
(In thousands)
Long-term debt maturities, including current portion
$15,000 $15,000 $15,000 $15,000 $240,000 $300,000 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Summary of Operating Leases, including Lease Terms, Discount Rates and Supplemental Cash Flow Information
The following table provides information on the Company’s lease costs for operating leases:
Years Ended December 31,
202420232022
(In thousands)
Lease costs:
Operating lease cost
$31,274 $26,386 $24,518 
Variable lease cost(1)
1,232 1,215 1,228 
Short-term lease cost(1)
107,421 99,964 103,075 
Total lease costs
$139,927 $127,565 $128,821 
__________________
(1)Subsequent to the filing of the audited consolidated financial statements for the year ended December 31, 2023 in the Form 10, the Company’s management determined that the Company incorrectly presented variable lease cost and short-term lease cost due to a clerical error when preparing the financial statements, including the related footnotes. The amount in the preceding table has been revised to correct the impact of this classification error for the year ended December 31, 2023. The reclassification error had no impact to results of operations, the balance sheet, or cash flows for the period described.
The following is summary information of lease terms and discount rates for operating leases as of December 31:
20242023
Weighted average remaining lease term (in years)
1.38 years1.34 years
Weighted average discount rate (in percentages)
5.50 %4.94 %
The following is a summary of other information and supplemental cash flow information related to operating leases:
Years Ended December 31,
202420232022
(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:



Operating cash flows used for operating lease liabilities
$31,156 $26,810 $24,071 
Right-of-use assets obtained in exchange for new operating lease liabilities$44,214 $43,917 $37,834 
Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities
The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the consolidated balance sheets, was as follows:
As of December 31, 2024
(In thousands)
2025$29,239 
202620,086 
202712,391 
20286,088 
20292,953 
Thereafter
3,091 
Total 73,848 
Less: discount
6,294 
Total operating lease liabilities
$67,554 
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Basic and diluted earnings per share were calculated as follows, based on a reconciliation of the weighted-average common shares outstanding on a basic and diluted basis:
Years ended December 31,
202420232022
(In thousands, except per share amounts)
Net income
$143,421 $137,230 $124,781 
Weighted average common shares outstanding - basic
50,97350,97250,972
Effect of dilutive securities - share-based awards
9900
Weighted average common shares outstanding - diluted
51,07250,97250,972
Earnings per share - basic
$2.81 $2.69 $2.45 
Earnings per share - diluted
$2.81 $2.69 $2.45 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Nonvested Restricted Stock Units Activity
A summary of restricted stock units, including the conversion to Everus restricted stock units, for the year ended December 31, 2024 was as follows: 
Restricted Stock Units
Number of Shares
Weighted Average Grant-Date Fair Value**
Nonvested pre-Separation243,327 $21.37 
Conversion to Everus restricted stock units*
(109,596)
Vested shares
(30,939)40.72 
Nonvested as of December 31, 2024
102,792 $38.33 
__________________
*Includes the conversion adjustments to preserve the intrinsic value of the awards.
**     Weighted average grant-date fair values represent post-separations of Knife River Corporation and the Company from MDU Resources in 2023 and 2024, respectively.
As of December 31, 2024, total remaining unrecognized compensation expense related to the restricted stock units was approximately $2.1 million, which will be amortized over a weighted average period of 1.7 years.
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Income tax expense on the consolidated statements of income was as follows:
Years ended December 31,
202420232022
(In thousands)
Current:
Federal$36,964 $39,468 $32,198 
State10,933 8,923 7,530 
Total current
47,897 48,391 39,728 
Deferred:
Federal1,214 (2,629)1,066 
State and city
412 (476)(6)
Total deferred
1,626 (3,105)1,060 
Total income tax expense
$49,523 $45,286 $40,788 
Schedule of Deferred Tax Assets and Liabilities
Components of deferred tax assets and deferred tax liabilities as of December 31 were as follows:
20242023
(In thousands)
Deferred tax assets:
Operating lease liabilities
$16,808 $13,951 
Compensation-related13,573 10,256 
Research and development costs
5,596 3,861 
Workers’ compensation reserve
1,878 1,497 
Employee benefit plans costs
1,614 1,046 
Bad debt reserve
1,437 1,760 
Capital investment overhead on contracts
535 458 
Other2,764 4,076 
Total deferred tax assets
44,205 36,905 
Deferred tax liabilities:
Basis differences on property, plant and equipment
(17,664)(17,173)
Operating lease right-of-use-assets
(16,672)(13,825)
Intangible assets
(10,912)(10,372)
Prepaid expenses
(6,597)(1,256)
Total deferred tax liabilities
(51,845)(42,626)
Valuation allowance
(521)(814)
Net deferred income tax liabilities
$(8,161)$(6,535)
Schedule of Effective Income Tax Rate Reconciliation
Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The reasons for this difference were as follows:
Years ended December 31,
202420232022
Amount
%
Amount
%
Amount
%
(In thousands, except percentages)
Computed tax at federal statutory rate
$40,518 21.0 %$38,328 21.0 %$34,769 21.0 %
Increases (reductions) resulting from:
State income taxes, net of federal income tax
9,085 4.7 7,714 4.2 6,423 3.9 
Tax compliance and uncertain tax positions
(751)(0.3)(1,506)(0.8)(275)(0.2)
Other671 0.3 750 0.4 (129)(0.1)
Total income tax expense
$49,523 25.7 %$45,286 24.8 %$40,788 24.6 %
Schedule of Unrecognized Tax Benefits
Reconciliations of unrecognized tax benefits were as follows as of December 31:
202420232022
(In thousands)
Balance at beginning of year
$656 $570 $513 
Additions based on tax positions related to current year
145 145 145 
Additions for tax positions of prior years
78 279 15 
Reductions for tax positions of prior years
— (60)(35)
Reductions resulting from a lapse of the applicable statute of limitations periods
(147)(278)(68)
Balance at end of year
$732 $656 $570 
v3.25.0.1
Business Segment Data (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:
Year ended December 31, 2024
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,031,447 $837,146 $— $2,868,593 
Eliminations
(7,536)(11,372)— (18,908)
Total segment operating revenues
2,023,911 825,774 — 2,849,685 
Cost of sales
1,804,095 703,152 2,987 2,510,234 
Gross profit
219,816 122,622 (2,987)339,451 
Selling, general and administrative expenses82,845 37,567 29,132 149,544 
Operating income$136,971 $85,055 $(32,119)189,907 
Interest expense
14,023 
Other income
4,875 
Total consolidated income before income taxes and income from equity method investments
$180,759 
Year ended December 31, 2023
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$2,134,867 $734,577 $— $2,869,444 
Eliminations
(9,324)(5,730)— (15,054)
Total segment operating revenues
2,125,543 728,847 — 2,854,390 
Cost of sales
1,911,721 620,738 13 2,532,472 
Gross profit
213,822 108,109 (13)321,918 
Selling, general and administrative expenses79,445 34,499 17,431 131,375 
Operating income$134,377 $73,610 $(17,444)190,543 
Interest expense
16,954 
Other income
3,981 
Total consolidated income before income taxes and income from equity method investments
$177,570 
Year ended December 31, 2022
E&MT&D
Corporate and Other
Consolidated Total
(In thousands)
Segment operating revenues
$1,997,840 $717,393 $— $2,715,233 
Eliminations
(9,111)(6,872)— (15,983)
Total segment operating revenues
1,988,729 710,521 — 2,699,250 
Cost of sales
1,816,938 606,097 169 2,423,204 
Gross profit
171,791 104,424 (169)276,046 
Selling, general and administrative expenses66,830 32,089 12,483 111,402 
Operating income$104,961 $72,335 $(12,652)164,644 
Interest expense
6,354 
Other income
1,379 
Total consolidated income before income taxes and income from equity method investments
$159,669 
Schedule of Segment Reporting Information by Segment
Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:
Years Ended December 31,
202420232022
E&MT&DE&MT&DE&MT&D
(In thousands)
Depreciation and amortization expense$6,358 $19,099 $6,200 $17,108 $5,751 $15,816 
Interest expense
(800)4,027 4,957 4,490 2,572 1,406 
Income taxes
38,609 20,989 33,143 17,399 26,318 17,628 
Capital expenditures*$7,944 $40,355 $4,853 $30,736 $6,373 $29,471 
__________________
*Capital expenditures for 2024, 2023 and 2022 include noncash transactions for capital expenditure-related accounts payable.
Reconciliation of Assets from Segments to Consolidated
Reconciliations of reportable segment assets to consolidated assets were as follows as of December 31:
20242023
(In thousands)
E&M segment assets
$764,470 $657,731 
T&D segment assets
410,887 373,617 
Total reportable segment assets
1,175,357 1,031,348 
Other assets
161,016 43,628 
Elimination of intercompany receivables
(47,910)(22,517)
Total consolidated assets
$1,288,463 $1,052,459 
v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Multiemployer Plans
The Company’s participation in the defined benefit multiemployer plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2024, 2023 and 2022 is for the plan’s year-end as of December 31, 2024, 2023 and 2022, respectively. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.
Among other factors, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.
Pension Fund 
EIN/ Pension 
Plan Number 
Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Contributions Surcharge Imposed Expiration Date of Collective Bargaining Agreement
2024
2023
2024
2023
2022
Edison Pension Plan
936061681-001
Green GreenNo $23,310 $16,957 $18,750 No 12/31/2026
IBEW Local 357 Pension Plan A
886023284-001Green GreenNo 4,376 18,936 12,876 No 
5/31/2027
IBEW Local 82 Pension Plan
316127268-001
Green as of 6/30/2024
Green as of 6/30/2023No 2,518 2,149 1,854 No 12/6/2026
IBEW Local 683 Pension Fund Pension Plan
341442087-001Green GreenNo 6,650 3,986 3,362 No 
5/30/2027
NEBF - National Electrical Benefit Fund
530181657-001Green GreenNo 18,233 19,040 18,060 No 
8/25/2024-1/31/2029
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
886003864-001
Green as of 6/30/2024
Green as of 6/30/2022No 3,788 8,020 6,304 No 
9/30/2025
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV
956052257-001Green Green
No
2,189 3,631 3,400 No 
6/30/2028
Other Funds 
21,722 22,639 22,060 
Total Contributions
$82,786 $95,358 $86,666 
The Company was listed in the plans’ Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:
Pension Fund 
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End) 
DB Pension Plan of AGC-IUOE Local 701 Pension Trust Fund
2023
Edison Pension Plan
2023 and 2022
Eight District Electrical Pension Fund
2022
Electrical Workers Local No. 26 Pension Fund
2023 and 2022
IBEW Local 82 Pension Plan
2023 and 2022
IBEW Local 124 Pension Trust Fund
2023 and 2022
IBEW Local 212 Pension Trust Fund
2023 and 2022
IBEW Local 357 Pension Plan A
2023 and 2022
IBEW Local 648 Pension Plan
2023 and 2022
IBEW Local 683 Pension Fund Pension Plan
2023 and 2022
National Electrical Benefit Fund
2023 and 2022
Pension and Retirement Plan of Plumbers and Pipefitters Local 525
2023 and 2022
Sheet Metal Workers Pension Plan of Southern, CA AZ and NV
2023 and 2022
Western States Insulators and Allied Workers’ Pension Plan
2023 and 2022
v3.25.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Related-party notes payable as of December 31, 2023, was as follows:

Weighted Average Interest Rate as of December 31, 2023
December 31, 2023

(In percentage)
(in thousands)
Borrowing arrangements with MDU Resources
5.94 %$168,531 
Total related-party notes payable
$168,531 
v3.25.0.1
Background and Nature of Operations - Narrative (Details)
 12 Months Ended
Oct. 31, 2024
$ / shares
shares
Dec. 31, 2024
segment
$ / shares
shares
Oct. 30, 2024
shares
Dec. 31, 2023
$ / shares
shares
Product Information [Line Items]        
Number of operating segments | segment   2    
Number of reportable segments | segment   2    
Common stock, issued (in shares) | shares 50,972,059 50,980,924 1,000 1,000
Common stock, outstanding (in shares) | shares 50,972,059 50,980,924 1,000 1,000
Common stock, stated value (in dollars per share) | $ / shares $ 0.01 $ 0.01   $ 1
MDU Resources Shareholders        
Product Information [Line Items]        
Common stock distribution ratio 0.25      
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
 10 Months Ended 12 Months Ended
Oct. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Product Information [Line Items]          
Advertising expenses   $ 1,100,000 $ 900,000 $ 800,000  
Selling, general and administrative expenses   149,544,000 131,375,000 111,402,000  
Other income   4,875,000 3,981,000 1,379,000  
Operating revenue   2,849,685,000 2,854,390,000 2,699,250,000  
Income from equity method investments   12,185,000 4,946,000 5,900,000  
Interest in assets of joint venture   0 1,800,000    
Investment in equity method investments   14,300,000 6,200,000    
Income from equity method investments   12,200,000 5,000,000.0 5,900,000  
Cash, cash equivalents and restricted cash   86,012,000 1,567,000 2,112,000 $ 668,000
Restricted cash   16,100,000 0    
Impairment of intangible assets, excluding goodwill   0 0 0  
Self-insured limit   5,000,000      
Deductible threshold   1,500,000      
Stop loss limit   1,000,000      
Manufactured equipment held for resale and/or rental          
Product Information [Line Items]          
Inventories   36,900,000 37,200,000    
Materials and supplies          
Product Information [Line Items]          
Inventories, materials and supplies   $ 6,800,000 5,500,000    
RSUs          
Product Information [Line Items]          
Award vesting period   3 years      
MDU Resources | RSUs          
Product Information [Line Items]          
Award vesting period 3 years        
Related party          
Product Information [Line Items]          
Other income   $ 47,000      
Related party | Allocated corporate expenses          
Product Information [Line Items]          
General corporate expenses   30,400,000 27,100,000 21,200,000  
Joint ventures          
Product Information [Line Items]          
Operating revenue   600,000 7,800,000 14,800,000  
Income from equity method investments   $ 200,000 $ 2,100,000 $ 3,000,000.0  
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Variable Interest Entity (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]        
Cash, cash equivalents and restricted cash $ 86,012 $ 1,567 $ 2,112 $ 668
Other noncurrent liabilities 22,472 $ 1,979    
VIE, primary beneficiary        
Variable Interest Entity [Line Items]        
Cash, cash equivalents and restricted cash 16,057      
Other accrued liabilities 1,816      
Other noncurrent liabilities $ 9,271      
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Summary of Accounts Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Product Information [Line Items]      
Other $ 8,120 $ 5,254  
Receivables, gross 597,125 457,593  
Less: expected credit losses 7,097 7,967  
Completed contracts      
Product Information [Line Items]      
Trade receivables 42,462 42,467  
Contracts in progress      
Product Information [Line Items]      
Trade receivables 546,543 409,872  
Nonrelated party      
Product Information [Line Items]      
Receivables, net $ 590,028 $ 449,626 $ 484,772
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Net Receivables Activity (Details) - Nonrelated party - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Current Receivables, Net [Roll Forward]    
Balance at beginning of period $ 449,626 $ 484,772
Change during period 140,402 (35,146)
Balance at end of period $ 590,028 $ 449,626
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Receivables Current Expected Credit Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period $ 7,967 $ 2,161 $ 2,533
Provision for credit losses (56) 6,202 186
Less: write-offs charged against the allowance 870 455 626
Credit loss recoveries collected 56 59 68
Balance at end of period $ 7,097 $ 7,967 $ 2,161
v3.25.0.1
Basis of Presentation and Summary of Significant Accounting Policies - Error Correction (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Contract assets, net $ 167,049 $ 206,235 $ 223,098
Total current assets 917,229 729,295  
Non-current retention receivable   0  
Total noncurrent assets 371,234 323,164  
Total assets 1,288,463 1,052,459  
Contract liabilities, net 207,304 140,108 124,395
Total current liabilities 513,370 394,060  
Total liabilities 865,851 603,609  
Total liabilities and stockholders’ equity 1,288,463 1,052,459  
As Previously Reported      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Contract assets, net   158,529  
Total current assets   766,063  
Non-current retention receivable   21,355  
Total noncurrent assets   344,519  
Total assets   1,110,582  
Contract liabilities, net   198,231  
Total current liabilities   452,183  
Total liabilities   661,732  
Total liabilities and stockholders’ equity   1,110,582  
Adjustments      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Contract assets, net   47,706  
Total current assets   (36,768)  
Non-current retention receivable   (21,355)  
Total noncurrent assets   (21,355)  
Total assets   (58,123)  
Contract liabilities, net   (58,123)  
Total current liabilities   (58,123)  
Total liabilities   (58,123)  
Total liabilities and stockholders’ equity   (58,123)  
Nonrelated party      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Receivables, net $ 590,028 449,626 $ 484,772
Nonrelated party | As Previously Reported      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Receivables, net   534,100  
Nonrelated party | Adjustments      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Receivables, net   $ (84,474)  
v3.25.0.1
Revenue from Contracts with Customers - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Unexecuted change orders $ 56,200 $ 57,300  
Change orders not approved by the customer 265,300 187,400  
Claim position 54,900 42,700  
Loss provision 1,021 1,545  
Remaining outstanding billings on large project 31,300    
Operating revenue recognized 117,500 116,300 $ 127,300
Net increase in revenues from performance obligations satisfied in prior periods 83,400 45,700 $ 46,900
Remaining performance obligation $ 2,460,000 $ 2,010,000  
v3.25.0.1
Revenue from Contracts with Customers - Schedule of the Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Operating revenue $ 2,849,685 $ 2,854,390 $ 2,699,250
Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,868,593 2,869,444 2,715,233
Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (18,908) (15,054) (15,983)
Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,684,927 1,403,462 1,310,647
Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 217,563 176,580 208,396
Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 966,103 1,289,402 1,196,190
Electrical & Mechanical      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,023,911 2,125,543 1,988,729
Electrical & Mechanical | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 2,031,447 2,134,867 1,997,840
Electrical & Mechanical | Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (7,536) (9,324) (9,111)
Electrical & Mechanical | Commercial | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,197,760 1,204,016 1,082,456
Electrical & Mechanical | Industrial | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 322,661 473,339 405,730
Electrical & Mechanical | Institutional | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 364,611 262,344 215,509
Electrical & Mechanical | Renewables | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 36,975 55,402 151,100
Electrical & Mechanical | Service & other | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 109,440 139,766 143,045
Electrical & Mechanical | Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 1,299,059 1,049,626 1,002,117
Electrical & Mechanical | Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 61,964 81,786 91,565
Electrical & Mechanical | Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 670,424 1,003,455 904,158
Transmission & Distribution      
Disaggregation of Revenue [Line Items]      
Operating revenue 825,774 728,847 710,521
Transmission & Distribution | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 837,146 734,577 717,393
Transmission & Distribution | Eliminations      
Disaggregation of Revenue [Line Items]      
Operating revenue (11,372) (5,730) (6,872)
Transmission & Distribution | Utility | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 753,725 677,434 645,077
Transmission & Distribution | Transportation | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 83,421 57,143 72,316
Transmission & Distribution | Fixed-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 385,868 353,836 308,530
Transmission & Distribution | Unit-price | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue 155,599 94,794 116,831
Transmission & Distribution | Cost reimbursable | Operating segments      
Disaggregation of Revenue [Line Items]      
Operating revenue $ 295,679 $ 285,947 $ 292,032
v3.25.0.1
Revenue from Contracts with Customers - Summary of Uncompleted Contracts and Contract Assets and Contract Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]      
Costs incurred on uncompleted contracts $ 7,034,838 $ 6,390,641  
Estimated earnings 995,766 840,994  
Costs and estimated earnings on uncompleted contracts 8,030,604 7,231,635  
Less: billings to date 8,070,859 7,165,508  
Net contract assets (liabilities) $ (40,255) $ 66,127 $ 98,703
v3.25.0.1
Revenue from Contracts with Customers - Summary of Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contract assets      
Unbilled revenue, net $ 124,007 $ 158,529  
Retainage, net 43,042 47,706  
Contract assets, net 167,049 206,235 $ 223,098
Contract liabilities      
Deferred revenue, net 206,283 138,563  
Accrued loss provision 1,021 1,545  
Contract liabilities, net $ 207,304 $ 140,108 $ 124,395
v3.25.0.1
Revenue from Contracts with Customers - Contract Assets and Liabilities Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Contract Assets      
Balance at beginning of period $ 206,235 $ 223,098  
Change during period (39,186) (16,863) $ 91,686
Balance at end of period 167,049 206,235 223,098
Contract Liabilities      
Balance at beginning of period (140,108) (124,395)  
Change during period (67,196) (15,713) (8,043)
Balance at end of period (207,304) (140,108) (124,395)
Net Contract Assets (Liabilities)      
Balance at beginning of period 66,127 98,703  
Change during period (106,382) (32,576)  
Balance at end of period $ (40,255) $ 66,127 $ 98,703
v3.25.0.1
Revenue from Contracts with Customers - Summary of Remaining Performance Obligations and Expected Revenue Recognition (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 2,460,000 $ 2,010,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 1,991,179  
Performance obligation satisfaction period 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | E&M    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 1,764,571  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | T&D    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation 226,608  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 466,329  
Performance obligation satisfaction period  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | E&M    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 435,208  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | T&D    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation $ 31,121  
v3.25.0.1
Property, Plant, and Equipment, Net - By Type (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 291,687 $ 259,849
Less: accumulated depreciation 157,278 143,831
Property, plant and equipment, net 134,409 116,018
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 8,662 8,662
Building and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 54,936 52,667
Building and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 5 years  
Building and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 33 years  
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 86,689 78,019
Machinery and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 4 years  
Machinery and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 12 years  
Vehicles    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 133,437 113,783
Vehicles | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 5 years  
Vehicles | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 8 years  
Other    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 7,963 $ 6,718
Other | Minimum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 3 years  
Other | Maximum    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, useful life 7 years  
v3.25.0.1
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation $ 23,384 $ 21,051 $ 19,220
v3.25.0.1
Property, Plant, and Equipment - Lessor (Details) - Machinery and equipment - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment $ 59,549 $ 56,186
Less: accumulated depreciation 29,687 29,134
Property, plant and equipment, net $ 29,862 $ 27,052
v3.25.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]      
Goodwill $ 143,224,000 $ 143,224,000  
Goodwill impairment 0 0 $ 0
Amortization expense for finite-lived intangible assets 1,888,000 2,097,000 2,249,000
Impairments of finite-lived intangible assets 0 0 $ 0
E&M      
Goodwill [Line Items]      
Goodwill 115,900,000 115,900,000  
T&D      
Goodwill [Line Items]      
Goodwill $ 27,300,000 $ 27,300,000  
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Less: accumulated amortization $ 10,334 $ 8,738
Intangible assets, net 116  
Total 116 2,004
Noncompete agreements    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 0 292
Less: accumulated amortization 0 292
Intangible assets, net 0 0
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Intangible assets, gross 10,450 10,450
Less: accumulated amortization 10,334 8,446
Intangible assets, net $ 116 $ 2,004
v3.25.0.1
Goodwill and Other Intangible Assets - Schedule of Amortization Expense for Finite-Lived Intangible Assets (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 116
2026 0
2027 0
2028 0
2029 0
Total $ 116
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unrealized gain (loss) on investments $ 585 $ 0 $ 0
Fair value, recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments, fair value 4,766 5,005  
Insurance contracts | Fair value, recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investments, fair value $ 4,800 $ 5,000  
v3.25.0.1
Fair Value Measurements - Schedule of Assets Measured on a Recurring Basis (Details) - Fair value, recurring - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Insurance contracts $ 4,766 $ 5,005
Money market funds   1,725
Total assets measured at fair value 4,766 6,730
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Insurance contracts 0 0
Money market funds   0
Total assets measured at fair value 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Insurance contracts 4,766 5,005
Money market funds   1,725
Total assets measured at fair value 4,766 6,730
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Insurance contracts 0 0
Money market funds   0
Total assets measured at fair value $ 0 $ 0
v3.25.0.1
Fair Value Measurements - Assets and Liabilities Not Measured at Fair Value (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Carrying value  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Long-term debt $ 300,000
Fair value  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Long-term debt $ 298,559
v3.25.0.1
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Nov. 29, 2024
Oct. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]          
Long-term debt     $ 295,648,000    
Payment of debt issuance costs     7,879,000 $ 0 $ 0
Amortization of debt issuance costs     $ 263,000 0 0
Letter of credit          
Debt Instrument [Line Items]          
Debt instrument, term     12 months    
Maximum borrowing capacity     $ 2,200,000 200,000  
Outstanding letters of credit     0 0  
Credit Agreement          
Debt Instrument [Line Items]          
Debt instrument, term   5 years      
Interest expense     4,100,000 $ 0 $ 0
Interest expense on outstanding borrowings     3,700,000    
Amortization of debt issuance costs     300,000    
Commitment fee     100,000    
Credit Agreement | Line of credit          
Debt Instrument [Line Items]          
Interest coverage ratio, maximum   3.00      
Interest coverage ratio, minimum   3.00      
Net leverage ratio   3.50      
Credit Agreement | Line of credit | Overnight bank funding rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   0.50%      
Credit Agreement | Line of credit | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.00%      
Credit Agreement | Line of credit | Minimum | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   2.00%      
Credit Agreement | Line of credit | Minimum | Base rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.00%      
Credit Agreement | Line of credit | Maximum | SOFR          
Debt Instrument [Line Items]          
Basis spread on variable rate   2.75%      
Credit Agreement | Line of credit | Maximum | Base rate          
Debt Instrument [Line Items]          
Basis spread on variable rate   1.75%      
Credit Agreement | Line of credit | Term loan          
Debt Instrument [Line Items]          
Face amount   $ 300,000,000      
Payment of debt issuance costs   $ 4,400,000      
Quarterly amortization payment (as a percent)   5.00%      
Credit Agreement | Line of credit | Revolving credit facility          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 225,000,000 209,400,000    
Proceeds from line of credit   40,000,000      
Repayments of long-term lines of credit $ 40,000,000        
Long-term debt     0    
Outstanding letters of credit     $ 15,600,000    
Payment of debt issuance costs   $ 3,500,000      
Credit Agreement | Line of credit | Revolving credit facility | Minimum          
Debt Instrument [Line Items]          
Commitment fee percentage   0.30%      
Credit Agreement | Line of credit | Revolving credit facility | Maximum          
Debt Instrument [Line Items]          
Commitment fee percentage   0.45%      
Credit Agreement | Line of credit | Letter of credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 50,000,000      
v3.25.0.1
Debt - Long-Term Debt Details (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Weighted-average interest rate 6.84%  
Long-term debt, gross $ 300,000  
Less: unamortized debt issuance costs 4,352  
Total debt 295,648  
Less: current maturities (15,000) $ 0
Total long-term debt $ 280,648  
v3.25.0.1
Debt - Schedule of Long-Term Debt Maturities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Disclosure [Abstract]  
2025 $ 15,000
2026 15,000
2027 15,000
2028 15,000
2029 240,000
Total debt $ 300,000
v3.25.0.1
Leases - Narrative (Details)
$ in Thousands
 12 Months Ended
Mar. 31, 2024
USD ($)
ft²
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Lessee, Lease, Description [Line Items]        
Operating lease not yet commenced   $ 4,200    
Term of operating lease not yet commenced   3 years    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]   Operating revenue Operating revenue Operating revenue
Revenue recognized from operating leases   $ 41,400 $ 45,300 $ 47,400
Lease receivables   $ 11,300 $ 9,300  
Minimum        
Lessee, Lease, Description [Line Items]        
Renewal term   1 year    
Maximum        
Lessee, Lease, Description [Line Items]        
Renewal term   5 years    
Bismarck, ND headquarters        
Lessee, Lease, Description [Line Items]        
Operating lease term 60 months      
Area of real estate property (in square feet) | ft² 16,188      
Average annual rent payments $ 303      
Average annual common area maintenance charges $ 102      
Vehicles | Maximum        
Lessee, Lease, Description [Line Items]        
Operating lease term   5 years    
Equipment | Maximum        
Lessee, Lease, Description [Line Items]        
Operating lease term   5 years    
Building | Maximum        
Lessee, Lease, Description [Line Items]        
Operating lease term   35 years    
v3.25.0.1
Leases - Summary of Operating Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 31,274 $ 26,386 $ 24,518
Variable lease cost 1,232 1,215 1,228
Short-term lease cost 107,421 99,964 103,075
Total lease costs $ 139,927 $ 127,565 $ 128,821
v3.25.0.1
Leases - Lease Term, Discount Rate and Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Weighted average remaining lease term (in years) 1 year 4 months 17 days 1 year 4 months 2 days  
Weighted average discount rate (in percentages) 5.50% 4.94%  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows used for operating lease liabilities $ 31,156 $ 26,810 $ 24,071
Right-of-use assets obtained in exchange for new operating lease liabilities $ 44,214 $ 43,917 $ 37,834
v3.25.0.1
Leases - Reconciliation of Future Undiscounted Cash Flows to Operating Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 29,239
2026 20,086
2027 12,391
2028 6,088
2029 2,953
Thereafter 3,091
Total 73,848
Less: discount 6,294
Total operating lease liabilities $ 67,554
v3.25.0.1
Earnings Per Share - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Oct. 30, 2024
Earnings Per Share [Abstract]          
Common stock, issued (in shares) 50,980,924 1,000   50,972,059 1,000
Common stock, outstanding (in shares) 50,980,924 1,000   50,972,059 1,000
Shares excluded from the calculation of diluted earnings per share due to their dilutive effect (in shares) 0 0 0    
Stock-based awards outstanding (in shares)   0 0    
v3.25.0.1
Earnings Per Share - Basic and Diluted (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net income $ 143,421 $ 137,230 $ 124,781
Weighted average common shares outstanding - basic (in shares) 50,973 50,972 50,972
Effect of dilutive securities - share based awards (in shares) 99 0 0
Weighted average common shares outstanding - diluted (in shares) 51,072 50,972 50,972
Earnings per share - basic (in dollars per share) $ 2.81 $ 2.69 $ 2.45
Earnings per share - diluted (in dollars per share) $ 2.81 $ 2.69 $ 2.45
v3.25.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of shares authorized to grant (in shares) 2,500,000      
Stock-based compensation expense $ 1,600,000 $ 800,000 $ 1,100,000  
Number of shares issued for services (in shares) 8,865      
RSUs        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Incremental compensation expenses $ 0      
Award vesting period 3 years      
Unrecognized compensation expense $ 2,100,000      
Weighted-average recognition period 1 year 8 months 12 days      
Number of shares (in shares) 102,792     243,327
Share-based payment arrangement        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of shares available for grant (in shares) 2,500,000      
Shares issued for services $ 600,000      
Performance shares        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Award vesting period     3 years  
Number of shares (in shares) 0 0    
Performance shares - market condition | Minimum        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Target performance award (as a percent)     0.00%  
Performance shares - market condition | Maximum        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Target performance award (as a percent)     200.00%  
v3.25.0.1
Stock-Based Compensation - Rollforward of Nonvested Restricted Stock Units (Details) - RSUs
 2 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Nonvested, beginning balance (in shares) 243,327
Conversion to Everus restricted stock units (in shares) (109,596)
Vested shares (in shares) (30,939)
Nonvested, ending balance (in shares) 102,792
Weighted Average Grant-Date Fair Value**  
Beginning balance (in dollars per share) | $ / shares $ 21.37
Vested shares (in dollars per share) | $ / shares 40.72
Ending balance (in dollars per share) | $ / shares $ 38.33
v3.25.0.1
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 36,964 $ 39,468 $ 32,198
State 10,933 8,923 7,530
Total current 47,897 48,391 39,728
Deferred:      
Federal 1,214 (2,629) 1,066
State and city 412 (476) (6)
Total deferred 1,626 (3,105) 1,060
Total income tax expense $ 49,523 $ 45,286 $ 40,788
v3.25.0.1
Income Taxes - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Operating lease liabilities $ 16,808 $ 13,951
Compensation-related 13,573 10,256
Research and development costs 5,596 3,861
Workers’ compensation reserve 1,878 1,497
Employee benefit plans costs 1,614 1,046
Bad debt reserve 1,437 1,760
Capital investment overhead on contracts 535 458
Other 2,764 4,076
Total deferred tax assets 44,205 36,905
Deferred tax liabilities:    
Basis differences on property, plant and equipment (17,664) (17,173)
Operating lease right-of-use-assets (16,672) (13,825)
Intangible assets (10,912) (10,372)
Prepaid expenses (6,597) (1,256)
Total deferred tax liabilities (51,845) (42,626)
Valuation allowance (521) (814)
Net deferred income tax liabilities $ (8,161) $ (6,535)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]    
Operating loss carryforward, state and local $ 16,500 $ 16,500
Valuation allowance 521 814
Valuation allowance, operating loss carryforward    
Valuation Allowance [Line Items]    
Valuation allowance $ 500 $ 800
v3.25.0.1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Amount      
Computed tax at federal statutory rate $ 40,518 $ 38,328 $ 34,769
State income taxes, net of federal income tax 9,085 7,714 6,423
Tax compliance and uncertain tax positions (751) (1,506) (275)
Other 671 750 (129)
Total income tax expense $ 49,523 $ 45,286 $ 40,788
Percent      
Computed tax at federal statutory rate 21.00% 21.00% 21.00%
State income taxes, net of federal income tax 4.70% 4.20% 3.90%
Tax compliance and uncertain tax positions (0.30%) (0.80%) (0.20%)
Other 0.30% 0.40% (0.10%)
Total income tax expense 25.70% 24.80% 24.60%
v3.25.0.1
Income Taxes - Schedule of Unrecognized Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Balance at beginning of year $ 656 $ 570 $ 513
Additions based on tax positions related to current year 145 145 145
Additions for tax positions of prior years 78 279 15
Reductions for tax positions of prior years 0 (60) (35)
Reductions resulting from a lapse of the applicable statute of limitations periods (147) (278) (68)
Balance at end of year $ 732 $ 656 $ 570
v3.25.0.1
Business Segment Data - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Number of operating segments 2    
Number of reportable segments 2    
Single customer | Customer concentration risk | Operating revenue      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   16.80% 14.50%
Single customer | Customer concentration risk | Operating revenue | Operating segments | E&M      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   22.50% 19.60%
Single customer | Customer concentration risk | Operating revenue | Operating segments | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage) 17.20%    
Single customer | Customer concentration risk | Trade receivables      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   14.10%  
Two customers | Customer concentration risk | Operating revenue | Operating segments | T&D      
Segment Reporting Information [Line Items]      
Concentration risk (as a percentage)   31.20% 29.80%
v3.25.0.1
Business Segment Data - Summary of Operating Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Operating revenue $ 2,849,685 $ 2,854,390 $ 2,699,250
Cost of sales 2,510,234 2,532,472 2,423,204
Gross profit 339,451 321,918 276,046
Selling, general and administrative expenses 149,544 131,375 111,402
Operating income 189,907 190,543 164,644
Interest expense 14,023 16,954 6,354
Other income 4,875 3,981 1,379
Income before income taxes and income from equity method investments 180,759 177,570 159,669
Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 2,868,593 2,869,444 2,715,233
Corporate and Other      
Segment Reporting Information [Line Items]      
Operating revenue 0 0 0
Cost of sales 2,987 13 169
Gross profit (2,987) (13) (169)
Selling, general and administrative expenses 29,132 17,431 12,483
Operating income (32,119) (17,444) (12,652)
Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue (18,908) (15,054) (15,983)
E&M      
Segment Reporting Information [Line Items]      
Operating revenue 2,023,911 2,125,543 1,988,729
E&M | Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 2,031,447 2,134,867 1,997,840
Cost of sales 1,804,095 1,911,721 1,816,938
Gross profit 219,816 213,822 171,791
Selling, general and administrative expenses 82,845 79,445 66,830
Operating income 136,971 134,377 104,961
Interest expense (800) 4,957 2,572
E&M | Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue (7,536) (9,324) (9,111)
T&D      
Segment Reporting Information [Line Items]      
Operating revenue 825,774 728,847 710,521
T&D | Operating segments      
Segment Reporting Information [Line Items]      
Operating revenue 837,146 734,577 717,393
Cost of sales 703,152 620,738 606,097
Gross profit 122,622 108,109 104,424
Selling, general and administrative expenses 37,567 34,499 32,089
Operating income 85,055 73,610 72,335
Interest expense 4,027 4,490 1,406
T&D | Eliminations      
Segment Reporting Information [Line Items]      
Operating revenue $ (11,372) $ (5,730) $ (6,872)
v3.25.0.1
Business Segment Data - Summary of Segment Reporting Information by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Interest expense $ 14,023 $ 16,954 $ 6,354
Income taxes expense 49,523 45,286 40,788
E&M | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization expense 6,358 6,200 5,751
Interest expense (800) 4,957 2,572
Income taxes expense 38,609 33,143 26,318
Capital expenditures 7,944 4,853 6,373
T&D | Operating segments      
Segment Reporting Information [Line Items]      
Depreciation and amortization expense 19,099 17,108 15,816
Interest expense 4,027 4,490 1,406
Income taxes expense 20,989 17,399 17,628
Capital expenditures $ 40,355 $ 30,736 $ 29,471
v3.25.0.1
Business Segment Data - Summary of Segment Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]    
Total assets $ 1,288,463 $ 1,052,459
Operating segments    
Segment Reporting Information [Line Items]    
Total assets 1,175,357 1,031,348
Operating segments | E&M    
Segment Reporting Information [Line Items]    
Total assets 764,470 657,731
Operating segments | T&D    
Segment Reporting Information [Line Items]    
Total assets 410,887 373,617
Corporate and Other    
Segment Reporting Information [Line Items]    
Total assets 161,016 43,628
Eliminations    
Segment Reporting Information [Line Items]    
Total assets $ (47,910) $ (22,517)
v3.25.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Deferred compensation expense $ 1.3 $ 1.6 $ 1.1
Costs incurred for defined contribution plans $ 6.2 4.5 4.5
Percentage of total workforce covered by collective bargaining agreement 83.00%    
Percentage of total workforce covered by collective bargaining agreement expiring within one year 24.00%    
Pension plan      
Defined Benefit Plan Disclosure [Line Items]      
Amounts contributed to defined contribution multiemployer plans $ 67.3 73.3 67.6
Defined multiemployer plans      
Defined Benefit Plan Disclosure [Line Items]      
Amounts contributed to defined contribution multiemployer plans 82.8 95.4 86.7
Other Funds       
Defined Benefit Plan Disclosure [Line Items]      
Amounts contributed to defined contribution multiemployer plans $ 91.5 $ 86.6 $ 79.1
v3.25.0.1
Employee Benefit Plans - Summary of Plan Participation (Details) - Defined multiemployer plans - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]      
Contributions  $ 82,786 $ 95,358 $ 86,666
Edison Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  23,310 16,957 18,750
IBEW Local 357 Pension Plan A      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  4,376 18,936 12,876
IBEW Local 82 Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,518 2,149 1,854
IBEW Local 683 Pension Fund Pension Plan      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  6,650 3,986 3,362
NEBF - National Electrical Benefit Fund      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  18,233 19,040 18,060
Pension and Retirement Plan of Plumbers and Pipefitters Local 525      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  3,788 8,020 6,304
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  2,189 3,631 3,400
Other Postemployment Retirement Benefit Funds      
Defined Benefit Plan Disclosure [Line Items]      
Contributions  $ 21,722 $ 22,639 $ 22,060
v3.25.0.1
Commitments, Contingencies and Guarantees - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Loss Contingencies [Line Items]    
Loss contingency accrual $ 4,500,000 $ 100,000
Loss contingency receivable 1,000,000.0 100,000
Surety Bond    
Loss Contingencies [Line Items]    
Guarantor obligations, maximum exposure, undiscounted 717,000,000.0 299,900,000
Performance Guarantee    
Loss Contingencies [Line Items]    
Guarantor obligations, maximum exposure, undiscounted 542,700,000 341,400,000
Fixed maximum amounts guaranteed by year 2025 172,400,000  
Fixed maximum amounts guaranteed by year 2026 307,700,000  
Fixed maximum amounts guaranteed by year 2027 43,000,000  
Fixed maximum amounts guaranteed by year 2028 19,200,000  
Fixed maximum amounts guaranteed by year 2029 400,000  
Guarantor obligations outstanding 0 0
Letter of credit    
Loss Contingencies [Line Items]    
Maximum borrowing capacity $ 2,200,000 200,000
Letters of credit, term 12 months  
Outstanding letters of credit $ 0 $ 0
v3.25.0.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]        
Other income   $ 4,875 $ 3,981 $ 1,379
Long-term debt   280,648    
Minimum        
Related Party Transaction [Line Items]        
Transition services agreement period 20 months      
Maximum        
Related Party Transaction [Line Items]        
Transition services agreement period 2 years      
Related party        
Related Party Transaction [Line Items]        
Other income   47    
Repayments of long-term debt   0 45,000 0
Long-term debt   0 168,531  
Repayments of short-term debt   0 27,000 0
Allocated corporate expenses | Related party        
Related Party Transaction [Line Items]        
General corporate expenses   30,400 27,100 21,200
Transition services agreement | Related party        
Related Party Transaction [Line Items]        
General corporate expenses   700    
Cash management and financing program | Related party        
Related Party Transaction [Line Items]        
Payment of dividend   60,000    
Interest expense   10,200 17,000 6,400
Cash management and financing program | Related party | Notes payable        
Related Party Transaction [Line Items]        
Repayments of long-term debt $ 230,000      
Long-term debt   $ 0 168,531  
Notes payable | Related party        
Related Party Transaction [Line Items]        
Face amount       $ 27,000
Notes payable | Related party | Notes payable        
Related Party Transaction [Line Items]        
Repayments of long-term debt     45,000  
Repayments of short-term debt     $ 27,000  
v3.25.0.1
Related Party Transactions - Intercompany Long-Term Borrowing Arrangements (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]    
Weighted-average interest rate 6.84%  
Long-term debt $ 280,648  
Related party    
Related Party Transaction [Line Items]    
Long-term debt 0 $ 168,531
Notes payable | Cash management and financing program | Related party    
Related Party Transaction [Line Items]    
Weighted-average interest rate   5.94%
Long-term debt $ 0 $ 168,531