RELATED PARTY TRANSACTIONS |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||
| RELATED PARTY TRANSACTIONS |
The Company has a limited number of related party transactions. The most significant transactions relate to property leases with the management of certain subsidiaries who own or have an ownership interest in real estate and other companies. The leases are for office space, equipment yards or maintenance shops and have an annual cost of approximately $5 million. The leases expire at various points over the next to seven years. During the six months ended June 30, 2026, the Company has performed work for and received services from entities owned or partially owned by the management of certain subsidiaries. For the work performed, the Company earned approximately $675 thousand and $1.9 million in revenue, and for the services received, incurred approximately $228 thousand and $270 thousand of expense for the three and six months ended June 30, 2026, respectively. In connection with the CEC Acquisition, the Company recorded a payable to the sellers, some of whom are now related parties, that is directly linked to a project‑specific receivable of approximately $15 million owed to CEC as of the acquisition date. Consistent with the closing settlement mechanics, amounts received from the customer on this receivable will be remitted to the sellers and, accordingly, the Company recognized a liability for the expected remittance. The arrangement does not impact gross profit, as the payable represents a pass‑through of cash collected on a pre‑close balance rather than consideration for post‑close performance. The asset and liability are presented within other current assets and liabilities, respectively, given the expected collection and remittance timeframe of less than 12 months.
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