Cover Page Document
Cover Page Document - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Mar. 04, 2022 | |
Cover [Abstract] | ||
Document type | 10-K | |
Document annual report | true | |
Document period end date | Dec. 31, 2021 | |
Document transition report | false | |
Entity file number | 000-11917 | |
Entity registrant name | THE DAVEY TREE EXPERT COMPANY | |
Entity well-known seasoned issuer | No | |
Entity voluntary filers | No | |
Entity current reporting status | Yes | |
Entity interactive data current | Yes | |
Entity filer category | Accelerated Filer | |
Entity emerging growth company | false | |
Entity small business | false | |
ICFR Auditor Attestation Flag | true | |
Entity shell company | false | |
Entity common stock, shares outstanding | 44,653,277 | |
Entity public float | $ 662,355,695 | |
Entity central index key | 0000277638 | |
Current fiscal year end date | --12-31 | |
Document fiscal year focus | 2021 | |
Document fiscal period focus | FY | |
Amendment flag | false | |
Entity incorporation, state or country code | OH | |
Entity tax identification number | 34-0176110 | |
Entity address, address description | 1500 North Mantua Street | |
Entity address, address line one | P.O. Box 5193 | |
Entity address, city or town | Kent | |
Entity address, state or province | OH | |
Entity address, postal zip code | 44240 | |
City area code | 330 | |
Local phone number | 673-9511 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | Deloitte & Touche LLP |
Auditor Location | Cleveland, Ohio |
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Current assets: | ||
Cash | $ 19,460 | $ 16,201 |
Accounts receivable, net | 278,280 | 252,921 |
Operating supplies | 12,662 | 10,206 |
Prepaid expenses | 30,911 | 24,956 |
Other current assets | 6,942 | 778 |
Total current assets | 348,255 | 305,062 |
Property and equipment: | ||
Land and land improvements | 22,129 | 19,731 |
Buildings and leasehold improvements | 63,933 | 49,460 |
Equipment | 646,552 | 623,847 |
Property and equipment | 732,614 | 693,038 |
Less accumulated depreciation | 504,629 | 488,321 |
Property, Plant and Equipment, Net | 227,985 | 204,717 |
Right-of-use assets - operating leases | 86,423 | 55,893 |
Other assets | 42,665 | 29,756 |
Intangible assets, net | 11,633 | 11,670 |
Goodwill | 55,980 | 48,256 |
Total assets | 772,941 | 655,354 |
Current liabilities: | ||
Current portion of long-term debt, finance lease liabilities and short-term debt | 25,268 | 21,813 |
Current portion of operating lease liabilities | 28,682 | 19,124 |
Accounts payable | 43,021 | 42,787 |
Accrued expenses | 75,138 | 98,441 |
Self-insurance accruals | 48,867 | 37,707 |
Total current liabilities | 220,976 | 219,872 |
Long-term debt | 48,552 | 2,101 |
Senior unsecured notes | 74,979 | 74,967 |
Lease liabilities - finance leases | 8,646 | 6,479 |
Lease liabilities - operating leases | 57,335 | 36,612 |
Self-insurance accruals | 77,099 | 71,573 |
Other liabilities | 11,583 | 10,689 |
Total liabilities | 499,170 | 422,293 |
Redeemable common shares related to 401KSOP and Employee Stock Ownership Plan (ESOP): 9,392 and 10,226 shares at redemption value as of December 31, 2021 and 2020* | 169,931 | 153,387 |
Common shareholders' equity:* | ||
Common shares, $0.50 par value, per share; 96,000 shares authorized; 76,436 and 75,602 shares issued and outstanding before deducting treasury shares and which excludes 9,392 and 10,226 shares subject to redemption as of December 31, 2021 and 2020 | 38,379 | 37,801 |
Additional paid-in capital | 135,897 | 110,069 |
Retained earnings | 239,979 | 206,711 |
Accumulated other comprehensive loss | (4,173) | (4,547) |
Stockholders' equity before treasury stock | 410,082 | 350,034 |
Less: Cost of Common shares held in treasury; 41,325 shares in 2021 and 40,187 in 2020 | 306,242 | 270,360 |
Total common shareholders' equity | 103,840 | 79,674 |
Total liabilities and shareholders' equity | $ 772,941 | $ 655,354 |
Redeemable stock, outstanding | shares | 9,391,790 | 10,225,768 |
Treasury stock, shares | shares | 41,325,298 | 40,187,216 |
Common stock, shares issued | shares | 76,435,752 | 75,601,752 |
Stock split, conversion ratio | 2 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 |
Common stock, shares authorized | shares | 96,000,000 | 96,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Revenues | $ 1,378,053 | $ 1,287,552 | $ 1,143,720 |
Costs and expenses: | |||
Operating | 884,232 | 823,297 | 730,096 |
Selling | 242,453 | 227,392 | 209,148 |
General and administrative | 99,784 | 89,528 | 76,738 |
Depreciation | 52,927 | 53,888 | 57,292 |
Amortization of intangible assets | 3,044 | 2,827 | 2,545 |
Gain on sale of assets, net | (5,653) | (3,581) | (2,055) |
Costs and expenses | 1,276,787 | 1,193,351 | 1,073,764 |
Income from operations | 101,266 | 94,201 | 69,956 |
Other income (expense): | |||
Interest expense | (4,973) | (6,899) | (8,514) |
Interest income | 175 | 2,135 | 348 |
Other income (expense), net | (7,021) | (5,555) | (8,112) |
Income before income taxes | 89,447 | 83,882 | 53,678 |
Income taxes | 23,748 | 22,945 | 12,628 |
Net income | $ 65,699 | $ 60,937 | $ 41,050 |
Share data:* | |||
Earnings per share--basic | $ / shares | $ 1.46 | $ 1.39 | $ 0.90 |
Earnings per share--diluted | $ / shares | $ 1.38 | $ 1.32 | $ 0.86 |
Weighted-average shares outstanding: | |||
Basic | shares | 45,081,254 | 43,963,900 | 45,812,528 |
Diluted | shares | 47,590,076 | 46,066,172 | 47,956,178 |
Stock split, conversion ratio | 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income | $ 65,699 | $ 60,937 | $ 41,050 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments gains/(losses) | 84 | 895 | 1,186 |
Defined benefit pension plans: | |||
Net gain (loss) arising during the year | 141 | (152) | (147) |
Amortization of defined benefit pension items: | |||
Net actuarial (gain) loss | 102 | 66 | (1,456) |
Prior service cost | 47 | 47 | 48 |
Amortization of defined benefit pension items: | 149 | 113 | (1,408) |
Defined benefit pension plan adjustments | 290 | (39) | (1,555) |
Total other comprehensive income (loss), net of tax | 374 | 856 | (369) |
Comprehensive income | $ 66,073 | $ 61,793 | $ 40,681 |
Statements of Consolidated Shar
Statements of Consolidated Shareholders' Equity $ in Thousands | USD ($)$ / sharesshares | Common sharesUSD ($) | Additional paid-in capitalUSD ($) | Common shares subscribed, unissuedUSD ($) | Retained earningsUSD ($) | Accumulated other comprehensive income (loss), net of taxUSD ($) | Common shares held in treasuryUSD ($) | Common shares subscription receivableUSD ($) |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018 | $ 41,049 | $ 37,272 | $ 82,623 | $ 6,799 | $ 155,160 | $ (5,034) | $ (235,042) | $ (729) |
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||
Net income | 41,050 | 41,050 | ||||||
Change in 401KSOP and ESOP related shares | (5,507) | 495 | 10,180 | (16,182) | ||||
Shares sold to employees | 14,552 | 5,604 | 8,948 | |||||
Options exercised | 1,788 | (1,850) | 3,638 | |||||
Options exercised | 2,450 | (1,988) | (6,799) | 10,508 | 729 | |||
Stock-based compensation | $ 1,797 | 1,797 | ||||||
Dividends declared per share | $ / shares | $ 0.05 | |||||||
Dividends | $ (2,317) | (2,317) | ||||||
Currency translation adjustments | 1,186 | 1,186 | ||||||
Defined benefit pension plans | (1,555) | (1,555) | ||||||
Shares purchased | (34,647) | (34,647) | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2019 | 59,846 | 37,767 | 96,366 | 0 | 177,711 | (5,403) | (246,595) | 0 |
Balance at the end of the year at Dec. 31, 2019 | $ (5,403) | |||||||
Common shares, at end of year at Dec. 31, 2019 | shares | 75,533,756 | |||||||
Balance at the beginning of the year at Dec. 31, 2018 | $ (5,034) | |||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||
Net income | 60,937 | 60,937 | ||||||
Change in 401KSOP and ESOP related shares | (28,831) | 34 | 801 | (29,666) | ||||
Shares sold to employees | 23,307 | 10,973 | 12,334 | |||||
Options exercised | 2,519 | (461) | 2,980 | |||||
Stock-based compensation | $ 2,390 | 2,390 | ||||||
Dividends declared per share | $ / shares | $ 0.05 | |||||||
Dividends | $ (2,271) | (2,271) | ||||||
Currency translation adjustments | 895 | 895 | ||||||
Defined benefit pension plans | (39) | (39) | ||||||
Shares purchased | (39,079) | (39,079) | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2020 | 79,674 | 37,801 | 110,069 | 0 | 206,711 | (4,547) | (270,360) | 0 |
Balance at the end of the year at Dec. 31, 2020 | $ (4,547) | |||||||
Common shares, at end of year at Dec. 31, 2020 | shares | 75,601,752 | |||||||
Common shares, at beginning of year at Dec. 31, 2019 | shares | 75,533,756 | |||||||
Balance at the beginning of the year at Dec. 31, 2019 | $ (5,403) | |||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||
Shares purchased, shares | shares | 3,195,858 | |||||||
Shares sold | shares | (2,022,094) | |||||||
Net income | $ 65,699 | 65,699 | ||||||
Change in 401KSOP and ESOP related shares | (16,550) | 578 | 12,405 | (29,533) | ||||
Shares sold to employees | 21,190 | 10,899 | 10,291 | |||||
Options exercised | 4,330 | (443) | 4,773 | |||||
Stock-based compensation | $ 2,967 | 2,967 | ||||||
Dividends declared per share | $ / shares | $ 0.06 | |||||||
Dividends | $ (2,898) | (2,898) | ||||||
Currency translation adjustments | 84 | 84 | ||||||
Defined benefit pension plans | 290 | 290 | ||||||
Shares purchased | (50,946) | (50,946) | ||||||
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2021 | $ 103,840 | $ 38,379 | $ 135,897 | $ 0 | $ 239,979 | $ (4,173) | $ (306,242) | $ 0 |
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||
Stock split, conversion ratio | 2 | |||||||
Balance at the end of the year at Dec. 31, 2021 | $ (4,173) | |||||||
Common shares, at end of year at Dec. 31, 2021 | shares | 76,435,752 | |||||||
Common shares, at beginning of year at Dec. 31, 2020 | shares | 75,601,752 | |||||||
Balance at the beginning of the year at Dec. 31, 2020 | $ (4,547) | |||||||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||||||
Common shares, subscribed, value | $ (12,563) | |||||||
Common shares, subscribed, shares | shares | (1,275,428) | |||||||
Shares purchased, shares | shares | 3,259,943 | |||||||
Shares sold | shares | (1,474,453) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 65,699 | $ 60,937 | $ 41,050 |
Adjustments to reconcile net income to net cash provided by operating activities net of assets/liabilities acquired: | |||
Depreciation | 52,927 | 53,888 | 57,292 |
Amortization | 3,044 | 2,827 | 2,545 |
Gain on sale of assets | (5,653) | (3,581) | (2,055) |
Deferred income taxes | (1,652) | (5,358) | 1,398 |
Other | 4,091 | (29) | 2,860 |
Changes in operating assets and liabilities, net of assets acquired: | |||
Accounts receivable | (24,853) | (21,366) | (32,573) |
Accounts payable and accrued expenses | (26,349) | 52,577 | 7,188 |
Increase (Decrease) in Self Insurance Reserve | 16,685 | 13,597 | 8,791 |
Other assets, net | (7,970) | (1,411) | (3,143) |
Adjustments to reconcile net income to net cash provided by operating activities | 10,270 | 91,144 | 42,303 |
Net cash provided by operating activities | 75,969 | 152,081 | 83,353 |
Capital expenditures: | |||
Equipment | (50,929) | (46,407) | (52,841) |
Land and buildings | (16,599) | (5,243) | (5,514) |
Purchases of businesses, net of cash acquired and debt incurred | (11,725) | (8,065) | (8,529) |
Proceeds from sales of property and equipment | 6,955 | 4,787 | 3,562 |
Purchases of marketable securities | (14,888) | 0 | 0 |
Purchases of marketable securities | 8 | 0 | 0 |
Net cash used in investing activities | (87,178) | (54,928) | (63,322) |
Financing activities | |||
Revolving credit facility borrowings | 420,443 | 596,500 | 469,500 |
Revolving credit facility payments | 374,324 | 658,500 | 501,000 |
Proceeds from notes payable | 235,083 | 269,445 | 114,140 |
Payments of notes payable | (235,087) | (281,985) | (95,007) |
Payments of financing leases | (3,348) | (1,996) | (1,282) |
Purchases of common shares for treasury | (50,946) | (39,079) | (34,647) |
Sales of common shares from treasury | 25,520 | 25,827 | 18,060 |
Cash received on common-share subscriptions | 0 | 0 | 729 |
Dividends | (2,898) | (2,271) | (2,317) |
Net cash provided by (used in) financing activities | 14,443 | (92,059) | (31,824) |
Effect of exchange rate changes on cash | 25 | 107 | 132 |
Increase (Decrease) in cash | 3,259 | 5,201 | (11,661) |
Cash, beginning of year | 16,201 | 11,000 | 22,661 |
Cash, end of year | $ 19,460 | $ 16,201 | $ 11,000 |
Our Business
Our Business | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Our Business | Our Business We provide a wide range of arboricultural, horticultural, environmental and consulting services to residential, utility, commercial and government entities throughout the United States and Canada. We have two reportable operating segments organized by type or class of customer: Residential and Commercial, and Utility. Residential and Commercial --Residential and Commercial provides services to our residential and commercial customers including: the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life; the practice of landscaping, grounds maintenance, tree surgery, tree feeding and tree spraying; the application of fertilizer, herbicides and insecticides; and natural resource management and consulting, forestry research and development, and environmental planning. Utility --Utility is principally engaged in providing services to our utility customers--investor-owned, municipal utilities, and rural electric cooperatives--including: the practice of line-clearing and vegetation management around power lines and rights-of-way and chemical brush control, natural resource management and consulting, forestry research and development and environmental planning. We also maintain research, technical support and laboratory diagnostic facilities. When we refer to "we," "us," "our," "Davey Tree," and the "Company," we mean The Davey Tree Expert Company, unless the context indicates otherwise. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation --The consolidated financial statements include the accounts of Davey Tree and our wholly-owned subsidiaries and were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Intercompany accounts and transactions have been eliminated in consolidation. Common Stock Split-- On September 17, 2021 our board of directors approved and declared a two-for-one stock split in the form of a stock dividend, pursuant to which each of our shareholders of record at the close of business on October 1, 2021 received one additional common share for each then-held common share, which was paid on October 15, 2021. On September 20, 2021, in connection with the stock split, the Company filed a Certificate of Amendment to its 2017 Amended Articles of Incorporation with the Secretary of State of the State of Ohio, which became effective upon filing and (1) proportionately increased the authorized number of common shares from 48,000,000 to 96,000,000 and (2) proportionately decreased the par value of the issued and unissued common shares from $1.00 per share to $.50 per share. We have given retroactive consideration to the two-for-one stock split of our common shares effected in October 2021, including all common share and per share data. Use of Estimates in Financial Statement Preparation --The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts. Estimates are used for, but not limited to, accounts receivable valuation, depreciable lives of fixed assets, long-lived asset valuation, self-insurance accruals, stock valuation and revenue recognition. Actual results could differ from those estimates. While the coronavirus ("COVID-19") pandemic did not have a material adverse effect on our reported results for our fiscal year, the overall extent and duration of the impact of COVID-19 on businesses and economic activity generally remains unclear. The extent to which our operations may be impacted by COVID-19 will depend largely on future developments, which are highly uncertain due to its continual evolution, such as resurgences in cases and the emergence of new strains of COVID-19, and cannot be accurately predicted, including new information which may emerge concerning the severity of the outbreak and actions by government authorities to contain the pandemic or treat its impact, including reimposing previously-lifted measures and the possibility additional measures will be put in place, among other things. The Company’s fiscal quarters each contain thirteen operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains fourteen operating weeks. Property and Equipment --Property and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years Intangible Assets --Intangible assets with finite lives, primarily customer lists, noncompete agreements and tradenames, are amortized by the straight-line method based on their estimated useful lives, ranging from one year to seven years. Long-Lived Assets --We assess potential impairment to our long-lived assets, other than goodwill, when there is evidence that events or changes in circumstances have made recovery of the asset’s carrying value unlikely and the carrying amount of the asset exceeds the estimated future undiscounted cash flow. In the event the assessment indicates that the carrying amounts may not be recoverable, an impairment loss would be recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of the estimated future cash flows. Goodwill --Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identified net assets acquired. Goodwill is not amortized, but tested for impairment annually or when events or circumstances indicate that impairment may have occurred. Annually, we perform the impairment tests for goodwill during the fourth quarter. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. Impairment of goodwill is tested at the reporting-unit level, which for us are also our business segments. Impairment of goodwill is tested by comparing the reporting unit’s carrying value, including goodwill, to the fair value of the reporting unit. The fair values of the reporting units are estimated using discounted projected cash flows. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying value of the goodwill allocated to that reporting unit. We conducted our annual impairment tests and determined that no impairment loss was required to be recognized in 2021 or for any prior periods. There were no events or circumstances from the date of our assessment through December 31, 2021 that would impact this conclusion. Self-Insurance Accruals --We are generally self-insured for losses and liabilities related primarily to workers’ compensation, vehicle liability and general liability claims. We use commercial insurance as a risk-reduction strategy to minimize catastrophic losses. Self-insurance accruals consist of the projected settlement value of reported and unreported claims. Ultimate losses are accrued based upon estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company-specific experience. Our self-insurance accruals include claims for which the ultimate losses will develop over a period of years. Estimating ultimate losses of reported and unreported claims is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain. Accordingly, our estimates of ultimate losses can change as claims mature. Our accruals also are affected by changes in the number of new claims incurred and claim severity. The methods for estimating the ultimate losses and the total cost of claims were determined by third-party consulting actuaries; the resulting accruals are reviewed by management, and any adjustments arising from changes in estimates are reflected in income. Our self-insurance accruals are based on estimates and, while we believe that the amounts accrued are adequate and not excessive, the ultimate claims may be in excess of or less than the amounts provided. Changes in claims incurred, claim severity, or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. Stock-Based Compensation - -Stock-based compensation cost for all share-based payment plans is measured at fair value on the date of grant and recognized over the employee service period on the straight-line recognition method for awards expected to vest. The fair value of all stock-based payment plans—stock option plans, stock-settled stock appreciation rights, and performance-based restricted stock units as well as our Employee Stock Purchase Plan—is determined by the number of awards granted and the price of our common stock. The fair value of each award is estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. Defined Benefit Pension Plans --We record annual expenses relating to our defined benefit pension plans based on calculations that include various actuarial assumptions, including discount rates and expected long-term rates of return on plan assets. Actuarial assumptions are reviewed annually with modifications made to the assumptions, if necessary, based on current rates and trends. The effects of the actuarial gains or losses are amortized over future service periods. The funded status (that is, the projected benefit obligation less the fair value of plan assets) for each plan is reported in our balance sheet using a December 31 measurement date. Changes in the funded status of the plans are recognized in the year in which the changes occur and reported in comprehensive income (loss). Income Taxes --We compute taxes on income in accordance with the tax rules and regulations where the income is earned. The income tax rates imposed by these taxing authorities vary. Taxable income may differ from pretax income for financial reporting purposes. We compute and recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. Changes in tax rates and laws are reflected in income in the period when such changes are enacted. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. Earnings Per Share --Basic earnings per share is determined by dividing the income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted-average number of shares is increased to include the effect of stock awards that were granted and outstanding during the period. Revenue Recognition --We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. See Note T for a detailed description of our revenue recognition policy. Concentration of Credit Risk --Credit risk represents the accounting loss that would be recognized if the counterparties failed to perform as contracted. The principal financial instruments subject to credit risk are as follows: Cash --To limit our exposure, we transact our business and maintain banking relationships with high credit-quality financial institutions. Accounts Receivable --Our residential and commercial customers are located geographically throughout the United States and Canada and, as to commercial customers, within differing industries; thus, minimizing credit risk. The credit exposure of utility services customers is directly affected by conditions within the utility industries as well as the financial condition of individual customers. One utility customer approximated 13% of revenues during 2021, 17% in 2020 and 12% in 2019. To reduce credit risk, we evaluate the credit of customers, but generally do not require advance payments or collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. Foreign Currency Translation and Transactions --Assets and liabilities of our Canadian operations are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in the consolidated balance sheet, classified in shareholders’ equity as a separate component of accumulated other comprehensive income (loss). Gains or losses resulting from Canadian-dollar transactions with the Canadian operations are converted to U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is classified in the statement of operations as a component of other nonoperating income (expense), net. Comprehensive Income (Loss) --Comprehensive income (loss) includes net income and other comprehensive income or loss. Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Guidance | Recent Accounting Guidance Accounting Standard Adopted in 2021 Accounting Standards Update 2019-12, Income Taxes (Topic 740)– Simplifying the Accounting for Income Taxes --In December 2019, the FASB issued Accounting Standards Update ("ASU") No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12)", which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company adopted ASU 2019-12 beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material effect on the Company's financial statements. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations [Text Block] | Business Combinations Our investments in businesses were: (a) $18,399 in 2021, including liabilities assumed of $3,713 and debt issued of $2,961; (b) $11,150 in 2020, including liabilities assumed of $613 and debt issued of $2,472; and (c) $12,620 in 2019, including $1,479 of liabilities assumed and debt issued of $2,612. The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. The purchase price allocations may be revised as a we finalize the fair value of the assets acquired and liabilities assumed. The Company’s intangible assets consist of tradenames, non-competition agreements and customer relationships. The tradenames and customer relationships intangible assets were assigned an average 6-year useful life, and the non-competition agreements were assigned an average 5-year useful life. The excess of the purchase price over the estimated fair values of the net assets acquired was recorded as an increase in goodwill of approximately $7,723 in 2021 ($2,228 of which is deductible for tax purposes), $5,635 in 2020 (5,635 of which is deductible for tax purposes) and $4,174 in 2019 ($1,610 of which is deductible for tax purposes). The results of operations of acquired businesses have been included in the consolidated statements of operations beginning as of the effective dates of acquisition. The effect of these acquisitions on our consolidated revenues and results of operations, either individually or in the aggregate, for the years ended December 31, 2021, 2020 and 2019 was not significant. |
Accounts Receivable, Net and Su
Accounts Receivable, Net and Supplemental Balance Sheet Information | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | |
Accounts Receivable, Net and Supplemental Balance Sheet Information | Accounts Receivable, Net and Supplemental Balance Sheet Information Accounts receivable, net, consisted of the following: December 31, Accounts receivable, net 2021 2020 Accounts receivable $ 215,336 $ 214,887 Unbilled receivables (1) 65,957 42,251 281,293 257,138 Less allowances for credit losses 3,013 4,217 Total $ 278,280 $ 252,921 (1) Unbilled receivables consist of work-in-process in accordance with the terms of contracts, primarily with utility services customers. The following items comprised the amounts included in the balance sheets: December 31, Other current assets 2021 2020 Refundable income taxes $ 1,346 $ — Assets invested for self-insurance 4,250 — Other 1,346 778 Total $ 6,942 $ 778 December 31, Property and equipment, net 2021 2020 Land and land improvements $ 22,129 $ 19,731 Buildings and leasehold improvements 63,933 49,460 Equipment 646,552 623,847 732,614 693,038 Less accumulated depreciation 504,629 488,321 Total $ 227,985 $ 204,717 December 31, Other assets, noncurrent 2021 2020 Assets invested for self-insurance $ 25,401 $ 19,359 Investment--cost-method affiliate 1,258 1,258 Deferred income taxes 4,937 4,167 Cloud computing arrangements 6,530 — Other 4,539 4,972 Total $ 42,665 $ 29,756 December 31, Accrued expenses 2021 2020 Employee compensation $ 37,828 $ 36,108 Accrued compensated absences 11,007 14,534 Self-insured medical claims 2,891 2,065 Customer advances, deposits 4,009 2,067 Income taxes payable 145 6,926 Taxes, other than income 13,789 30,354 Other 5,469 6,387 Total $ 75,138 $ 98,441 December 31, Other liabilities, noncurrent 2021 2020 Pension and retirement plans $ 8,713 $ 7,365 Other 2,870 3,324 Total $ 11,583 $ 10,689 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Supplemental cash flow information follows: Year Ended December 31, Supplemental cash flow information 2021 2020 2019 Interest paid $ 4,929 $ 7,159 $ 8,463 Income taxes paid, net 34,094 27,494 5,758 Noncash transactions: Debt issued for purchases of businesses $ 2,961 $ 2,472 $ 2,612 Detail of acquisitions: Assets acquired: Cash $ 292 $ — $ 3 Accounts receivable 509 10 2,332 Operating supplies 1,044 22 84 Prepaid expense 203 6 27 Equipment 4,049 1,932 1,837 Other assets 1,574 — 96 Intangible assets 3,005 3,545 4,067 Goodwill 7,723 5,635 4,174 Liabilities assumed (3,713) (613) (1,479) Debt issued for purchases of businesses (2,961) (2,472) (2,612) Cash paid $ 11,725 $ 8,065 $ 8,529 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | Marketable Securities The following table summarizes available-for-sale debt securities held at December 31, 2021 by asset type: Available-For-Sale Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2021 Fixed maturity: United States Government and agency securities $ 3,244 $ 11 $ (25) $ 3,230 Corporate notes and bonds 174 2 — 176 Total available for sale debt securities $ 3,418 $ 13 $ (25) $ 3,406 Marketable securities are composed of available-for-sale debt securities and marketable equity securities and all marketable securities are held at fair value. We carry our marketable securities portfolio in long-term assets since they are generally held for the settlement of our insurance claims processed through our wholly owned captive insurance subsidiary. Available-for-sale debt securities are included in other assets totaling $3,406 at December 31, 2021. Realized gains and losses on sales of available-for-sale debt securities are recognized in net income on the specific identification basis. Changes in the fair values of available-for-sale debt securities that are determined to be holding gains or losses are recorded through accumulated other comprehensive income (loss) net of applicable taxes, within shareholders' equity. In assessing whether a credit loss exists, we evaluate our ability to hold the investment, the strength of the underlying collateral and the extent to which the investment's amortized cost or cost, as appropriate, exceeds its related fair value. As of December 31, 2021 we held approximately $11,386 in marketable equity securities. Realized and unrealized gains and losses on marketable equity securities are included in other income (expense) in the Consolidated Statements of Operations. The net carrying values of available-for-sale debt securities at December 31, 2021 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Amortized Cost Fair Value Due: Less than one year $ — $ — One year through five years 1,807 1,802 Six years through ten years 193 195 After ten years 1,418 1,409 Total $ 3,418 $ 3,406 |
Identified Intangible Assets an
Identified Intangible Assets and Goodwill, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Identified Intangible Assets and Goodwill, Net [Text Block] | Intangible Assets and Goodwill, Net The carrying amounts of the identified intangible assets and goodwill acquired in connection with our acquisitions were as follows: Weighted-Average December 31, 2021 December 31, 2020 Carrying Accumulated Carrying Accumulated Amortized intangible assets: Customer lists/relationships 4.0 years $ 32,294 $ 24,090 $ 30,402 $ 22,040 Employment-related 2.7 years 9,946 8,301 9,320 7,755 Tradenames 3.9 years 8,426 6,642 7,938 6,195 Amortized intangible assets 50,666 $ 39,033 47,660 $ 35,990 Less accumulated amortization 39,033 35,990 Intangible assets, net $ 11,633 $ 11,670 Goodwill $ 55,980 $ 48,256 The changes in the carrying amounts of goodwill, by segment, for the years ended December 31, 2021 and December 31, 2020 were as follows: Balance at January 1, 2021 Acquisitions Translation Balance at December 31, 2021 Utility $ 4,911 $ — $ — $ 4,911 Residential and Commercial 43,345 7,723 1 51,069 Total $ 48,256 $ 7,723 $ 1 $ 55,980 Balance at January 1, 2020 Acquisitions Translation Balance at December 31, 2020 Utility $ 4,911 $ — $ — $ 4,911 Residential and Commercial 37,374 5,635 336 43,345 Total $ 42,285 $ 5,635 $ 336 $ 48,256 Future aggregate amortization expense of intangible assets -- The aggregate amortization expense of intangible assets, as of December 31, 2021, in each of the next five years was as follows: Future Amortization Expense Year ending December 31, 2022 $ 3,030 2023 2,860 2024 2,538 2025 1,755 2026 915 Thereafter 535 $ 11,633 |
Short and Long-Term Debt and Co
Short and Long-Term Debt and Commitments Related to Letters of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short and Long-Term Debt and Commitments Related to Letters of Credit [Text Block] | Short and Long-Term Debt and Commitments Related to Letters of Credit Short-term debt consisted of the following: December 31, 2021 2020 Current portion of long-term debt $ 22,809 $ 19,540 Current portion of finance leases 2,459 2,273 $ 25,268 $ 21,813 We have short-term lines of credit with several banks totaling $11,181. At December 31, 2021, we had $9,051 available under the lines of credit and $2,130 committed through issued letters of credit, Borrowings outstanding generally bear interest at the banks' prime rate or LIBOR plus a margin adjustment of .75% to 1.50%. Long-term debt consisted of the following: December 31, 2021 2020 Revolving credit facility Swing-line borrowings $ 16,832 $ — LIBOR borrowings 30,000 — 46,832 — 3.99% Senior unsecured notes 50,000 50,000 4.00% Senior unsecured notes 25,000 25,000 Term loans 25,182 21,864 147,014 96,864 Less debt issuance costs 674 256 Less current portion 22,809 19,540 $ 123,531 $ 77,068 Revolving Credit Facility -- In August 2021, the Company amended and restated its revolving credit facility with its existing bank group. The amended and restated credit agreement, which expires in August 2026, permits borrowings, as defined, of up to $325,000, including a letter of credit sublimit of $150,000 and a swing-line commitment of $30,000. Under certain circumstances, the amount available under the revolving credit facility may be increased to $425,000. The revolving credit facility contains certain affirmative and negative covenants customary for this type of facility and includes financial covenant ratios with respect to a maximum leverage ratio (not to exceed 3.00 to 1.00 with exceptions in case of material acquisitions) and a minimum interest coverage ratio (not less than 3.00 to 1.00), in each case subject to certain further restrictions as described in the credit agreement. As of December 31, 2021, we had unused commitments under the revolving credit facility approximating $275,291 and $49,709 committed, which consisted of $46,832 borrowings and issued letters of credit of $2,877. Borrowings outstanding bear interest, at the Company's option, of either (a) the base rate or (b) LIBOR plus a margin adjustment ranging from .875% to 1.50%--with the margin adjustments based on the Company's leverage ratio at the time of borrowing. The base rate is the greater of (i) the agent bank’s prime rate, (ii) LIBOR plus 1.50%, or (iii) the federal funds rate plus .50%. A commitment fee ranging from .10% to .225% is also required based on the average daily unborrowed commitment. 3.99% Senior Unsecured Notes-- On September 21, 2018, we issued 3.99% Senior Notes, Series A (the "3.99% Senior Notes"), in the aggregate principal amount of $50,000. The 3.99% Senior Notes are due September 21, 2028. The 3.99% Senior Notes were issued pursuant to a Note Purchase and Private Shelf Agreement (the "Note Purchase and Shelf Agreement") between the Company, PGIM, Inc. and the purchasers of the 3.99% Senior Notes, which was amended in September 2021. Among other things, the amendment increased the total facility limit to $150,000 and extended the issuance period for subsequent series of promissory notes to be issued and sold pursuant to the Note Purchase and Shelf Agreement to September 2024. The amendment also amended certain provisions and covenants to generally conform them to the corresponding provisions and covenants in the amended and restated revolving credit agreement. In addition, the amendment and restatement of the revolving credit agreement in August 2021 provided that the Company is permitted to incur indebtedness arising under the Note Purchase and Shelf Agreement in an aggregate principal amount not to exceed $150,000. As the Company has previously issued notes in an aggregate amount of $75,000 under the Note Purchase and Shelf Agreement, it now has capacity to issue subsequent series of promissory notes pursuant to the Note Purchase and Shelf Agreement (the "Shelf Notes") in an aggregate amount of up to $75,000. The 3.99% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable semiannually and five equal, annual principal payments of $10,000 commence on September 21, 2024 (the sixth anniversary of issuance). The Note Purchase and Shelf Agreement contains customary events of default and covenants related to limitations on indebtedness and transactions with affiliates and the maintenance of certain financial ratios. The Company may prepay at any time all, or from time to time any part of, the outstanding principal amount of the 3.99% Senior Notes, subject to the payment of a make-whole amount. 4.00% Senior Unsecured Notes-- On February 5, 2019, we issued 4.00% Senior Notes, Series B (the "4.00% Senior Notes") pursuant to the Note Purchase and Shelf Agreement in the aggregate principal amount of $25,000. The 4.00% Senior Notes are due September 21, 2028. The 4.00% Senior Notes are equal in right of payment with our revolving credit facility and all other senior unsecured obligations of the Company. Interest is payable semiannually and five equal, annual principal payments commence on September 21, 2024. The net proceeds of all senior notes were used to pay down borrowings under our revolving credit facility. Term loans --Periodically, the Company will enter into term loans for the procurement of insurance or to finance acquisitions. Term Loans, Weighted-Average Interest Rate --The weighted-average interest rate on the term loans approximated 2.22% at December 31, 2021 and 3.89% at December 31, 2020. Aggregate Maturities of Long-Term Debt --Aggregate maturities of long-term debt for the five years subsequent to December 31, 2021 were as follows: 2022--$22,809; 2023--$1,477; 2024--$15,896; 2025--$15,000; 2026--$61,832; and thereafter $30,000. Accounts Receivable Securitization Facility --In May 2021, the Company amended its Accounts Receivable Securitization Facility (the "AR Securitization program") to extend the scheduled termination date for an additional one year period, to June 30, 2022. In addition to extending the termination date, the amendment included a change to the letter of credit ("LC") issuance fee payable under the terms of the agreement. The AR Securitization program has a limit of $100,000, of which $83,355 was issued for LCs as of both December 31, 2021 and December 31, 2020. Under the AR Securitization program, Davey Tree transfers by selling or contributing current and future trade receivables to a wholly-owned, bankruptcy-remote financing subsidiary which pledges a perfected first priority security interest in the trade receivables--equal to the issued LCs as of December 31, 2021--to the bank in exchange for the bank issuing LCs. Fees payable to the bank include: (a) an LC issuance fee, payable on each settlement date, in the amount of .90% per annum (1% prior to the May 2021 amendment) on the aggregate amount of all LCs outstanding plus outstanding reimbursement obligations (e.g., arising from drawn LCs), if any, and (b) an unused LC fee, payable monthly, equal to (i) .35% per annum for each day on which the sum of the total LCs outstanding plus any outstanding reimbursement obligations is greater than or equal to 50% of the facility limit and (ii) .45% per annum for each day on which the sum of the total LCs outstanding plus any outstanding reimbursement obligations is less than 50% of the facility limit. If an LC is drawn and the bank is not immediately reimbursed in full for the drawn amount, any outstanding reimbursement obligation will accrue interest at a per annum rate equal to a reserve-adjusted LIBOR or, in certain circumstances, a base rate equal to the higher of (i) the bank’s prime rate and (ii) the federal funds rate plus .50% and, following any default, 2.00% plus the greater of (a) adjusted LIBOR and (b) a base rate equal to the higher of (i) the bank’s prime rate and (ii) the federal funds rate plus .50%. The agreements underlying the AR Securitization program contain various customary representations and warranties, covenants, and default provisions which provide for the termination and acceleration of the commitments under the AR Securitization program in circumstances including, but not limited to, failure to make payments when due, breach of a representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness. Total Commitments Related to Issued Letters of Credit --As of December 31, 2021, total commitments related to issued LCs were $88,362, of which $2,877 were issued under the revolving credit facility, $83,355 were issued under the AR Securitization program and $2,130 were issued under short-term lines of credit. As of December 31, 2020, total commitments related to issued letters of credit were $88,242, of which $2,877 were issued under the revolving credit facility, $83,355 were issued under the AR Securitization program and $2,010 were issued under short-term lines of credit. As of December 31, 2021, we were in compliance with all debt covenants. |
Self-Insurance Accruals
Self-Insurance Accruals | 12 Months Ended |
Dec. 31, 2021 | |
Self-Insurance Accruals [Abstract] | |
Self-Insurance Accruals [Text Block] | Self-Insurance Accruals Components of our self-insurance accruals for workers’ compensation, vehicle liability and general liability were as follows: December 31, 2021 2020 Workers' compensation $ 58,187 $ 52,060 Vehicle liability 12,966 10,046 General liability 54,813 47,174 Total 125,966 109,280 Less current portion 48,867 37,707 Noncurrent portion $ 77,099 $ 71,573 The changes in our self-insurance accruals are summarized in the table below. December 31, 2021 2020 Balance, beginning of year $ 109,280 $ 95,683 Provision for claims 57,498 51,988 Payment of claims (40,812) (38,391) Balance, end of year $ 125,966 $ 109,280 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 86,423 $ 55,893 Finance lease assets Property and equipment, net 11,592 8,788 Total lease assets $ 98,015 $ 64,681 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 28,682 $ 19,124 Non-current operating lease liabilities Lease liabilities - operating leases 57,335 36,612 Total operating lease liabilities 86,017 55,736 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 2,459 2,273 Non-current finance lease liabilities Lease liabilities - finance leases 8,646 6,479 Total finance lease liabilities 11,105 8,752 Total lease liabilities $ 97,122 $ 64,488 The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 18,557 $ 11,349 Operating lease cost Selling expense 10,384 9,572 Operating lease cost General and administrative expense 1,153 1,115 Finance lease cost: Amortization of right-of-use assets Depreciation 2,803 2,015 Interest expense on lease liabilities Interest expense 192 148 Other lease cost (1) Operating expense 3,984 5,357 Other lease cost (1) Selling expense 1,352 1,351 Other lease cost (1) General and administrative expense 23 52 Total lease cost $ 38,448 $ 30,959 (1) Other lease cost includes short-term lease costs and variable lease costs. We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The table below summarizes the weighted average remaining lease term as of December 31, 2021. Operating leases 3.9 years Finance leases 5.0 years The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral. The table below summarizes the weighted average discount rate used to measure our lease liabilities as of December 31, 2021. Operating leases 2.39 % Finance leases 2.09 % Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (30,410) $ (21,786) Operating cash flows from finance leases (192) (148) Financing cash flows from finance leases (3,348) (1,996) Right-of-use assets obtained in exchange for lease obligations: Operating leases 59,863 36,653 Finance leases 5,790 7,664 Maturity Analysis of Lease Liabilities As of December 31, 2021 Operating Finance Year ending December 31, 2022 $ 30,313 $ 2,661 2023 22,979 2,451 2024 16,084 2,330 2025 11,182 1,811 2026 4,590 1,602 Thereafter 4,930 819 Total lease payments 90,078 11,674 Less interest 4,061 569 Total $ 86,017 $ 11,105 |
Leases | Leases We lease certain office and parking facilities, warehouse space, equipment, vehicles and information technology equipment under operating leases and finance leases. Lease expense for these leases is recognized within the Consolidated Statements of Operations on a straight-line basis over the lease term, with variable lease payments recognized in the period those payments are incurred. The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 86,423 $ 55,893 Finance lease assets Property and equipment, net 11,592 8,788 Total lease assets $ 98,015 $ 64,681 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 28,682 $ 19,124 Non-current operating lease liabilities Lease liabilities - operating leases 57,335 36,612 Total operating lease liabilities 86,017 55,736 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 2,459 2,273 Non-current finance lease liabilities Lease liabilities - finance leases 8,646 6,479 Total finance lease liabilities 11,105 8,752 Total lease liabilities $ 97,122 $ 64,488 The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 18,557 $ 11,349 Operating lease cost Selling expense 10,384 9,572 Operating lease cost General and administrative expense 1,153 1,115 Finance lease cost: Amortization of right-of-use assets Depreciation 2,803 2,015 Interest expense on lease liabilities Interest expense 192 148 Other lease cost (1) Operating expense 3,984 5,357 Other lease cost (1) Selling expense 1,352 1,351 Other lease cost (1) General and administrative expense 23 52 Total lease cost $ 38,448 $ 30,959 (1) Other lease cost includes short-term lease costs and variable lease costs. We often have options to renew lease terms for buildings and other assets. The exercise of lease renewal options is generally at our sole discretion. In addition, certain lease agreements may be terminated prior to their original expiration date at our discretion. We evaluate each renewal and termination option at the lease commencement date to determine if we are reasonably certain to exercise the option on the basis of economic factors. The table below summarizes the weighted average remaining lease term as of December 31, 2021. Operating leases 3.9 years Finance leases 5.0 years The discount rate implicit within our leases is generally not determinable and therefore the Company determines the discount rate based on its incremental borrowing rate. The incremental borrowing rate for each lease is determined based on its term and the currency in which lease payments are made, adjusted for the impacts of collateral. The table below summarizes the weighted average discount rate used to measure our lease liabilities as of December 31, 2021. Operating leases 2.39 % Finance leases 2.09 % Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (30,410) $ (21,786) Operating cash flows from finance leases (192) (148) Financing cash flows from finance leases (3,348) (1,996) Right-of-use assets obtained in exchange for lease obligations: Operating leases 59,863 36,653 Finance leases 5,790 7,664 Maturity Analysis of Lease Liabilities As of December 31, 2021 Operating Finance Year ending December 31, 2022 $ 30,313 $ 2,661 2023 22,979 2,451 2024 16,084 2,330 2025 11,182 1,811 2026 4,590 1,602 Thereafter 4,930 819 Total lease payments 90,078 11,674 Less interest 4,061 569 Total $ 86,017 $ 11,105 |
Common Shares, Redeemable Commo
Common Shares, Redeemable Common Shares and Preferred Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Shares, Redeemable Common Shares and Preferred Shares [Text Block] | Common Shares, Redeemable Common Shares and Preferred Shares As further described in note B, we have given retroactive consideration to the two-for-one stock split of our common shares effected in October 2021 including all common share and per share data. Preferred Shares --We have authorized a class of 4,000,000 preferred shares, no par value, of which none were issued as of December 31, 2021. Redeemable Common Shares - Our Davey 401KSOP and ESOP Plan includes a put option for shares of the Company’s common stock distributed from the plan. Due to the Company’s obligation under the put option, shares held in the Davey 401KSOP and ESOP Plan as well as distributed shares subject to the put option are reclassified from permanent equity to temporary equity. The number of redeemable common shares for each of the three years in the period ended December 31, 2021 was as follows: 2021--9,391,790; 2020--10,225,768; and 2019--10,293,764. Common Shares --The number of common shares authorized is 96,000,000, par value $0.50. The number of common shares issued during each of the three years in the period ended December 31, 2021 was as follows: 2021--76,435,752; 2020--75,601,752; and 2019--75,533,756. The number of shares in the treasury for each of the three years in the period ended December 31, 2021 was as follows: 2021--41,325,298; 2020--40,187,216; and 2019--39,473,914. Our common and redeemable common shares are not listed or traded on an established public trading market, and market prices are, therefore, not available. Semiannually, an independent stock valuation firm determines the fair market value of our common and redeemable common shares based upon our performance and financial condition. Since 1979, we have provided a ready market for all shareholders through our direct purchase of their common shares, although we are under no obligation to do so (other than repurchases pursuant to the put option under the Davey 401KSOP and ESOP Plan, as described in Note N). During 2021, purchases of common shares, both redeemable and common, totaled 3,259,943 shares for $50,946 in cash; we also had direct sales to directors and employees of 178,245 shares for $2,667, excluding those shares issued through either the exercise of options or the Employee Stock Purchase Plan. We also sold 190,465 shares to our 401(k) plan for $2,919 and issued 409,018 shares to participant accounts to satisfy our liability for the 2020 and 2021 employer match in the amount of $6,304. The liability accrued at December 31, 2021 for the 2021 employer match was $2,100. There were also 696,725 shares purchased during 2021 under the Employee Stock Purchase Plan. Common and Redeemable Shares Outstanding -- The table below reconciles the activity of the common and redeemable shares outstanding: Common Shares Redeemable Total Shares outstanding, December 31, 2019 36,059,842 10,293,764 46,353,606 Shares purchased (2,152,056) (1,043,802) (3,195,858) Shares sold 1,046,288 975,806 2,022,094 Options exercised 460,462 — 460,462 Shares outstanding, December 31, 2020 35,414,536 10,225,768 45,640,304 Shares purchased (1,906,714) (1,353,229) (3,259,943) Shares sold 955,202 519,251 1,474,453 Options exercised 647,408 — 647,408 Shares outstanding, December 31, 2021 35,110,432 9,391,790 44,502,222 On December 31, 2021, we had 44,502,222 common shares outstanding and employee options exercisable to purchase 1,738,725 common shares. Stock Subscription Offering --Beginning May 2012, the Company offered to eligible employees and nonemployee directors the right to subscribe to common shares of the Company at $9.85 per share in accordance with the provisions of The Davey Tree Expert Company 2004 Omnibus Stock Plan and the rules of the Compensation Committee of the Company's Board of Directors (collectively, the "plan"). The offering period ended on August 1, 2012 and resulted in the subscription of 1,275,428 common shares for $12,563 at $9.85 per share. Under the plan, a participant in the offering purchasing common shares for an aggregate purchase price of less than $5 was required to pay with cash. All participants (excluding Company directors and officers) purchasing $5 or more of the common shares had an option to finance their purchase through a down-payment of at least 10% of the total purchase price and a seven balance due with interest at 2%. Payments on the promissory note were made either by payroll deductions or annual lump-sum payments of both principal and interest. Common shares purchased under the plan were pledged as security for the payment of the promissory note and the common shares were not issued until the promissory note was paid-in-full. Dividends were paid on all subscribed shares, subject to forfeiture to the extent that payment was not ultimately made for the shares. All participants in the offering purchasing in excess of $5 of common shares were granted a "right" to purchase one additional common share at a price of $9.85 per share for every three common shares purchased under the plan. As a result of the stock subscription, employees were granted rights to purchase 423,600 common shares. Each right could have been exercised at the rate of one-seventh per year and expired seven |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other adjustments that relate to foreign currency translation adjustments and defined benefit pension plan adjustments. We do not provide income taxes on currency translation adjustments, as the earnings of our Canadian operations are considered to be indefinitely reinvested. The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: Foreign Defined Accumulated Balance at January 1, 2019 $ (5,819) $ 785 $ (5,034) Unrealized gains (losses) 1,186 — 1,186 Amounts reclassified from accumulated other comprehensive income (loss) — (1,551) (1,551) Tax effect — 143 143 Unrecognized amounts from defined benefit pension plans — (323) (323) Tax effect — 176 176 Net of tax amount 1,186 (1,555) (369) Balance at December 31, 2019 $ (4,633) $ (770) $ (5,403) Unrealized gains (losses) 895 — 895 Amounts reclassified from accumulated other comprehensive income (loss) — 152 152 Tax effect — (39) (39) Unrecognized amounts from defined benefit pension plans — (259) (259) Tax effect — 107 107 Net of tax amount 895 (39) 856 Balance at December 31, 2020 $ (3,738) $ (809) $ (4,547) Unrealized gains (losses) 84 — 84 Amounts reclassified from accumulated other comprehensive income (loss) — 201 201 Tax effect — (52) (52) Unrecognized amounts from defined benefit pension plans — 110 110 Tax effect — 31 31 Net of tax amount 84 290 374 Balance at December 31, 2021 $ (3,654) $ (519) $ (4,173) The amounts reclassified from accumulated other comprehensive income (loss) related to defined benefit pension plans for 2021, 2020 and 2019 are included in net periodic pension expense classified in the statement of operations as general and administrative expense or other income (expense). |
The Davey 401KSOP and Employee
The Davey 401KSOP and Employee Stock Ownership Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
The Davey 401KSOP and Employee Stock Ownership Plan [Text Block] | The Davey 401KSOP and Employee Stock Ownership Plan On March 15, 1979, we consummated a plan, which transferred control of the Company to our employees. As a part of this plan, we initially sold 120,000 common shares (presently, 46,080,000 common shares adjusted for stock splits) to our Employee Stock Ownership Trust ("ESOT") for $2,700. The Employee Stock Ownership Plan ("ESOP"), in conjunction with the related ESOT, provided for the grant to certain employees of certain ownership rights in, but not possession of, the common shares held by the trustee of the ESOT. Annual allocations of shares have been made to individual accounts established for the benefit of the participants. Defined Contribution and Savings Plans-- Most employees are eligible to participate in The Davey 401KSOP and ESOP Plan. Effective January 1, 1997, the plan commenced operations and retained the existing ESOP participant accounts and incorporated a deferred savings plan (a "401(k) plan") feature. Participants in the 401(k) plan are allowed to make before-tax contributions, within Internal Revenue Service established limits, through payroll deductions. Effective January 1, 2020, we amended the 401(k) plan to be a safe harbor 401K plan. Under the amendment, the Company made changes to the hardship provisions and will make quarterly contributions in cash or our common shares equal to, 100% of the first three percent and 50% of the next two percent of each participant's before-tax contributions, subject to IRS limitations, which will be fully vested. This represents a potential maximum contribution of four percent. All nonbargaining domestic employees who attained 21 years of age and completed one year of service are eligible to participate. In May 2004, we adopted the 401K Match Restoration Plan, a defined contribution plan that supplements the retirement benefits of certain employees that participate in the savings plan feature of The Davey 401KSOP and ESOP Plan, but are limited in contributions because of tax rules and regulations. Our common shares are not listed or traded on an established public trading market, and market prices are, therefore, not available. Semiannually, an independent stock valuation firm assists with the appraisal of the fair market value of our common shares based upon our performance and financial condition. The Davey 401KSOP and ESOP Plan includes a put option for shares of the Company’s common stock distributed from the plan. Shares are distributed from the Davey 401KSOP and ESOP Plan to former participants of the plan, their beneficiaries, donees or heirs (each, a "participant"). Since our common stock is not currently traded on an established securities market, if the owners of distributed shares desire to sell their shares, the Company is required to purchase the shares at fair value for two 60-day periods after distribution of the shares from the Davey 401KSOP and ESOP. The fair value of distributed shares subject to the put option totaled $1,279 and $3,298 as of December 31, 2021 and December 31, 2020, respectively. The fair value of the shares held in the Davey 401KSOP and ESOP totaled $168,652 and $150,089 as of December 31, 2021 and December 31, 2020, respectively. Due to the Company’s obligation under the put option, the distributed shares subject to the put option and the shares held in the Davey 401KSOP and ESOP (collectively referred to as 401KSOP and ESOP related shares) are recorded at fair value, classified as temporary equity in the mezzanine section of the consolidated balance sheets and totaled $169,931 and $153,387 as of December 31, 2021 and December 31, 2020, respectively. Changes in the fair value of the Davey 401KSOP and ESOP Plan related shares are reflected in retained earnings while net share activity associated with the Davey 401KSOP and ESOP Plan related shares are first reflected in additional paid-in capital and then retained earnings if additional paid-in capital is insufficient. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation As further described in note B, we have given retroactive consideration to the two-for-one stock split of our common shares effected in October 2021 including all common share and per share data. Our shareholders approved the 2014 Omnibus Stock Plan (the "2014 Stock Plan") at our annual meeting of shareholders on May 20, 2014. The 2014 Stock Plan replaced the expired 2004 Omnibus Stock Plan (the "2004 plan") previously approved by the shareholders in 2004. The 2014 Stock Plan is administered by the Compensation Committee of the Board of Directors and has a term of ten years. All directors of the Company and employees of the Company and its subsidiaries are eligible to participate in the 2014 Stock Plan. The 2014 Stock Plan (similar to the 2004 plan) continues the maintenance of the Employee Stock Purchase Plan, as well as provisions for the grant of stock options and other stock-based incentives. The 2014 Stock Plan provides for the grant of five percent of the number of the Company’s common shares outstanding as of the first day of each fiscal year plus the number of common shares that were available for grant of awards, but not granted, in prior years. In no event, however, may the number of common shares available for the grant of awards in any fiscal year exceed ten percent of the common shares outstanding as of the first day of that fiscal year. Common shares subject to an award that is forfeited, terminated, or canceled without having been exercised are generally added back to the number of shares available for grant under the 2014 Stock Plan. Stock-based compensation expense under all share-based payment plans—our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights ("SSARs"), and restricted stock units ("RSUs")—included in the results of operations was as follows: Year Ended December 31, 2021 2020 2019 Compensation expense, all share-based payment plans $ 4,625 $ 3,407 $ 2,845 Income tax benefit 793 538 404 Stock-based compensation consisted of the following: Employee Stock Purchase Plan --Under the Employee Stock Purchase Plan, all full-time employees with one year of service are eligible to purchase, through payroll deduction, common shares. Employee purchases under the Employee Stock Purchase Plan are at 85% of the fair market value of the common shares--a 15% discount. Compensation costs are recognized as payroll deductions are made. The 15% discount of total shares purchased under the plan resulted in compensation cost recognized of $1,632 in 2021, $1,442 in 2020 and $1,118 in 2019. Stock Options Plan --The stock options outstanding were awarded under a graded vesting schedule, measured at fair value, and have a term of ten years. Compensation costs for stock options are recognized over the requisite service period on the straight-line recognition method. Compensation cost recognized for stock options was $429 in 2021, $517 in 2020 and $550 in 2019. Beginning in 2021, management and the Compensation Committee replaced the issuance of stock options with performance-based restricted stock units ("PRSUs") for certain employees. Stock-Settled Stock Appreciation Rights --A SSAR is an award that allows the recipient to receive common shares equal to the appreciation in the fair market value of our common shares between the date the award was granted and the conversion date of the shares vested. Effective January 1, 2019, management and the Compensation Committee replaced the issuance of future SSARs with PRSUs for certain management employees. The following table summarizes the SSARs as of December 31, 2021: Stock-Settled Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2021 210,472 $ 1.87 Granted — — Forfeited — — Vested (122,938) 1.84 Unvested, December 31, 2021 87,534 $ 1.92 1.0 year $ 84 $ 1,436 Compensation costs for SSARs are determined using a fair-value method and amortized over the requisite service period. "Intrinsic value" is defined as the amount by which the fair market value of a common share exceeds the grant date price of a SSAR. Compensation expense for SSARs totaled $157 in 2021, $282 in 2020 and $363 in 2019. Restricted Stock Units --During the year ended December 31, 2021, the Compensation Committee of the Board of Directors awarded 330,714 PRSUs to certain management employees and 19,200 restricted stock units ("RSUs") to nonemployee directors. The Compensation Committee made similar awards in prior periods. The awards vest over specified periods. The following table summarizes PRSUs and RSUs as of December 31, 2021: Restricted Stock Units Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2021 510,614 $ 10.05 Granted 349,914 14.82 Forfeited — — Vested (120,368) 8.86 Unvested, December 31, 2021 740,160 $ 12.49 2.1 years $ 5,557 $ 12,139 Employee PRSUs 673,268 $ 12.52 2.2 years $ 5,159 $ 11,042 Nonemployee Director RSUs 66,892 $ 12.20 1.3 years $ 398 $ 1,097 Compensation cost for PRSUs and RSUs is determined using a fair-value method and amortized on the straight-line recognition method over the requisite service period. "Intrinsic value" is defined as the amount by which the fair market value of a common share exceeds the grant date price of a PRSU or an RSU. Compensation expense on PRSUs and RSUs totaled $2,407 in 2021, $1,166 in 2020 and $814 in 2019. The fair value of each stock-based award was estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise and forfeiture assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Volatility rate 9.9 % 9.7 % 9.9 % Risk-free interest rate .3 % .7 % 2.3 % Expected dividend yield .4 % .4 % .7 % Expected life of awards (years) 3.0 8.1 8.8 General Stock Option Information --The following table summarizes activity under the stock option plans for the year ended December 31, 2021: Stock Options Number of Weighted- Weighted- Unrecognized Aggregate Outstanding, January 1, 2021 2,817,318 $ 8.34 Granted — — Exercised (418,694) 7.15 Forfeited (47,690) 7.93 Outstanding, December 31, 2021 2,350,934 $ 8.56 4.8 years $ 804 $ 18,431 Exercisable, December 31, 2021 1,738,725 $ 7.71 3.9 years $ 15,115 "Intrinsic value" is defined as the amount by which the market price of a common share exceeds the exercise price of an option. Information regarding the stock options outstanding at December 31, 2021 is summarized below: Stock Options Number Weighted-Average Weighted- Number Weighted- Employee options: $ 5.80 281,210 1.5 years $ 5.80 281,210 $ 5.80 6.60 366,060 2.5 years 6.60 366,060 6.60 7.53 305,930 3.5 years 7.53 305,930 7.53 8.18 357,000 4.5 years 8.18 357,000 8.18 8.80 221,800 5.5 years 8.80 185,400 8.80 9.55 238,130 6.5 years 9.55 123,530 9.55 10.55 53,000 7.2 years 10.55 19,640 10.55 10.55 209,250 7.5 years 10.55 61,236 10.55 12.10 56,794 8.5 years 12.10 11,359 12.10 12.10 261,760 8.2 years 12.10 27,360 12.10 2,350,934 4.8 years $ 8.56 1,738,725 $ 7.71 We issue common shares from treasury upon the exercise of stock options and SSARs, the vesting of PRSUs and RSUs or purchases under the Employee Stock Purchase Plan. Tax Benefits of Stock-Based Compensation-- Our total income tax benefit from share-based awards--as recognized in our consolidated statement of operations--for the last three years was: $793 in 2021, $538 in 2020, and $404 in 2019. Tax benefits for share-based awards are accrued as stock compensation expense and recognized in our consolidated statement of operations. Tax benefits on share-based awards are realized when: (a) SSARs are exercised; (b) PRSUs and RSUs vest; and (c) stock options are exercised. When actual tax benefits realized exceed the tax benefits accrued for share-based awards, we realize an excess tax benefit. We had excess tax benefits of: $1,102 in 2021, $530 in 2020, and $1,181 in 2019. |
Defined Benefit Pension Plans
Defined Benefit Pension Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Defined Benefit Pension Plans [Text Block] | Defined Benefit Pension Plans We have two defined benefit pension plans covering certain current and retired U.S. employees. Plans include: (i) a Supplemental Executive Retirement Plan ("SERP") for which future benefit accruals were frozen effective at the end of the second quarter of 2015; and (ii) a Benefit Restoration Pension Plan ("Restoration Plan") for certain key employees hired prior to January 1, 2009. Both the SERP and the Restoration Plan are defined benefit plans under which nonqualified supplemental pension benefits will be paid, subject to Internal Revenue Service limitations on covered compensation. Effective December 31, 2008, enhanced benefits were implemented to our defined contribution savings plan--The Davey 401KSOP and ESOP--at which time, the Board of Directors approved an amendment to freeze the Restoration Plan. In connection with the freeze of the Restoration Plan and the SERP, all balances remain intact and participant account balances, as well as service credits for vesting and retirement eligibility, remain intact and continue in accordance with the terms of the plans. Only future accruals were eliminated with: (i) the 2008 freeze of the Restoration Plan and (ii) the 2015 freeze of the SERP. The change in benefit obligations and the fair value of plans assets follows: December 31, 2021 2020 Change in benefit obligation Projected benefit obligation at beginning of year $ 3,471 $ 3,265 Service cost — — Interest cost 85 105 Actuarial (gains)/losses (110) 259 Settlements — — Benefits paid (158) (158) Projected benefit obligation at end of year $ 3,288 $ 3,471 Accumulated benefit obligation at end of year $ 3,288 $ 3,471 December 31, 2021 2020 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contributions 158 158 Benefits paid (158) (158) Fair value of plan assets at end of year $ — $ — With the termination of the Employee Retirement Plan ("ERP") in the second quarter of 2019, future benefit payments made to participants under the remaining SERP and Restoration Plan are made from the Company's general assets. December 31, 2021 2020 Funded status of the plans Fair value of plan assets $ — $ — Projected benefit obligation 3,288 3,471 Funded status of the plans $ (3,288) $ (3,471) December 31, 2021 2020 Funded status by plan SERP $ (2,894) $ (3,019) Restoration Plan (394) (452) Funded status of the plans $ (3,288) $ (3,471) December 31, 2021 2020 Amounts reported in the consolidated balance sheets Current liability $ (166) $ (203) Noncurrent liability (3,122) (3,268) Funded status of the plans $ (3,288) $ (3,471) Amounts included in accumulated other comprehensive income (loss), related to our defined benefit pension plans follows: At December 31, 2021 At December 31, 2020 Pretax Net of Tax Pretax Net of Tax Amounts reported in accumulated other comprehensive income Unrecognized net actuarial loss $ 645 $ 501 $ 892 $ 737 Unrecognized prior service cost 23 18 87 72 Amounts reported in accumulated other comprehensive income $ 668 $ 519 $ 979 $ 809 To the extent actuarial losses exceed the greater of 10% of the projected benefit obligation or market-related value of plan assets, the unrecognized actuarial losses will be amortized straight-line on a plan-by-plan basis, over the remaining expected future working lifetime of active participants, except for the SERP, which, after the plan freeze, is being amortized based on the remaining life expectancy of plan participants. The total amount of unrecognized prior service cost was amortized straight-line on a plan-by-plan basis. The total amortization associated with these amounts that is expected to be recognized in net periodic benefit expense for 2022 follows: Year ending December 31, 2022 Pretax Net of Tax Amortization of Costs Expected to be Recognized Next Year Unrecognized net actuarial loss $ 96 $ 70 Unrecognized prior service cost 23 17 Amortization of Costs Expected to be Recognized Next Year $ 119 $ 87 The aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets for plans in which the fair value of plan assets is less than either the projected benefit obligation or accumulated benefit obligation follow: December 31, 2021 2020 For pension plans with accumulated benefit obligations in excess of plan assets Projected benefit obligation $ 3,288 $ 3,471 Accumulated benefit obligation 3,288 3,471 Fair value of plan assets — — The discount rates used to measure the year-end benefit obligation and compute pension expense for the subsequent year were: December 31, 2021 2020 2019 Actuarial assumptions - Discount Rates SERP 2.55 % 3.34 % 3.34 % Restoration Plan 2.33 % 3.23 % 3.23 % Net periodic benefit expense (income) associated with the defined benefit pension plans included the following components: Year Ended December 31, 2021 2020 2019 Components of pension expense (income) Service costs--increase in benefit obligation earned $ — $ — $ 75 Interest cost on projected benefit obligation 85 105 198 Expected return on plan assets — — (59) Settlement loss — — 1,677 Amortization of net actuarial loss 137 89 87 Amortization of prior service cost 64 64 64 Net pension expense of defined benefit pension plans $ 286 $ 258 $ 2,042 Expected Benefit Plan Payments --The benefits, as of December 31, 2021, expected to be paid to defined-benefit plan participants in each of the next five years, and in the aggregate for the five years thereafter, follows: Participants Benefits Estimated future payments Year ending December 31, 2022 $ 168 2023 181 2024 179 2025 176 2026 174 Years 2027 to 2031 1,025 Multiemployer Defined Benefit Pension Plans --In providing services to our utility services customers, we contribute to multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of our union-represented employees. These plans generally provide retirement benefits to participants based on their service to contributing employers. We do not administer these multiemployer plans. In general, these plans are managed by a board of trustees with the unions appointing certain trustees and other contributing employers of the plan appointing certain members. We generally are not represented on the board of trustees. The risks of participating in these multiemployer plans are different from single-employer plans in that: (a) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; (b) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be assumed by the remaining participating employers; and, (c) if we choose to stop participating in a multiemployer plan, we may be required to pay the plan an amount based on the underfunded status of the plan, referred to as a withdrawal liability. Our participation in the multiemployer defined benefit pension plans is summarized in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number ("EIN") and the three-digit plan number. The most recent Pension Protection Act of 2006 (the "PPA") zone status is from the Form 5500, "Annual Return/Report of Employee Benefit Plan," filed by the plan and certified by the plan's actuary. The PPA zone status describes plans that are underfunded. Among other factors, plans in the "critical" red zone are generally less than 65% funded; plans in the "endangered" yellow zone are less than 80% funded; and plans in the "safe" green zone are at least 80% funded. Pension Fund EIN/Pension Pension FIP/RP Davey Tree Surcharge Expiration 2021 2020 2021 2020 2019 National Electric 53-0181657/001 Green Green No $ 2,827 $ 3,239 $ 904 No Ranging from December 31, 2021 to Eighth District 84-6100393/001 Green Green No 125 161 190 No December 31, 2023 $ 2,952 $ 3,400 $ 1,094 We were not listed in the Form 5500 for either plan as having provided more than 5% of the total contributions. Both the National Electric Benefit Fund and the Eighth District Electrical Pension Fund are green zone status--safe--which represents at least 80% funded and does not require a "financial improvement plan" ("FIP") or a "rehabilitation plan" ("RP"). We are party to twelve collective-bargaining agreements with the National Electric Benefit Fund, with expiration dates ranging from December 31, 2021 to December 31, 2024, and one collective-bargaining agreement with Eighth District Electrical Pension Fund which expires on December 21, 2023. Expired agreements are currently being renegotiated. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOn March 27, 2020, Congress approved and the President signed the Coronavirus Aid, Relief, and Economic Security ("CARES") Act into law. The CARES Act is a tax-and-spending package intended to provide economic relief to address the impact of the COVID-19 pandemic. After evaluating several significant business tax provisions, such as net operating losses and employee retention credits, the Company has determined that there is no significant impact on the Company. On December 21, 2020, the President of the United States signed into law the “Consolidated Appropriations Act, 2021” which included further COVID-19 economic relief and extensions of certain expiring tax provisions. Additional pandemic relief tax measures included an expansion of the employee retention credit, enhanced charitable contribution deductions and a temporary full deduction for business expenses for food and beverages provided by a restaurant. These benefits did not have a material impact on the current tax provision. Income (loss) before income taxes was attributable to the following sources: Year Ended December 31, 2021 2020 2019 United States $ 89,086 $ 82,382 $ 54,569 Canada 361 1,500 (891) Total $ 89,447 $ 83,882 $ 53,678 The provision for income taxes follows: Year Ended December 31, 2021 2020 2019 Current provision (benefit): Federal $ 18,101 $ 22,093 $ 7,934 State 7,221 6,260 3,624 Canadian 78 (50) (328) Total current 25,400 28,303 11,230 Deferred taxes (1,652) (5,358) 1,398 Total taxes on income $ 23,748 $ 22,945 $ 12,628 A reconciliation of the expected statutory U.S. federal rate to our actual effective income tax rate follows: Year Ended December 31, 2021 2020 2019 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.5 5.2 5.6 Effect of Canadian income taxes .1 .2 — Nondeductible expenses 1.5 1.3 2.2 Stock compensation (.9) (.3) (1.8) ESOP dividend deduction (.1) (.1) (.2) Uncertain tax adjustments and audit settlement (.5) .1 .2 Pension termination — — (2.9) All other, net — — (.7) Effective income tax rate 26.6 % 27.4 % 23.4 % Deferred income taxes reflect the tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is recorded when it is more-likely-than-not that an income tax benefit will not be realized. Significant components of our noncurrent net deferred tax assets and liabilities at December 31, were as follows: December 31, 2021 2020 Deferred tax assets: Self-insurance accruals $ 26,516 $ 22,847 Accrued compensated absences 1,730 1,876 Accrued expenses and other liabilities 979 942 Accrued stock compensation 2,386 2,105 Foreign tax credit carryforward 1,617 1,597 Lease obligations 17,077 11,267 Other future deductible amounts, net 4,789 4,114 55,094 44,748 Less deferred tax asset valuation allowance 1,185 1,185 53,909 43,563 Deferred tax liabilities: Intangibles 2,079 1,407 Prepaid expenses 5,032 4,243 Lease right of use assets 17,173 11,305 Property and equipment 24,688 22,441 48,972 39,396 Net deferred tax asset--noncurrent $ 4,937 $ 4,167 We treat all of our Canadian subsidiary earnings through December 31, 2021 as permanently reinvested and have not provided any U.S. federal or state tax thereon. As of December 31, 2021, approximately $30,814 of undistributed earnings attributable to our Canadian operations was considered to be indefinitely invested. Presently, our intention is to reinvest the earnings permanently. If, in the future, these earnings are distributed to the U.S. in the form of dividends or otherwise, or if the Company determines such earnings will be remitted in the foreseeable future, the Company would be subject to Canadian withholding taxes. It is not practicable to estimate the amount of taxes that would be payable upon remittance of these earnings given the various tax planning alternatives that we could employ should we decide to repatriate those earnings. As of December 31, 2020, we recorded a valuation allowance on foreign tax credit carryforwards that arose due to the transition toll tax on the deemed repatriation of deferred foreign earnings of non-U.S. operations due to the Tax Cuts and Jobs Act. Management presently believes that it is more-likely-than-not that the deferred tax asset, related to the foreign tax credits that expire in 2027, will not be fully realized. The criteria considered in making the determination included the ability to utilize tax-planning strategies, historical and projected operating results, and the period of time over which the foreign tax credit can be utilized. The amount of income taxes that we pay is subject to audit by U.S. federal, state, local and Canadian tax authorities, which may result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is highly judgmental. Uncertain tax positions are recognized only if they are more-likely-than-not to be upheld during examination based on their technical merits. The measurement of the uncertain tax position is based on the largest benefit amount that is more-likely-than-not (determined on a cumulative probability basis) to be realized upon settlement of the matter. If payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when we determine the liabilities are no longer necessary. If the estimate of tax liabilities proves to be less than the ultimate settlement, a further charge to expense may result. The balance of unrecognized benefits and the amount of related interest and penalties at December 31, were as follows: December 31, 2021 2020 Unrecognized tax benefits $ 700 $ 1,183 Portion, if recognized, would reduce tax expense and effective tax rate 327 735 Accrued interest on unrecognized tax benefits 56 72 We recognize interest accrued related to unrecognized tax benefits in income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense. The Company is routinely under audit by U.S. federal, state, local and Canadian authorities in the area of income tax. These audits include questioning the timing and the amount of income and deductions and the allocation of income and deductions among various tax jurisdictions. With the exception of U.S. state jurisdictions and Canada, the Company is no longer subject to examination by tax authorities for the years through 2017. As of December 31, 2021, we believe it is reasonably possible that the total amount of unrecognized tax benefits will not significantly increase or decrease. The changes in our unrecognized tax benefits are summarized in the table below: Year Ended December 31, 2021 2020 2019 Balance, beginning of year $ 1,183 $ 1,850 $ 1,325 Additions based on tax positions related to the current year 4 — 547 Reductions based on tax positions related to the current year — (187) — Additions for tax positions of prior years — 101 23 Reductions for tax positions of prior years (13) — — Lapses in statutes of limitations (474) (581) (45) Balance, end of year $ 700 $ 1,183 $ 1,850 |
Earnings Per Share Information
Earnings Per Share Information | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Information [Text Block] | Earnings Per Share Information Earnings per share was computed as follows (Adjusted for the two-for-one stock split of our common shares effective October 1, 2021): Year Ended December 31, 2021 2020 2019 Income available to common shareholders: Net income $ 65,699 $ 60,937 $ 41,050 Weighted-average shares:* Basic: Outstanding 45,081,254 43,963,900 45,812,528 Basic weighted-average shares 45,081,254 43,963,900 45,812,528 Diluted: Basic from above 45,081,254 43,963,900 45,812,528 Incremental shares from assumed: Exercise of stock subscription purchase rights — — 109,922 Exercise of stock options and awards 2,508,822 2,102,272 2,033,728 Diluted weighted-average shares 47,590,076 46,066,172 47,956,178 Share data:* Earnings per share--basic $ 1.46 $ 1.39 $ .90 Earnings per share--diluted $ 1.38 $ 1.32 $ .86 * Prior periods have been adjusted for the two-for-one stock split effected in October 2021. |
Operations by Business Segment
Operations by Business Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operations by Business Segment and Geographic Information | Operations by Business Segment and Geographic Information We provide a wide range of arboricultural, horticultural, environmental and consulting services to residential, utility, commercial and government entities throughout the United States and Canada. We have two reportable operating segments organized by type or class of customer: Residential and Commercial, and Utility. Residential and Commercial --Residential and Commercial provides services to our residential and commercial customers including: the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life; the practice of landscaping, grounds maintenance, tree surgery, tree feeding and tree spraying; the application of fertilizer, herbicides and insecticides; and natural resource management and consulting, forestry research and development, and environmental planning. Utility --Utility is principally engaged in providing services to our utility customers--investor-owned, municipal utilities, and rural electric cooperatives--including: the practice of line-clearing and vegetation management around power lines and rights-of-way and chemical brush control, natural resource management and consulting, forestry research and development and environmental planning. All other operating activities, including research, technical support and laboratory diagnostic facilities, are included in "All Other." Measurement of Segment Profit and Loss and Segment Assets --We evaluate performance and allocate resources based primarily on operating income and also actively manage business unit operating assets. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that (a) we compute and recognize depreciation expense for our segments only by the straight-line method and (b) state income taxes are allocated to the segments. Corporate expenses are substantially allocated among the operating segments, but the nature of expenses allocated may differ from year-to-year. There are no intersegment revenues. Segment assets are those generated or directly used by each segment, and include accounts receivable, operating supplies, and property and equipment. Information on reportable segments and reconciliation to the consolidated financial statements follows: Utility Residential All Reconciling Consolidated Fiscal Year 2021 Revenues $ 765,072 $ 610,666 $ 2,315 $ — $ 1,378,053 Income (loss) from operations 73,893 60,261 (27,016) (5,872) (a) 101,266 Interest expense (4,973) (4,973) Interest income 175 175 Other income (expense), net (7,021) (7,021) Income before income taxes $ 89,447 Depreciation $ 25,364 $ 24,634 $ — $ 2,929 (b) $ 52,927 Amortization 611 2,430 — 3 3,044 Capital expenditures 23,303 36,506 — 15,882 75,691 Segment assets, total 298,070 275,204 — 199,667 (c) 772,941 Fiscal Year 2020 Revenues $ 739,118 $ 545,357 $ 3,077 $ — $ 1,287,552 Income (loss) from operations 73,592 53,623 (25,297) (7,717) (a) 94,201 Interest expense (6,899) (6,899) Interest income 2,135 2,135 Other income (expense), net (5,555) (5,555) Income before income taxes $ 83,882 Depreciation $ 27,545 $ 23,553 $ — $ 2,790 (b) $ 53,888 Amortization 530 2,297 — — 2,827 Capital expenditures 22,595 21,327 — 7,728 51,650 Segment assets, total 280,467 238,876 — 136,011 (c) 655,354 Fiscal Year 2019 Revenues $ 607,556 $ 534,655 $ 1,509 $ — $ 1,143,720 Income (loss) from operations 37,696 52,471 (12,963) (7,248) (a) 69,956 Interest expense (8,514) (8,514) Interest income 348 348 Other income (expense), net (8,112) (8,112) Income before income taxes $ 53,678 Depreciation $ 30,304 $ 23,537 $ — $ 3,451 (b) $ 57,292 Amortization 474 2,071 — — 2,545 Capital expenditures 26,528 24,573 — 7,564 58,665 Segment assets, total 267,982 226,313 — 102,629 (c) 596,924 Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: (a) Reclassification of depreciation expense and allocation of corporate expenses. (b) Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. (c) Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. Geographic Information -- The following presents revenues and long-lived assets by geographic territory: Year Ended December 31, 2021 2020 2019 Revenues United States $ 1,292,496 $ 1,214,628 $ 1,066,035 Canada 85,557 72,924 77,685 $ 1,378,053 $ 1,287,552 $ 1,143,720 December 31, 2021 2020 2019 Long-lived assets, net United States $ 397,624 $ 324,776 $ 288,196 Canada 27,062 25,516 27,303 $ 424,686 $ 350,292 $ 315,499 |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue from contracts with customers [Text Block] | Revenue Recognition We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Nature of Performance Obligations and Significant Judgments At contract inception, the Company assesses the goods and services promised in its contracts with customers and identifies a performance obligation for each promised good or service (or bundle of goods and services) that is distinct. To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. A description of our performance obligations is included below. • Residential and Commercial Services - We provide a wide array of services for our residential and commercial customers including the treatment, preservation, maintenance, removal and planting of trees, shrubs and other plant life, landscaping, grounds maintenance, the application of fertilizer, herbicides and insecticides, natural resource management and consulting, forestry research and development, and environmental planning. A contract with a customer may include only one of these services, all of these services, or a combination of these services. For contracts in which we provide all, or a combination of, these services, we believe that the nature of our promise is to provide an integrated property management service for our customer. In these contracts, the customer has effectively outsourced the care and maintenance of its property grounds to us during the duration of the contract as we are responsible for providing a continuous delivery of outsourced maintenance activities over the contract term. As such, for contracts that contain a combination of services, we have concluded that we have a single performance obligation, which is accounted for as a series of distinct services. • Utility Services - We provide a suite of vegetation management or arboricultural services to our utility customers (investor-owned, municipal utilities, and rural electric cooperatives) including the practice of line-clearing and vegetation management around power lines and rights-of-way, chemical brush control, natural resource management and consulting, forestry research and development, and environmental planning. A contract with a customer may include only one of these services, all of these services, or a combination of these services. For contracts in which we provide all, or a combination of, these services, we believe that the nature of our promise is to provide an integrated overall vegetation management service, rather than the performance of discrete activities or services for the customer. As such, for contracts that contain a combination of services, we have concluded that we have a single performance obligation, which is accounted for as a series of distinct services. Our contracts with our customers generally originate upon the completion of a quote for services for residential and commercial customers or the receipt of a purchase order (or similar work order) for utility customers. In some cases, our contracts are governed by master services agreements, in which case our contract under ASC 606 consists of the combination of the master services agreement and the quote/purchase order. Many of our contracts have a stated duration of one year or less or contain termination clauses that allow the customer to cancel the contract after a specified notice period, which is typically less than 90 days. Due to the fact that many of our arrangements allow the customer to terminate for convenience, the duration of the contract for revenue recognition purposes generally does not extend beyond the services that we have actually transferred. As a result, many of our contracts are, in effect, day-to-day or month-to-month contracts. Revenue from our residential, commercial, and utility performance obligations is recognized over time as the customer simultaneously receives and consumes the benefits of our services as we perform them. Many of our contracts compensate us based on an agreed upon price for each increment of service provided to the customer. Therefore, revenue is mainly recognized as each increment of service is provided to the customer at the amount that we are contractually entitled to. For contracts that contain a fixed price, we generally use a units-delivered based output method to measure progress. Revenue from our consulting services is also recognized over time and we use a cost-based input method to measure progress. Payment for our services is generally due within 30 days of such services being provided to the customer. The transaction price for our contracts is determined upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each service purchased. Certain of our contracts contain variable consideration, including index-based pricing, chargebacks, and prompt payment discounts. The Company estimates variable consideration and performs a constraint analysis for these contracts on the basis of both historical information and current trends. However, these types of variable consideration do not have a material effect on the Company’s revenue, either individually or in the aggregate. In addition, although our contracts generally include fixed pricing for each increment of service, the ultimate quantity of services that will be required in order to fulfill our performance obligations is unknown at contract inception. Therefore, our total transaction price ultimately varies based on the quantity and types of services provided to our customer. However, this type of variable consideration is allocated entirely to the distinct services within the series to which it relates. Disaggregation of Revenue The following tables disaggregate our revenue for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 by major sources: Year Ended December 31, 2021 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 530,632 $ 358,589 $ (337) $ 888,884 Grounds maintenance — 155,543 — 155,543 Storm damage services 16,763 6,690 — 23,453 Consulting and other 217,677 89,844 2,652 310,173 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Geography: United States $ 723,577 $ 566,604 $ 2,315 $ 1,292,496 Canada 41,495 44,062 — 85,557 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Year Ended December 31, 2020 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 535,260 $ 318,061 $ 61 $ 853,382 Grounds maintenance — 138,885 — 138,885 Storm damage services 20,907 9,724 — 30,631 Consulting and other 182,951 78,687 3,016 264,654 Total revenues $ 739,118 $ 545,357 $ 3,077 $ 1,287,552 Geography: United States $ 703,324 $ 508,227 $ 3,077 $ 1,214,628 Canada 35,794 37,130 — 72,924 Total revenues $ 739,118 $ 545,357 $ 3,077 $ 1,287,552 Year Ended December 31, 2019 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 448,325 $ 305,365 $ (108) $ 753,582 Grounds maintenance — 152,283 — 152,283 Storm damage services 3,096 4,905 — 8,001 Consulting and other 156,135 72,102 1,617 229,854 Total revenues $ 607,556 $ 534,655 $ 1,509 $ 1,143,720 Geography: United States $ 567,134 $ 497,392 $ 1,509 $ 1,066,035 Canada 40,422 37,263 — 77,685 Total revenues $ 607,556 $ 534,655 $ 1,509 $ 1,143,720 Contract Balances Our contract liabilities consist of advance payments, billings in excess of costs incurred and deferred revenue. The Company has recognized $1,353 and $1,530 of revenue for the twelve months ended December 31, 2021 and December 31, 2020, respectively, that was included in the contract liability balance at December 31, 2020 and December 31, 2019, respectively. Net contract liabilities consisted of the following: December 31, December 31, Contract liabilities - current $ 3,888 $ 3,242 Contract liabilities - noncurrent 1,845 1,754 Net contract liabilities $ 5,733 $ 4,996 Practical Expedients & Accounting Policy Elections • Remaining performance obligations - The Company’s contracts for service revenue have an original duration of one year or less. Therefore, because of the short duration of these contracts, the Company has not disclosed the transaction price for the future performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. • Incremental costs of obtaining a contract - The Company’s contracts for service revenue have an original duration of one year or less. Therefore, the Company has elected to expense these costs as incurred. • Right to invoice - For the Company’s contracts in which it has the right to invoice the customer on the basis of actual work performed (i.e., output), the Company has elected to measure the satisfaction of performance obligation(s) on the basis of actual work performed, as the invoiced amount directly corresponds to the value transferred to the customer. • Sales taxes - The Company has, as an accounting policy election, decided to exclude from the measurement of the transaction price all sales taxes assessed by a governmental authority. • Significant financing component - The Company’s contracts do not allow for payment terms which exceed one year, and thus need not account for the effects of a significant financing component. |
Fair Value Measurements and Fin
Fair Value Measurements and Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements and financial instruments | Fair Value Measurements and Financial Instruments FASB ASC 820, "Fair Value Measurements and Disclosures" ("Topic 820") defines fair value based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers or sellers in the principal or most advantageous market for the asset or liability that are independent of the reporting entity, knowledgeable and able and willing to transact for the asset or liability. Valuation Hierarchy --Topic 820 establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The hierarchy prioritizes the inputs into three broad levels: Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2 inputs are observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Our assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and December 31, 2020, were as follows: Fair Value Measurements at December 31, 2021 Using: Total Quoted Significant Significant Description December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 4,250 $ 4,250 $ — $ — Certificates of deposits, noncurrent 10,609 10,609 — — Available-for-sale debt securities: United States Government and agency securities 3,230 3,230 — — Corporate notes and bonds 176 176 — — Total available-for-sale debt securities 3,406 3,406 — — Marketable equity securities: Mutual funds - domestic 7,476 7,476 — — Corporate stocks - domestic 1,877 1,877 — — Corporate stocks - foreign 57 57 — — Exchange traded funds - domestic 1,491 1,491 — — Exchange traded funds - foreign 485 485 — — Total marketable equity securities 11,386 11,386 — — Liabilities: Deferred compensation $ 4,333 $ — $ 4,333 $ — Fair Value Measurements at December 31, 2020 Using: Total Quoted Significant Significant Description December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Certificates of deposits, noncurrent $ 19,359 $ 19,359 $ — $ — Liabilities: Deferred compensation $ 3,192 $ — $ 3,192 $ — The assets invested for self-insurance are certificates of deposits, stocks, bonds, mutual funds and exchange traded funds--classified as Level 1--based on quoted market prices of the identical underlying securities in active markets. The estimated fair value of the deferred compensation--classified as Level 2--is based on the value of the Company's common shares, determined by independent valuation. Fair Value of Financial Instruments --The fair values of our current financial assets and current liabilities, including cash, accounts receivable, accounts payable, and accrued expenses among others, approximate their reported carrying values because of their short-term nature. Financial instruments classified as noncurrent assets and liabilities and their carrying values and fair values were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Available-for-sale debt securities $ 3,406 $ 3,406 $ — $ — Marketable equity securities 11,386 11,386 — — Liabilities: Revolving credit facility, noncurrent 46,832 46,832 — — Senior unsecured notes 75,000 78,432 75,000 81,424 Term loans, noncurrent 2,373 2,431 2,324 2,451 Total $ 124,205 $ 127,695 $ 77,324 $ 83,875 The carrying value of our revolving credit facility approximates fair value--classified as Level 2--as the interest rates on the amounts outstanding are variable. The fair value of our senior unsecured notes and term loans--classified as Level 2--is determined based on expected future weighted-average interest rates with the same remaining maturities. Market Risk-- In the normal course of business, we are exposed to market risk related to changes in foreign currency exchange rates, changes in interest rates and changes in fuel prices. We do not hold or issue derivative financial instruments for trading or speculative purposes. In prior years, we have used derivative financial instruments to manage risk, in part, associated with changes in interest rates and changes in fuel prices. Presently, we are not engaged in any hedging or derivative activities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit At December 31, 2021, we were contingently liable to our principal banks in the amount of $88,362 for letters of credit outstanding primarily related to insurance coverage. Surety Bonds In certain circumstances, we have performance obligations that are supported by surety bonds in connection with our contractual commitments. Litigation We are party to a number of lawsuits, threatened lawsuits and other claims arising out of the normal course of business. On a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we do not record a legal accrual, consistent with applicable accounting guidance. Based on information currently available to us, advice of counsel, and available insurance coverage, we believe that our established accruals are adequate and the liabilities arising from the legal proceedings will not have a material adverse effect on our consolidated financial condition. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution of a matter will not exceed established accruals. As a result, the outcome of a particular matter or a combination of matters may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period. In November 2017, a suit was filed in Savannah, Georgia state court ("State Court") against Davey Tree, its subsidiary, Wolf Tree, Inc. ("Wolf Tree"), a former Davey employee, two Wolf Tree employees, and a former Wolf Tree employee alleging various acts of negligence and seeking compensatory and punitive damages for wrongful death and assault and battery of the plaintiff’s husband, a Wolf Tree employee, who was shot and killed in August 2017. In July 2018, a related survival action was filed by the deceased’s estate against Davey Tree, its subsidiary, Wolf Tree, and four current and former employees in Savannah, Georgia, which arises out of the same allegations, seeks compensatory and punitive damages and also includes three Racketeer Influenced and Corrupt Organizations Act ("RICO") claims under Georgia law seeking compensatory damages, treble damages, and punitive damages. The 2018 case was removed to the United States District Court for the Southern District of Georgia, Savannah Division ("Federal Court"), on August 2, 2018. The Company filed a motion to dismiss the RICO claims. Plaintiffs filed a motion to remand the case to state court, which the Company has opposed. The cases were mediated unsuccessfully in December 2018 and the State Court case was originally set for trial on January 22, 2019. However, as discussed below, all of the civil cases were later stayed on December 28, 2018 and currently remain stayed. On December 6, 2018, a former Wolf Tree employee pled guilty to conspiracy to conceal, harbor, and shield illegal aliens. On December 21, 2018, the United States federal prosecutors filed a motion to stay both actions on the grounds that on December 13, 2018, an indictment was issued charging two former Wolf Tree employees and another individual with various crimes, including conspiracy to murder the deceased. On December 17, 2018, the United States Attorney’s Office for the Southern District of Georgia informed the Company and Wolf Tree that they are also under investigation for potential violations of immigration and other laws relating to the subject matter of the ongoing criminal investigation referenced above. The Company and Wolf Tree are cooperating with the investigation and have met with both the civil and criminal divisions of the Department of Justice ("DOJ") to resolve the matter. Due to pandemic-related issues and delays on the side of the DOJ, the matter currently remains unresolved. On December 28, 2018, the State Court granted the United States’ motion to stay but indicated that it would nonetheless consider certain pending matters, including: (1) Plaintiff and a co-defendant’s motions that Davey Tree be forced to produce privileged documents and testimony, which had been submitted to a Special Master for recommendation; and (2) the Defendants’ motions for summary judgment. On January 11, 2019, the Special Master issued his recommendation that both Plaintiff and the co-defendant’s motions to force Davey to disclose privileged information be denied. The State Court judge has not yet moved on the recommendation. On January 29, 2019, the State Court heard oral argument on Defendants’ motions for summary judgment, and the motions remain pending during the stay of the cases. On January 28, 2019, the Federal Court also granted the United States’ motion to stay. On January 29, 2019, the State Court ordered the parties to return to mediation, which occurred on April 17, 2019 but was unsuccessful in resolving the matters. On December 27, 2021, the DOJ advised that criminal cases (unrelated to the Company) for the individual criminal defendants was now scheduled, with the trial for Higinio Perez-Braco scheduled for April 12, 2022 and the trial of Pablo Rangel and Juan Rangel-Rubio scheduled for May 10, 2022. All civil cases continue to remain stayed. In both cases, the Company has denied all liability and is vigorously defending the action. It also has retained separate counsel for some of the individual defendants, each of whom has denied all liability and also is vigorously defending the action. Northern California Wildfires Five lawsuits have been filed that name contractors for PG&E Corporation and its subsidiary, Pacific Gas and Electric Company (together, "PG&E"), including Davey Tree, with respect to claims arising from wildfires that occurred in Pacific Gas and Electric Company’s service territory in northern California beginning on October 8, 2017. An action was brought on August 8, 2019 in Napa County Superior Court, entitled Donna Walker, et al. v. Davey Tree Surgery Company, et al ., Case No. 19CV001194. An action was brought on October 8, 2019 in San Francisco County Superior Court, entitled Quinisha Kyree Abram, et al. v. ACRT, Inc., et. al , Case No. CGC-19-579861. Three additional actions were brought on January 28, 2021 in San Francisco County Superior Court, by fire victims represented by a trust, which was assigned contractual rights in the PG&E bankruptcy proceedings. These cases are entitled John K. Trotter, Trustee of the PG&E Fire Victim Trust v. Davey Resource Group, Inc., et al ., Case No. CGC-21-589438; John K. Trotter, Trustee of the PG&E Fire Victim Trust v. Davey Resource Group, Inc., et al ., Case No. CGC-21-589439; and John K. Trotter, Trustee of the PG&E Fire Victim Trust v. ACRT Pacific, LLC, et al ., Case No. CGC-21-589441. On September 22, 2021, the court granted Davey Tree's petition to coordinate all cases, including Walker as a California Judicial Council Coordination Proceeding, In Re North Bay Fire Cases, JCCP No. 4955. As a result of the coordination order, all five of the individual actions are stayed in their home jurisdictions. The next case management conference in JCCP No. 4955 was held on February 24, 2022. At that case management conference, the Court ordered a mediation between the Plaintiffs and Davey Tree related to Davey Tree's contracts with PG&E. This mediation shall be scheduled by May 27, 2022, with the mediation to occur thereafter. This mediation would include Davey Tree, the Fire Victim Trust, and all other plaintiff groups. Separately, the court ordered that all parties shall participate in a global mediation, including selecting a mediator by April 29, 2022, shall begin the process of securing a mediation date by May 27, 2022, and shall complete a first session of a mediation by October 28, 2022. The Defendants have also received evidence from the Plaintiff's Trust and PG&E collected by those parties during the PG&E bankruptcy proceedings and Davey Tree's experts have begun their initial inspection of the evidence. Davey Tree has responded to all claims asserted by the Plaintiff's in these actions, denying all liability in these cases and is vigorously defending against Plaintiffs' alleged claims. In all cases, the Company denies all liability and will vigorously defend the actions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of consolidation and basis of presentation [Text Block] | Principles of Consolidation and Basis of Presentation --The consolidated financial statements include the accounts of Davey Tree and our wholly-owned subsidiaries and were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as codified in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates in financial statement preparation [Policy Text Block] | Use of Estimates in Financial Statement Preparation --The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts. Estimates are used for, but not limited to, accounts |
Property and equipment [Policy Text Block] | Property and Equipment --Property and equipment are stated at cost. Repair and maintenance costs are expensed as incurred. Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years |
Intangible assets [Policy Text Block] | Intangible Assets --Intangible assets with finite lives, primarily customer lists, noncompete agreements and tradenames, are amortized by the straight-line method based on their estimated useful lives, ranging from one year to seven years. |
Long-lived assets [Policy Text Block] | Long-Lived Assets --We assess potential impairment to our long-lived assets, other than goodwill, when there is evidence that events or changes in circumstances have made recovery of the asset’s carrying value unlikely and the carrying amount of the asset exceeds the estimated future undiscounted cash flow. In the event the assessment indicates that the carrying amounts may not be recoverable, an impairment loss would be recognized to reduce the asset’s carrying amount to its estimated fair value based on the present value of the estimated future cash flows. |
Goodwill [Policy Text Block] | Goodwill --Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identified net assets acquired. Goodwill is not amortized, but tested for impairment annually or when events or circumstances indicate that impairment may have occurred. Annually, we perform the impairment tests for goodwill during the fourth quarter. Our annual impairment assessment date has been designated as the first day of our fourth fiscal quarter. Impairment of goodwill is tested at the reporting-unit level, which for us are also our business segments. Impairment of goodwill is tested by comparing the reporting unit’s carrying value, including goodwill, to the fair value of the reporting unit. The fair values of the reporting units are estimated using discounted projected cash flows. If the carrying value of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the carrying value of the goodwill allocated to that reporting unit. We conducted our annual impairment tests and determined that no impairment loss was required to be recognized in 2021 or |
Self-insurance accruals [Policy Text Block] | Self-Insurance Accruals --We are generally self-insured for losses and liabilities related primarily to workers’ compensation, vehicle liability and general liability claims. We use commercial insurance as a risk-reduction strategy to minimize catastrophic losses. Self-insurance accruals consist of the projected settlement value of reported and unreported claims. Ultimate losses are accrued based upon estimates of the aggregate liability for claims incurred using certain actuarial assumptions followed in the insurance industry and based on Company-specific experience. Our self-insurance accruals include claims for which the ultimate losses will develop over a period of years. Estimating ultimate losses of reported and unreported claims is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain. Accordingly, our estimates of ultimate losses can change as claims mature. Our accruals also are affected by changes in the number of new claims incurred and claim severity. The methods for estimating the ultimate losses and the total cost of claims were determined by third-party consulting actuaries; the resulting accruals are reviewed by management, and any adjustments arising from changes in estimates are reflected in income. Our self-insurance accruals are based on estimates and, while we believe that the amounts accrued are adequate and not excessive, the ultimate claims may be in excess of or less than the amounts provided. Changes in claims incurred, claim severity, or other estimates and judgments used by management could have a material impact on the amount and timing of expense for any period. |
Stock-based compensation [Policy Text Block] | Stock-Based Compensation - -Stock-based compensation cost for all share-based payment plans is measured at fair value on the date of grant and recognized over the employee service period on the straight-line recognition method for awards expected to vest. The fair value of all stock-based payment plans—stock option plans, stock-settled stock appreciation rights, and performance-based restricted stock units as well as our Employee Stock Purchase Plan—is determined by the number of awards granted and the price of our common stock. The fair value of each award is estimated on the date of grant using a binomial option-pricing model. The binomial model considers a range of assumptions related to volatility, risk-free interest rate and employee exercise behavior. Expected volatilities utilized in the binomial model are based on historical volatility of our share prices and other factors. Similarly, the dividend yield is based on historical experience and expected future changes. The binomial model also incorporates exercise assumptions based on an analysis of historical data. The expected life of the stock-based awards is derived from the output of the binomial model and represents the period of time that awards granted are expected to be outstanding. |
Defined benefit pension plans [Policy Text Block] | Defined Benefit Pension Plans --We record annual expenses relating to our defined benefit pension plans based on calculations that include various actuarial assumptions, including discount rates and expected long-term rates of return on plan assets. Actuarial assumptions are reviewed annually with modifications made to the assumptions, if necessary, based on current rates and trends. The effects of the actuarial gains or losses are amortized over future service periods. The funded status (that is, the projected benefit obligation less the fair value of plan assets) for each plan is reported in our balance sheet using a December 31 measurement date. Changes in the funded status of the plans are recognized in the year in which the changes occur and reported in comprehensive income (loss). |
Income taxes [Policy Text Block] | Income Taxes --We compute taxes on income in accordance with the tax rules and regulations where the income is earned. The income tax rates imposed by these taxing authorities vary. Taxable income may differ from pretax income for financial reporting purposes. We compute and recognize deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of our assets and liabilities. Changes in tax rates and laws are reflected in income in the period when such changes are enacted. We account for uncertain tax positions by recognizing the financial statement effects of a tax position only when, based upon the technical merits, it is more-likely-than-not that the position will be sustained upon examination. |
Earnings per share [Policy Text Block] | Earnings Per Share --Basic earnings per share is determined by dividing the income available to common shareholders by the weighted-average number of common shares outstanding. Diluted earnings per share is computed similarly to basic earnings per share except that the weighted-average number of shares is increased to include the effect of stock awards that were granted and outstanding during the period. |
Revenue recognition [Policy Text Block] | Revenue Recognition --We recognize revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. See Note T for a detailed description of our revenue recognition policy. |
Concentration of credit risk [Policy Text Block] | Concentration of Credit Risk --Credit risk represents the accounting loss that would be recognized if the counterparties failed to perform as contracted. The principal financial instruments subject to credit risk are as follows: Cash --To limit our exposure, we transact our business and maintain banking relationships with high credit-quality financial institutions. Accounts Receivable --Our residential and commercial customers are located geographically throughout the United States and Canada and, as to commercial customers, within differing industries; thus, minimizing credit risk. The credit exposure of utility services customers is directly affected by conditions within the utility industries as well as the financial condition of individual customers. One utility customer approximated 13% of revenues during 2021, 17% in 2020 and 12% in 2019. To reduce credit risk, we evaluate the credit of customers, but generally do not require advance payments or collateral. Exposure to losses on receivables is principally dependent on each customer’s financial condition. |
Foreign currency translation and transactions [Policy Text Block] | Foreign Currency Translation and Transactions --Assets and liabilities of our Canadian operations are translated into U.S. dollars using year-end exchange rates, and revenues and expenses are translated using exchange rates as determined throughout the year. Gains or losses resulting from translation are included in the consolidated balance sheet, classified in shareholders’ equity as a separate component of accumulated other comprehensive income (loss). Gains or losses resulting from Canadian-dollar transactions with the Canadian operations are converted to U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effect of the transactions gain or loss is classified in the statement of operations as a component of other nonoperating income (expense), net. |
Comprehensive income (loss) [Policy Text Block] | Comprehensive Income (Loss) --Comprehensive income (loss) includes net income and other comprehensive income or loss. Other comprehensive income (loss) refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity, net of tax. |
Business combinations [Policy Text Block] | The net assets of the businesses acquired are accounted for under the acquisition method and were recorded at their fair values at the dates of acquisition. The measurement period for purchase price allocations ends as soon as information of the facts and circumstances becomes available, but does not exceed one year from the acquisition date. |
Commitments and contingencies [Policy Text Block] | On a quarterly basis, we assess our liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that we will incur a loss and the amount of the loss can be reasonably estimated, we record a liability in our consolidated financial statements. These legal accruals may be increased or decreased to reflect any relevant developments on a quarterly basis. Where a loss is not probable or the amount of the loss is not estimable, we do not record a legal accrual, consistent with applicable accounting guidance. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Property, plant and equipment [Table Text Block] | Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years December 31, Property and equipment, net 2021 2020 Land and land improvements $ 22,129 $ 19,731 Buildings and leasehold improvements 63,933 49,460 Equipment 646,552 623,847 732,614 693,038 Less accumulated depreciation 504,629 488,321 Total $ 227,985 $ 204,717 |
Accounts Receivable, Net and _2
Accounts Receivable, Net and Supplemental Balance Sheet Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable, Net and Supplemental Balance Sheet Information [Abstract] | |
Schedule of accounts receivable [Table Text Block] | Accounts receivable, net, consisted of the following: December 31, Accounts receivable, net 2021 2020 Accounts receivable $ 215,336 $ 214,887 Unbilled receivables (1) 65,957 42,251 281,293 257,138 Less allowances for credit losses 3,013 4,217 Total $ 278,280 $ 252,921 |
Schedule of other current assets [Table Text Block] | The following items comprised the amounts included in the balance sheets: December 31, Other current assets 2021 2020 Refundable income taxes $ 1,346 $ — Assets invested for self-insurance 4,250 — Other 1,346 778 Total $ 6,942 $ 778 |
Property, plant and equipment [Table Text Block] | Depreciation is computed for financial reporting purposes by the straight-line method for land improvements, building and leasehold improvements and by the declining-balance method for equipment, based on the estimated useful lives of the assets, as follows: Land improvements 5 to 20 years Buildings 5 to 30 years Equipment 3 to 20 years Leasehold improvements Shorter of lease term or estimated useful life; ranging from 5 to 20 years December 31, Property and equipment, net 2021 2020 Land and land improvements $ 22,129 $ 19,731 Buildings and leasehold improvements 63,933 49,460 Equipment 646,552 623,847 732,614 693,038 Less accumulated depreciation 504,629 488,321 Total $ 227,985 $ 204,717 |
Schedule of other assets, noncurrent [Table Text Block] | December 31, Other assets, noncurrent 2021 2020 Assets invested for self-insurance $ 25,401 $ 19,359 Investment--cost-method affiliate 1,258 1,258 Deferred income taxes 4,937 4,167 Cloud computing arrangements 6,530 — Other 4,539 4,972 Total $ 42,665 $ 29,756 |
Schedule of accrued expenses [Table Text Block] | December 31, Accrued expenses 2021 2020 Employee compensation $ 37,828 $ 36,108 Accrued compensated absences 11,007 14,534 Self-insured medical claims 2,891 2,065 Customer advances, deposits 4,009 2,067 Income taxes payable 145 6,926 Taxes, other than income 13,789 30,354 Other 5,469 6,387 Total $ 75,138 $ 98,441 |
Schedule of other liabilities, noncurrent [Table Text Block] | December 31, Other liabilities, noncurrent 2021 2020 Pension and retirement plans $ 8,713 $ 7,365 Other 2,870 3,324 Total $ 11,583 $ 10,689 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information follows: Year Ended December 31, Supplemental cash flow information 2021 2020 2019 Interest paid $ 4,929 $ 7,159 $ 8,463 Income taxes paid, net 34,094 27,494 5,758 Noncash transactions: Debt issued for purchases of businesses $ 2,961 $ 2,472 $ 2,612 Detail of acquisitions: Assets acquired: Cash $ 292 $ — $ 3 Accounts receivable 509 10 2,332 Operating supplies 1,044 22 84 Prepaid expense 203 6 27 Equipment 4,049 1,932 1,837 Other assets 1,574 — 96 Intangible assets 3,005 3,545 4,067 Goodwill 7,723 5,635 4,174 Liabilities assumed (3,713) (613) (1,479) Debt issued for purchases of businesses (2,961) (2,472) (2,612) Cash paid $ 11,725 $ 8,065 $ 8,529 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | The following table summarizes available-for-sale debt securities held at December 31, 2021 by asset type: Available-For-Sale Debt Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Net Carrying Amount) December 31, 2021 Fixed maturity: United States Government and agency securities $ 3,244 $ 11 $ (25) $ 3,230 Corporate notes and bonds 174 2 — 176 Total available for sale debt securities $ 3,418 $ 13 $ (25) $ 3,406 |
Investments Classified by Contractual Maturity Date | The net carrying values of available-for-sale debt securities at December 31, 2021 by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Amortized Cost Fair Value Due: Less than one year $ — $ — One year through five years 1,807 1,802 Six years through ten years 193 195 After ten years 1,418 1,409 Total $ 3,418 $ 3,406 |
Identified Intangible Assets _2
Identified Intangible Assets and Goodwill, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of acquired finite-lived intangible assets by major class [Table Text Block] | The carrying amounts of the identified intangible assets and goodwill acquired in connection with our acquisitions were as follows: Weighted-Average December 31, 2021 December 31, 2020 Carrying Accumulated Carrying Accumulated Amortized intangible assets: Customer lists/relationships 4.0 years $ 32,294 $ 24,090 $ 30,402 $ 22,040 Employment-related 2.7 years 9,946 8,301 9,320 7,755 Tradenames 3.9 years 8,426 6,642 7,938 6,195 Amortized intangible assets 50,666 $ 39,033 47,660 $ 35,990 Less accumulated amortization 39,033 35,990 Intangible assets, net $ 11,633 $ 11,670 Goodwill $ 55,980 $ 48,256 |
Schedule of goodwill [Table Text Block] | The changes in the carrying amounts of goodwill, by segment, for the years ended December 31, 2021 and December 31, 2020 were as follows: Balance at January 1, 2021 Acquisitions Translation Balance at December 31, 2021 Utility $ 4,911 $ — $ — $ 4,911 Residential and Commercial 43,345 7,723 1 51,069 Total $ 48,256 $ 7,723 $ 1 $ 55,980 Balance at January 1, 2020 Acquisitions Translation Balance at December 31, 2020 Utility $ 4,911 $ — $ — $ 4,911 Residential and Commercial 37,374 5,635 336 43,345 Total $ 42,285 $ 5,635 $ 336 $ 48,256 |
Schedule of finite-lived intangible assets, future amortization expense [Table Text Block] | The aggregate amortization expense of intangible assets, as of December 31, 2021, in each of the next five years was as follows: Future Amortization Expense Year ending December 31, 2022 $ 3,030 2023 2,860 2024 2,538 2025 1,755 2026 915 Thereafter 535 $ 11,633 |
Short and Long-Term Debt and _2
Short and Long-Term Debt and Commitments Related to Letters of Credit (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of short-term debt [Table Text Block] | Short-term debt consisted of the following: December 31, 2021 2020 Current portion of long-term debt $ 22,809 $ 19,540 Current portion of finance leases 2,459 2,273 $ 25,268 $ 21,813 |
Schedule of long-term debt instruments [Table Text Block] | Long-term debt consisted of the following: December 31, 2021 2020 Revolving credit facility Swing-line borrowings $ 16,832 $ — LIBOR borrowings 30,000 — 46,832 — 3.99% Senior unsecured notes 50,000 50,000 4.00% Senior unsecured notes 25,000 25,000 Term loans 25,182 21,864 147,014 96,864 Less debt issuance costs 674 256 Less current portion 22,809 19,540 $ 123,531 $ 77,068 |
Self-Insurance Accruals (Tables
Self-Insurance Accruals (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Self-Insurance Accruals [Abstract] | |
Schedule of self-insurance accruals | Components of our self-insurance accruals for workers’ compensation, vehicle liability and general liability were as follows: December 31, 2021 2020 Workers' compensation $ 58,187 $ 52,060 Vehicle liability 12,966 10,046 General liability 54,813 47,174 Total 125,966 109,280 Less current portion 48,867 37,707 Noncurrent portion $ 77,099 $ 71,573 |
Schedule of changes in self-insurance accruals | The changes in our self-insurance accruals are summarized in the table below. December 31, 2021 2020 Balance, beginning of year $ 109,280 $ 95,683 Provision for claims 57,498 51,988 Payment of claims (40,812) (38,391) Balance, end of year $ 125,966 $ 109,280 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of assets and liabilities, leases | The following table summarizes the amounts recognized in our Consolidated Balance Sheet related to leases: Consolidated Balance Sheet Classification December 31, December 31, Assets Operating lease assets Right-of-use assets - operating leases $ 86,423 $ 55,893 Finance lease assets Property and equipment, net 11,592 8,788 Total lease assets $ 98,015 $ 64,681 Liabilities Current operating lease liabilities Current portion of operating lease liabilities $ 28,682 $ 19,124 Non-current operating lease liabilities Lease liabilities - operating leases 57,335 36,612 Total operating lease liabilities 86,017 55,736 Current portion of finance lease liabilities Current portion of long-term debt, finance lease liabilities and short-term debt 2,459 2,273 Non-current finance lease liabilities Lease liabilities - finance leases 8,646 6,479 Total finance lease liabilities 11,105 8,752 Total lease liabilities $ 97,122 $ 64,488 |
Lease, cost | The components of lease cost recognized within our Consolidated Statement of Operations were as follows: Year Ended Consolidated Statement December 31, December 31, Operating lease cost Operating expense $ 18,557 $ 11,349 Operating lease cost Selling expense 10,384 9,572 Operating lease cost General and administrative expense 1,153 1,115 Finance lease cost: Amortization of right-of-use assets Depreciation 2,803 2,015 Interest expense on lease liabilities Interest expense 192 148 Other lease cost (1) Operating expense 3,984 5,357 Other lease cost (1) Selling expense 1,352 1,351 Other lease cost (1) General and administrative expense 23 52 Total lease cost $ 38,448 $ 30,959 (1) Other lease cost includes short-term lease costs and variable lease costs. |
Schedule of remaining weighted average lease term | The table below summarizes the weighted average remaining lease term as of December 31, 2021. Operating leases 3.9 years Finance leases 5.0 years |
Schedule of lease weighted average discount rate | The table below summarizes the weighted average discount rate used to measure our lease liabilities as of December 31, 2021. Operating leases 2.39 % Finance leases 2.09 % |
Supplemental cash flow information, leases | Supplemental Cash Flow Information Related to Leases Year Ended December 31, December 31, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (30,410) $ (21,786) Operating cash flows from finance leases (192) (148) Financing cash flows from finance leases (3,348) (1,996) Right-of-use assets obtained in exchange for lease obligations: Operating leases 59,863 36,653 Finance leases 5,790 7,664 |
Finance and operating lease, liability, maturity | Maturity Analysis of Lease Liabilities As of December 31, 2021 Operating Finance Year ending December 31, 2022 $ 30,313 $ 2,661 2023 22,979 2,451 2024 16,084 2,330 2025 11,182 1,811 2026 4,590 1,602 Thereafter 4,930 819 Total lease payments 90,078 11,674 Less interest 4,061 569 Total $ 86,017 $ 11,105 |
Common Shares, Redeemable Com_2
Common Shares, Redeemable Common Shares and Preferred Shares (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of stock by class [Table Text Block] | Common and Redeemable Shares Outstanding -- The table below reconciles the activity of the common and redeemable shares outstanding: Common Shares Redeemable Total Shares outstanding, December 31, 2019 36,059,842 10,293,764 46,353,606 Shares purchased (2,152,056) (1,043,802) (3,195,858) Shares sold 1,046,288 975,806 2,022,094 Options exercised 460,462 — 460,462 Shares outstanding, December 31, 2020 35,414,536 10,225,768 45,640,304 Shares purchased (1,906,714) (1,353,229) (3,259,943) Shares sold 955,202 519,251 1,474,453 Options exercised 647,408 — 647,408 Shares outstanding, December 31, 2021 35,110,432 9,391,790 44,502,222 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | The following summarizes the components of other comprehensive income (loss) accumulated in shareholders’ equity: Foreign Defined Accumulated Balance at January 1, 2019 $ (5,819) $ 785 $ (5,034) Unrealized gains (losses) 1,186 — 1,186 Amounts reclassified from accumulated other comprehensive income (loss) — (1,551) (1,551) Tax effect — 143 143 Unrecognized amounts from defined benefit pension plans — (323) (323) Tax effect — 176 176 Net of tax amount 1,186 (1,555) (369) Balance at December 31, 2019 $ (4,633) $ (770) $ (5,403) Unrealized gains (losses) 895 — 895 Amounts reclassified from accumulated other comprehensive income (loss) — 152 152 Tax effect — (39) (39) Unrecognized amounts from defined benefit pension plans — (259) (259) Tax effect — 107 107 Net of tax amount 895 (39) 856 Balance at December 31, 2020 $ (3,738) $ (809) $ (4,547) Unrealized gains (losses) 84 — 84 Amounts reclassified from accumulated other comprehensive income (loss) — 201 201 Tax effect — (52) (52) Unrecognized amounts from defined benefit pension plans — 110 110 Tax effect — 31 31 Net of tax amount 84 290 374 Balance at December 31, 2021 $ (3,654) $ (519) $ (4,173) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Disclosure of share-based compensation arrangements by share-based payment award | Stock-based compensation expense under all share-based payment plans—our Employee Stock Purchase Plan, stock option plans, stock-settled stock appreciation rights ("SSARs"), and restricted stock units ("RSUs")—included in the results of operations was as follows: Year Ended December 31, 2021 2020 2019 Compensation expense, all share-based payment plans $ 4,625 $ 3,407 $ 2,845 Income tax benefit 793 538 404 |
Schedule of share-based compensation, stock-settled stock appreciation rights award activity | The following table summarizes the SSARs as of December 31, 2021: Stock-Settled Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2021 210,472 $ 1.87 Granted — — Forfeited — — Vested (122,938) 1.84 Unvested, December 31, 2021 87,534 $ 1.92 1.0 year $ 84 $ 1,436 |
Schedule of share-based compensation, restricted stock units award activity | The following table summarizes PRSUs and RSUs as of December 31, 2021: Restricted Stock Units Number of Weighted- Weighted- Unrecognized Aggregate Unvested, January 1, 2021 510,614 $ 10.05 Granted 349,914 14.82 Forfeited — — Vested (120,368) 8.86 Unvested, December 31, 2021 740,160 $ 12.49 2.1 years $ 5,557 $ 12,139 Employee PRSUs 673,268 $ 12.52 2.2 years $ 5,159 $ 11,042 Nonemployee Director RSUs 66,892 $ 12.20 1.3 years $ 398 $ 1,097 |
Schedule of share-based payment award, stock options, valuation assumptions | The fair values of stock-based awards granted were estimated at the dates of grant with the following weighted-average assumptions: Year Ended December 31, 2021 2020 2019 Volatility rate 9.9 % 9.7 % 9.9 % Risk-free interest rate .3 % .7 % 2.3 % Expected dividend yield .4 % .4 % .7 % Expected life of awards (years) 3.0 8.1 8.8 |
Schedule of share-based compensation, stock options, activity | The following table summarizes activity under the stock option plans for the year ended December 31, 2021: Stock Options Number of Weighted- Weighted- Unrecognized Aggregate Outstanding, January 1, 2021 2,817,318 $ 8.34 Granted — — Exercised (418,694) 7.15 Forfeited (47,690) 7.93 Outstanding, December 31, 2021 2,350,934 $ 8.56 4.8 years $ 804 $ 18,431 Exercisable, December 31, 2021 1,738,725 $ 7.71 3.9 years $ 15,115 |
Schedule of share-based compensation, shares authorized under stock option plans, by exercise price range | Information regarding the stock options outstanding at December 31, 2021 is summarized below: Stock Options Number Weighted-Average Weighted- Number Weighted- Employee options: $ 5.80 281,210 1.5 years $ 5.80 281,210 $ 5.80 6.60 366,060 2.5 years 6.60 366,060 6.60 7.53 305,930 3.5 years 7.53 305,930 7.53 8.18 357,000 4.5 years 8.18 357,000 8.18 8.80 221,800 5.5 years 8.80 185,400 8.80 9.55 238,130 6.5 years 9.55 123,530 9.55 10.55 53,000 7.2 years 10.55 19,640 10.55 10.55 209,250 7.5 years 10.55 61,236 10.55 12.10 56,794 8.5 years 12.10 11,359 12.10 12.10 261,760 8.2 years 12.10 27,360 12.10 2,350,934 4.8 years $ 8.56 1,738,725 $ 7.71 |
Defined Benefit Pension Plans (
Defined Benefit Pension Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of change in benefit obligations [Table Text Block] | The change in benefit obligations and the fair value of plans assets follows: December 31, 2021 2020 Change in benefit obligation Projected benefit obligation at beginning of year $ 3,471 $ 3,265 Service cost — — Interest cost 85 105 Actuarial (gains)/losses (110) 259 Settlements — — Benefits paid (158) (158) Projected benefit obligation at end of year $ 3,288 $ 3,471 Accumulated benefit obligation at end of year $ 3,288 $ 3,471 |
Schedule of changes in fair value of plan sssets [Table Text Block] | December 31, 2021 2020 Change in fair value of plan assets Fair value of plan assets at beginning of year $ — $ — Employer contributions 158 158 Benefits paid (158) (158) Fair value of plan assets at end of year $ — $ — |
Schedule of net funded status [Table Text Block] | December 31, 2021 2020 Funded status of the plans Fair value of plan assets $ — $ — Projected benefit obligation 3,288 3,471 Funded status of the plans $ (3,288) $ (3,471) December 31, 2021 2020 Funded status by plan SERP $ (2,894) $ (3,019) Restoration Plan (394) (452) Funded status of the plans $ (3,288) $ (3,471) |
Schedule of amounts reported in the consolidated balance sheet [Table Text Block] | December 31, 2021 2020 Amounts reported in the consolidated balance sheets Current liability $ (166) $ (203) Noncurrent liability (3,122) (3,268) Funded status of the plans $ (3,288) $ (3,471) |
Schedule of amounts reported in accumulated other comprehensive income [Table Text Block] | Amounts included in accumulated other comprehensive income (loss), related to our defined benefit pension plans follows: At December 31, 2021 At December 31, 2020 Pretax Net of Tax Pretax Net of Tax Amounts reported in accumulated other comprehensive income Unrecognized net actuarial loss $ 645 $ 501 $ 892 $ 737 Unrecognized prior service cost 23 18 87 72 Amounts reported in accumulated other comprehensive income $ 668 $ 519 $ 979 $ 809 |
Schedule of amortization of costs expected to be recognized next year [Table Text Block] | The total amortization associated with these amounts that is expected to be recognized in net periodic benefit expense for 2022 follows: Year ending December 31, 2022 Pretax Net of Tax Amortization of Costs Expected to be Recognized Next Year Unrecognized net actuarial loss $ 96 $ 70 Unrecognized prior service cost 23 17 Amortization of Costs Expected to be Recognized Next Year $ 119 $ 87 |
Schedule of accumulated benefit obligations in excess of plan assets [Table Text Block] | The aggregate projected benefit obligation, accumulated benefit obligation and fair value of plan assets for plans in which the fair value of plan assets is less than either the projected benefit obligation or accumulated benefit obligation follow: December 31, 2021 2020 For pension plans with accumulated benefit obligations in excess of plan assets Projected benefit obligation $ 3,288 $ 3,471 Accumulated benefit obligation 3,288 3,471 Fair value of plan assets — — |
Schedule of actuarial assumptions discount rate [Table Text Block] | The discount rates used to measure the year-end benefit obligation and compute pension expense for the subsequent year were: December 31, 2021 2020 2019 Actuarial assumptions - Discount Rates SERP 2.55 % 3.34 % 3.34 % Restoration Plan 2.33 % 3.23 % 3.23 % |
Components of pension expense (income) [Table Text Block] | Net periodic benefit expense (income) associated with the defined benefit pension plans included the following components: Year Ended December 31, 2021 2020 2019 Components of pension expense (income) Service costs--increase in benefit obligation earned $ — $ — $ 75 Interest cost on projected benefit obligation 85 105 198 Expected return on plan assets — — (59) Settlement loss — — 1,677 Amortization of net actuarial loss 137 89 87 Amortization of prior service cost 64 64 64 Net pension expense of defined benefit pension plans $ 286 $ 258 $ 2,042 |
Schedule of expected benefit plan payments [Table Text Block] | The benefits, as of December 31, 2021, expected to be paid to defined-benefit plan participants in each of the next five years, and in the aggregate for the five years thereafter, follows: Participants Benefits Estimated future payments Year ending December 31, 2022 $ 168 2023 181 2024 179 2025 176 2026 174 Years 2027 to 2031 1,025 |
Schedule of multiemployer plans [Table Text Block] | Our participation in the multiemployer defined benefit pension plans is summarized in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number ("EIN") and the three-digit plan number. The most recent Pension Protection Act of 2006 (the "PPA") zone status is from the Form 5500, "Annual Return/Report of Employee Benefit Plan," filed by the plan and certified by the plan's actuary. The PPA zone status describes plans that are underfunded. Among other factors, plans in the "critical" red zone are generally less than 65% funded; plans in the "endangered" yellow zone are less than 80% funded; and plans in the "safe" green zone are at least 80% funded. Pension Fund EIN/Pension Pension FIP/RP Davey Tree Surcharge Expiration 2021 2020 2021 2020 2019 National Electric 53-0181657/001 Green Green No $ 2,827 $ 3,239 $ 904 No Ranging from December 31, 2021 to Eighth District 84-6100393/001 Green Green No 125 161 190 No December 31, 2023 $ 2,952 $ 3,400 $ 1,094 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign [Table Text Block] | Income (loss) before income taxes was attributable to the following sources: Year Ended December 31, 2021 2020 2019 United States $ 89,086 $ 82,382 $ 54,569 Canada 361 1,500 (891) Total $ 89,447 $ 83,882 $ 53,678 |
Schedule of components of income tax expense (benefit) [Table Text Block] | The provision for income taxes follows: Year Ended December 31, 2021 2020 2019 Current provision (benefit): Federal $ 18,101 $ 22,093 $ 7,934 State 7,221 6,260 3,624 Canadian 78 (50) (328) Total current 25,400 28,303 11,230 Deferred taxes (1,652) (5,358) 1,398 Total taxes on income $ 23,748 $ 22,945 $ 12,628 |
Schedule of effective income tax rate reconciliation [Table Text Block] | A reconciliation of the expected statutory U.S. federal rate to our actual effective income tax rate follows: Year Ended December 31, 2021 2020 2019 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 5.5 5.2 5.6 Effect of Canadian income taxes .1 .2 — Nondeductible expenses 1.5 1.3 2.2 Stock compensation (.9) (.3) (1.8) ESOP dividend deduction (.1) (.1) (.2) Uncertain tax adjustments and audit settlement (.5) .1 .2 Pension termination — — (2.9) All other, net — — (.7) Effective income tax rate 26.6 % 27.4 % 23.4 % |
Deferred tax assets and liabilities, noncurrent [Table Text Block] | Significant components of our noncurrent net deferred tax assets and liabilities at December 31, were as follows: December 31, 2021 2020 Deferred tax assets: Self-insurance accruals $ 26,516 $ 22,847 Accrued compensated absences 1,730 1,876 Accrued expenses and other liabilities 979 942 Accrued stock compensation 2,386 2,105 Foreign tax credit carryforward 1,617 1,597 Lease obligations 17,077 11,267 Other future deductible amounts, net 4,789 4,114 55,094 44,748 Less deferred tax asset valuation allowance 1,185 1,185 53,909 43,563 Deferred tax liabilities: Intangibles 2,079 1,407 Prepaid expenses 5,032 4,243 Lease right of use assets 17,173 11,305 Property and equipment 24,688 22,441 48,972 39,396 Net deferred tax asset--noncurrent $ 4,937 $ 4,167 |
Summary of unrecognized income tax benefits [Table Text Block] | The balance of unrecognized benefits and the amount of related interest and penalties at December 31, were as follows: December 31, 2021 2020 Unrecognized tax benefits $ 700 $ 1,183 Portion, if recognized, would reduce tax expense and effective tax rate 327 735 Accrued interest on unrecognized tax benefits 56 72 |
Schedule of unrecognized tax benefits roll forward [Table Text Block] | The changes in our unrecognized tax benefits are summarized in the table below: Year Ended December 31, 2021 2020 2019 Balance, beginning of year $ 1,183 $ 1,850 $ 1,325 Additions based on tax positions related to the current year 4 — 547 Reductions based on tax positions related to the current year — (187) — Additions for tax positions of prior years — 101 23 Reductions for tax positions of prior years (13) — — Lapses in statutes of limitations (474) (581) (45) Balance, end of year $ 700 $ 1,183 $ 1,850 |
Earnings Per Share Information
Earnings Per Share Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share calculation [Table Text Block] | Earnings per share was computed as follows (Adjusted for the two-for-one stock split of our common shares effective October 1, 2021): Year Ended December 31, 2021 2020 2019 Income available to common shareholders: Net income $ 65,699 $ 60,937 $ 41,050 Weighted-average shares:* Basic: Outstanding 45,081,254 43,963,900 45,812,528 Basic weighted-average shares 45,081,254 43,963,900 45,812,528 Diluted: Basic from above 45,081,254 43,963,900 45,812,528 Incremental shares from assumed: Exercise of stock subscription purchase rights — — 109,922 Exercise of stock options and awards 2,508,822 2,102,272 2,033,728 Diluted weighted-average shares 47,590,076 46,066,172 47,956,178 Share data:* Earnings per share--basic $ 1.46 $ 1.39 $ .90 Earnings per share--diluted $ 1.38 $ 1.32 $ .86 * Prior periods have been adjusted for the two-for-one stock split effected in October 2021. |
Operations by Business Segmen_2
Operations by Business Segment and Geographic Information Operations by business segment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment [Table Text Block] | Information on reportable segments and reconciliation to the consolidated financial statements follows: Utility Residential All Reconciling Consolidated Fiscal Year 2021 Revenues $ 765,072 $ 610,666 $ 2,315 $ — $ 1,378,053 Income (loss) from operations 73,893 60,261 (27,016) (5,872) (a) 101,266 Interest expense (4,973) (4,973) Interest income 175 175 Other income (expense), net (7,021) (7,021) Income before income taxes $ 89,447 Depreciation $ 25,364 $ 24,634 $ — $ 2,929 (b) $ 52,927 Amortization 611 2,430 — 3 3,044 Capital expenditures 23,303 36,506 — 15,882 75,691 Segment assets, total 298,070 275,204 — 199,667 (c) 772,941 Fiscal Year 2020 Revenues $ 739,118 $ 545,357 $ 3,077 $ — $ 1,287,552 Income (loss) from operations 73,592 53,623 (25,297) (7,717) (a) 94,201 Interest expense (6,899) (6,899) Interest income 2,135 2,135 Other income (expense), net (5,555) (5,555) Income before income taxes $ 83,882 Depreciation $ 27,545 $ 23,553 $ — $ 2,790 (b) $ 53,888 Amortization 530 2,297 — — 2,827 Capital expenditures 22,595 21,327 — 7,728 51,650 Segment assets, total 280,467 238,876 — 136,011 (c) 655,354 Fiscal Year 2019 Revenues $ 607,556 $ 534,655 $ 1,509 $ — $ 1,143,720 Income (loss) from operations 37,696 52,471 (12,963) (7,248) (a) 69,956 Interest expense (8,514) (8,514) Interest income 348 348 Other income (expense), net (8,112) (8,112) Income before income taxes $ 53,678 Depreciation $ 30,304 $ 23,537 $ — $ 3,451 (b) $ 57,292 Amortization 474 2,071 — — 2,545 Capital expenditures 26,528 24,573 — 7,564 58,665 Segment assets, total 267,982 226,313 — 102,629 (c) 596,924 Reconciling adjustments from segment reporting to consolidated external financial reporting include unallocated corporate items: (a) Reclassification of depreciation expense and allocation of corporate expenses. (b) Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. (c) Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Schedule of revenue from external customers and long-lived assets attributed to foreign countries by geographic area [Table Text Block] | Geographic Information -- The following presents revenues and long-lived assets by geographic territory: Year Ended December 31, 2021 2020 2019 Revenues United States $ 1,292,496 $ 1,214,628 $ 1,066,035 Canada 85,557 72,924 77,685 $ 1,378,053 $ 1,287,552 $ 1,143,720 December 31, 2021 2020 2019 Long-lived assets, net United States $ 397,624 $ 324,776 $ 288,196 Canada 27,062 25,516 27,303 $ 424,686 $ 350,292 $ 315,499 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of revenue [Table Text Block] | The following tables disaggregate our revenue for the years ended December 31, 2021, December 31, 2020 and December 31, 2019 by major sources: Year Ended December 31, 2021 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 530,632 $ 358,589 $ (337) $ 888,884 Grounds maintenance — 155,543 — 155,543 Storm damage services 16,763 6,690 — 23,453 Consulting and other 217,677 89,844 2,652 310,173 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Geography: United States $ 723,577 $ 566,604 $ 2,315 $ 1,292,496 Canada 41,495 44,062 — 85,557 Total revenues $ 765,072 $ 610,666 $ 2,315 $ 1,378,053 Year Ended December 31, 2020 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 535,260 $ 318,061 $ 61 $ 853,382 Grounds maintenance — 138,885 — 138,885 Storm damage services 20,907 9,724 — 30,631 Consulting and other 182,951 78,687 3,016 264,654 Total revenues $ 739,118 $ 545,357 $ 3,077 $ 1,287,552 Geography: United States $ 703,324 $ 508,227 $ 3,077 $ 1,214,628 Canada 35,794 37,130 — 72,924 Total revenues $ 739,118 $ 545,357 $ 3,077 $ 1,287,552 Year Ended December 31, 2019 Utility Residential and Commercial All Other Consolidated Type of service: Tree and plant care $ 448,325 $ 305,365 $ (108) $ 753,582 Grounds maintenance — 152,283 — 152,283 Storm damage services 3,096 4,905 — 8,001 Consulting and other 156,135 72,102 1,617 229,854 Total revenues $ 607,556 $ 534,655 $ 1,509 $ 1,143,720 Geography: United States $ 567,134 $ 497,392 $ 1,509 $ 1,066,035 Canada 40,422 37,263 — 77,685 Total revenues $ 607,556 $ 534,655 $ 1,509 $ 1,143,720 |
Contract with customer, asset and liability [Table Text Block] | Net contract liabilities consisted of the following: December 31, December 31, Contract liabilities - current $ 3,888 $ 3,242 Contract liabilities - noncurrent 1,845 1,754 Net contract liabilities $ 5,733 $ 4,996 |
Fair Value Measurements and F_2
Fair Value Measurements and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis [Table Text Block] | Our assets and liabilities measured at fair value on a recurring basis at December 31, 2021 and December 31, 2020, were as follows: Fair Value Measurements at December 31, 2021 Using: Total Quoted Significant Significant Description December 31, 2021 (Level 1) (Level 2) (Level 3) Assets: Assets invested for self-insurance Certificates of deposits, current $ 4,250 $ 4,250 $ — $ — Certificates of deposits, noncurrent 10,609 10,609 — — Available-for-sale debt securities: United States Government and agency securities 3,230 3,230 — — Corporate notes and bonds 176 176 — — Total available-for-sale debt securities 3,406 3,406 — — Marketable equity securities: Mutual funds - domestic 7,476 7,476 — — Corporate stocks - domestic 1,877 1,877 — — Corporate stocks - foreign 57 57 — — Exchange traded funds - domestic 1,491 1,491 — — Exchange traded funds - foreign 485 485 — — Total marketable equity securities 11,386 11,386 — — Liabilities: Deferred compensation $ 4,333 $ — $ 4,333 $ — Fair Value Measurements at December 31, 2020 Using: Total Quoted Significant Significant Description December 31, 2020 (Level 1) (Level 2) (Level 3) Assets: Certificates of deposits, noncurrent $ 19,359 $ 19,359 $ — $ — Liabilities: Deferred compensation $ 3,192 $ — $ 3,192 $ — |
Fair value, by balance sheet grouping [Table Text Block] | Financial instruments classified as noncurrent assets and liabilities and their carrying values and fair values were as follows: December 31, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Available-for-sale debt securities $ 3,406 $ 3,406 $ — $ — Marketable equity securities 11,386 11,386 — — Liabilities: Revolving credit facility, noncurrent 46,832 46,832 — — Senior unsecured notes 75,000 78,432 75,000 81,424 Term loans, noncurrent 2,373 2,431 2,324 2,451 Total $ 124,205 $ 127,695 $ 77,324 $ 83,875 |
Our Business Reportable segment
Our Business Reportable segments (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Segment reporting, disclosure of entity's reportable segments | |
Number of reportable segments | 2 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2021$ / sharesshares | Oct. 01, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Accounting Policies [Abstract] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.50 | $ 1 | $ 0.50 |
Stock split, conversion ratio | 2 | ||
Common stock, shares authorized | shares | 96,000,000 | 48,000,000 | 96,000,000 |
Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Intangible assets, estimated useful life (in years) | 1 year | ||
Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Intangible assets, estimated useful life (in years) | 7 years | ||
Land improvements | Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 5 years | ||
Land improvements | Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 20 years | ||
Buildings | Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 5 years | ||
Buildings | Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 30 years | ||
Equipment | Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 3 years | ||
Equipment | Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 20 years | ||
Leasehold improvements | Minimum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 5 years | ||
Leasehold improvements | Maximum [Member] | |||
Property, plant and equipment [Line Items] | |||
Property and equipment, estimated useful lives (in years) | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Goodwill impairment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Concentration of Risk (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Customer concentration risk [Member] | Revenue Benchmark | |||
Concentration risk, percentage | 13.00% | 17.00% | 12.00% |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business acquisition [Line Items] | |||
Investments in businesses | $ 18,399 | $ 11,150 | $ 12,620 |
Liabilities assumed | 3,713 | 613 | 1,479 |
Debt issued | 2,961 | 2,472 | 2,612 |
Goodwill | 7,723 | 5,635 | 4,174 |
Goodwill acquired during period, tax deductible amount | $ 2,228 | $ 5,635 | $ 1,610 |
Tradenames | |||
Business acquisition [Line Items] | |||
Intangible assets, estimated useful life (in years) | 6 years | ||
Noncompete agreements [Member] | |||
Business acquisition [Line Items] | |||
Intangible assets, estimated useful life (in years) | 5 years |
Accounts Receivable, Net and _3
Accounts Receivable, Net and Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, net | ||
Accounts receivable | $ 215,336 | $ 214,887 |
Unbilled receivables (1) | 65,957 | 42,251 |
Accounts receivable, gross, current | 281,293 | 257,138 |
Less allowances for credit losses | 3,013 | 4,217 |
Accounts receivable, net | 278,280 | 252,921 |
Other current assets | ||
Refundable income taxes | 1,346 | 0 |
Investments current fair value disclosure | 4,250 | 0 |
Other | 1,346 | 778 |
Other current assets, total | 6,942 | 778 |
Property, plant and equipment | ||
Land and land improvements | 22,129 | 19,731 |
Buildings and leasehold improvements | 63,933 | 49,460 |
Equipment | 646,552 | 623,847 |
Property and equipment | 732,614 | 693,038 |
Less accumulated depreciation | 504,629 | 488,321 |
Property and equipment, net | 227,985 | 204,717 |
Other assets, noncurrent | ||
Assets invested for self-insurance | 25,401 | 19,359 |
Assets invested for self-insurance | 1,258 | 1,258 |
Net deferred tax asset--noncurrent | 4,937 | 4,167 |
Cloud computing arrangements | 6,530 | 0 |
Other | 4,539 | 4,972 |
Other assets, noncurrent, total | 42,665 | 29,756 |
Accrued expenses | ||
Employee compensation | 37,828 | 36,108 |
Accrued compensated absences | 11,007 | 14,534 |
Self-insured medical claims | 2,891 | 2,065 |
Customer advances, deposits | 4,009 | 2,067 |
Income taxes payable | 145 | 6,926 |
Taxes, other than income | 13,789 | 30,354 |
Other | 5,469 | 6,387 |
Accrued expenses, total | 75,138 | 98,441 |
Other liabilities, noncurrent | ||
Pension and retirement plans | 8,713 | 7,365 |
Other | 2,870 | 3,324 |
Other liabilities, noncurrent, total | $ 11,583 | $ 10,689 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 4,929 | $ 7,159 | $ 8,463 |
Supplemental cash flow information | |||
Income taxes paid, net | 34,094 | 27,494 | 5,758 |
Noncash transactions: | |||
Debt issued for purchases of businesses | (2,961) | (2,472) | (2,612) |
Detail of acquisitions: | |||
Cash | 292 | 0 | 3 |
Accounts receivable | 509 | 10 | 2,332 |
Operating supplies | 1,044 | 22 | 84 |
Prepaid expense | 203 | 6 | 27 |
Equipment | 4,049 | 1,932 | 1,837 |
Other assets | 1,574 | 0 | 96 |
Intangible assets | 3,005 | 3,545 | 4,067 |
Goodwill | 7,723 | 5,635 | 4,174 |
Liabilities assumed | 3,713 | 613 | 1,479 |
Cash paid | $ 11,725 | $ 8,065 | $ 8,529 |
Investments, Debt and Equity _3
Investments, Debt and Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 3,418 | |
Gross unrealized gains | 13 | |
Gross unrealized loss | 25 | |
Fair value (net carrying amount) | 3,406 | |
Marketable equity securities | 11,386 | |
Less than one year | 0 | |
One year through five years | 1,807 | |
Six years through ten years | 193 | |
After ten years | 1,418 | |
Total | 3,418 | |
Less than one year | $ 0 | |
One year through five years | 1,802 | |
Six years through ten years | 195 | |
After ten years | 1,409 | |
Total | $ 3,406 | |
United States Government and agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 3,244 | |
Gross unrealized gains | 11 | |
Gross unrealized loss | 25 | |
Fair value (net carrying amount) | 3,230 | |
Corporate notes and bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 174 | |
Gross unrealized gains | 2 | |
Gross unrealized loss | 0 | |
Fair value (net carrying amount) | $ 176 |
Identified Intangible Assets _3
Identified Intangible Assets and Goodwill, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, gross | $ 50,666 | $ 47,660 | |
Accumulated amortization | 39,033 | 35,990 | |
Intangible assets, net | 11,633 | 11,670 | |
Goodwill | $ 55,980 | 48,256 | $ 42,285 |
Customer Lists [Member] | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 4 years | ||
Finite-lived intangible assets, gross | $ 32,294 | 30,402 | |
Accumulated amortization | $ 24,090 | 22,040 | |
Employment-related | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 2 years 8 months 12 days | ||
Finite-lived intangible assets, gross | $ 9,946 | 9,320 | |
Accumulated amortization | $ 8,301 | 7,755 | |
Tradenames | |||
Acquired finite-lived intangible assets [line Items] | |||
Finite-lived intangible assets, remaining amortization period | 3 years 10 months 24 days | ||
Finite-lived intangible assets, gross | $ 8,426 | 7,938 | |
Accumulated amortization | $ 6,642 | $ 6,195 |
Identified Intangible Assets _4
Identified Intangible Assets and Goodwill, Net Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | $ 48,256 | $ 42,285 | |
Goodwill, acquisitions | 7,723 | 5,635 | $ 4,174 |
Goodwill, translation and other adjustments | 1 | 336 | |
Goodwill, balance at December 31 | 55,980 | 48,256 | 42,285 |
Utility | |||
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | 4,911 | 4,911 | |
Goodwill, acquisitions | 0 | 0 | |
Goodwill, translation and other adjustments | 0 | 0 | |
Goodwill, balance at December 31 | 4,911 | 4,911 | 4,911 |
Residential and Commercial | |||
Goodwill [Roll Forward] | |||
Goodwill, balance at January 1 | 43,345 | 37,374 | |
Goodwill, acquisitions | 7,723 | 5,635 | |
Goodwill, translation and other adjustments | 1 | 336 | |
Goodwill, balance at December 31 | $ 51,069 | $ 43,345 | $ 37,374 |
Identified Intangible Assets _5
Identified Intangible Assets and Goodwill, Net (Future Amortization of Intangibles) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-lived intangible assets, net, amortization expense, fiscal year maturity [Abstract] | ||
Year ending December 31, 2022 | $ 3,030 | |
2023 | 2,860 | |
2024 | 2,538 | |
2025 | 1,755 | |
2026 | 915 | |
Thereafter | 535 | |
Intangible assets, net | $ 11,633 | $ 11,670 |
Short and Long-Term Debt and _3
Short and Long-Term Debt and Commitments Related to Letters of Credit Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt instrument [Line Items] | ||
Current portion of finance leases | $ 2,459 | $ 2,273 |
Short-term debt | 25,268 | 21,813 |
Revolving credit facility, maximum borrowing capacity | 425,000 | |
Revolving credit facility, noncurrent | 46,832 | 0 |
Term loans | 25,182 | 21,864 |
Long-term debt | 147,014 | 96,864 |
Less debt issuance costs | 674 | 256 |
Less current portion | 22,809 | 19,540 |
Long-term debt, excluding current maturities | $ 123,531 | 77,068 |
Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |
Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | |
Swing-line borrowings [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, noncurrent | $ 16,832 | 0 |
LIBOR borrowings [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, noncurrent | $ 30,000 | 0 |
Accounts receivable securitization [Member] | Base rate, federal funds [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
3.99% Senior unsecured notes [Member] | ||
Debt instrument [Line Items] | ||
Senior unsecured notes | $ 50,000 | 50,000 |
Letter of credit [Member] | ||
Debt instrument [Line Items] | ||
Letters of credit outstanding | 88,362 | 88,242 |
Letter of credit [Member] | Accounts receivable securitization [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | 100,000 | |
Letters of credit outstanding | $ 83,355 | $ 83,355 |
Letter of credit [Member] | Accounts receivable securitization [Member] | Minimum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |
Letter of credit [Member] | Accounts receivable securitization [Member] | Maximum [Member] | ||
Debt instrument [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | |
Line of credit [Member] | ||
Debt instrument [Line Items] | ||
Revolving credit facility, noncurrent | $ 49,709 | |
Line of credit [Member] | LIBOR borrowings [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
Line of credit [Member] | Base rate, federal funds [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Line of credit [Member] | Minimum [Member] | LIBOR borrowings [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | |
Line of credit [Member] | Maximum [Member] | LIBOR borrowings [Member] | ||
Debt instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Short and Long-Term Debt and _4
Short and Long-Term Debt and Commitments Related to Letters of Credit Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | May 18, 2020 | |
Debt instrument [Line Items] | |||
Committed under credit facility | $ 9,051 | ||
Revolving credit facility, current borrowing capacity | 325,000 | ||
Revolving credit facility, maximum borrowing capacity | $ 425,000 | ||
Number of principal payments | 5 | ||
Anniversary when principal payments begin | 6 | ||
Debt Instrument, Annual Principal Payment | $ 10,000 | ||
Unused commitments under credit facility | 275,291 | ||
Revolving credit facility, noncurrent | $ 46,832 | $ 0 | |
Long-term debt, weighted average interest rate | 2.22% | 3.89% | |
Long-term debt, fiscal year maturity [Abstract] | |||
2022 | $ 22,809 | ||
2023 | 1,477 | ||
2024 | 15,896 | ||
2025 | 15,000 | ||
2026 | 61,832 | ||
thereafter | $ 30,000 | ||
Minimum [Member] | |||
Debt instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | ||
Maximum [Member] | |||
Debt instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.225% | ||
Line of credit [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility, noncurrent | $ 49,709 | ||
Letter of credit [Member] | |||
Debt instrument [Line Items] | |||
Letters of credit outstanding | $ 88,362 | $ 88,242 | |
London Interbank Offered Rate (LIBOR) [Member] | Line of credit [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Line of credit [Member] | Minimum [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 0.875% | ||
London Interbank Offered Rate (LIBOR) [Member] | Line of credit [Member] | Maximum [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 1.50% | ||
Base rate, federal funds [Member] | Line of credit [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 0.50% | ||
Swing-line borrowings [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility, current borrowing capacity | $ 30,000 | ||
Revolving credit facility, noncurrent | 16,832 | 0 | |
Line of credit [Member] | Letter of credit [Member] | |||
Debt instrument [Line Items] | |||
Letters of credit outstanding | 2,130 | 2,010 | |
3.99% Senior unsecured notes [Member] | |||
Debt instrument [Line Items] | |||
Senior unsecured notes | $ 50,000 | 50,000 | |
Senior unsecured notes, interest rate | 3.99% | ||
Debt Instrument, Face Amount | $ 50,000 | ||
Unsecured debt additional shelf note capacity | 75,000 | ||
4.00% Senior unsecured notes [Member] | |||
Debt instrument [Line Items] | |||
Senior unsecured notes | $ 25,000 | 25,000 | |
Senior unsecured notes, interest rate | 4.00% | ||
Unsecured debt additional shelf note capacity | $ 25,000 | ||
Revolving credit facility [Member] | Minimum [Member] | |||
Debt instrument [Line Items] | |||
Interest coverage ratio | 3 | ||
Revolving credit facility [Member] | Maximum [Member] | |||
Debt instrument [Line Items] | |||
Ratio of Indebtedness to Net Capital | 3 | ||
Revolving credit facility [Member] | Letter of credit [Member] | |||
Debt instrument [Line Items] | |||
Letters of credit outstanding | $ 2,877 | 2,877 | |
Accounts receivable securitization [Member] | |||
Debt instrument [Line Items] | |||
Senior unsecured notes, interest rate | 0.90% | 1.00% | |
Unused commitment fee threshold percent | 0.50 | ||
Debt instrument variable rate base rate calculation, default rate | 2.00% | ||
Accounts receivable securitization [Member] | Letter of credit [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 100,000 | ||
Letters of credit outstanding | $ 83,355 | $ 83,355 | |
Debt instrument, term (in years) | 1 year | ||
Accounts receivable securitization [Member] | Letter of credit [Member] | Minimum [Member] | |||
Debt instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||
Accounts receivable securitization [Member] | Letter of credit [Member] | Maximum [Member] | |||
Debt instrument [Line Items] | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.45% | ||
Accounts receivable securitization [Member] | Base rate, federal funds [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 0.50% | ||
Unsecured Debt | |||
Debt instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 75,000 | ||
Long-term debt, fiscal year maturity [Abstract] | |||
Unsecured debt, current borrowing capacity | $ 150,000 | ||
Line of credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 0.75% | ||
Line of credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||
Debt instrument [Line Items] | |||
Outstanding borrowings interest rate margin adjustment range | 1.50% | ||
Letter of credit [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 150,000 | ||
Line of credit [Member] | |||
Debt instrument [Line Items] | |||
Revolving credit facility, current borrowing capacity | $ 11,181 |
Self-Insurance Accruals (Detail
Self-Insurance Accruals (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Self-Insurance Accruals [Abstract] | ||
Workers' compensation | $ 58,187 | $ 52,060 |
Vehicle liability | 12,966 | 10,046 |
General liability | 54,813 | 47,174 |
Total | 125,966 | 109,280 |
Less current portion | 48,867 | 37,707 |
Noncurrent portion | 77,099 | 71,573 |
Loss contingency accrual | ||
Balance, beginning of year | 109,280 | 95,683 |
Provision for claims | 57,498 | 51,988 |
Payment of claims | (40,812) | (38,391) |
Balance, end of year | $ 125,966 | $ 109,280 |
Leases Assets and liabilities l
Leases Assets and liabilities leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of lease assets and liabilities [Line Items] | ||
Operating lease assets | $ 86,423 | $ 55,893 |
Finance lease assets | 11,592 | 8,788 |
Total lease assets | 98,015 | 64,681 |
Current operating lease liabilities | 28,682 | 19,124 |
Non-current operating lease liabilities | 57,335 | 36,612 |
Total operating lease liabilities | 86,017 | 55,736 |
Current portion of finance lease liabilities | 2,459 | 2,273 |
Non-current finance lease liabilities | 8,646 | 6,479 |
Total finance lease liabilities | 11,105 | 8,752 |
Total lease liabilities | $ 97,122 | $ 64,488 |
Leases Lease cost (Details)
Leases Lease cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income and expenses, lessee [Line Items] | ||
Amortization of right-of-use assets | $ 2,803 | $ 2,015 |
Interest expense on lease liabilities | 192 | 148 |
Total lease cost | 38,448 | 30,959 |
Operating expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 18,557 | 11,349 |
Other lease cost | 3,984 | 5,357 |
Selling expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 10,384 | 9,572 |
Other lease cost | 1,352 | 1,351 |
General and administrative expense [Member] | ||
Income and expenses, lessee [Line Items] | ||
Operating lease cost | 1,153 | 1,115 |
Other lease cost | $ 23 | $ 52 |
Leases Weighted average remaini
Leases Weighted average remaining lease term (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Operating lease, weighted average remaining lease term | 3 years 10 months 24 days |
Finance lease, weighted average remaining lease term | 5 years |
Leases Weighted average interes
Leases Weighted average interest rate (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Operating lease, weighted average discount rate, percent | 2.39% |
Finance lease, weighted average discount rate, percent | 2.09% |
Leases Supplemental cash flow i
Leases Supplemental cash flow information for leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 30,410 | $ 21,786 | |
Operating cash flows from finance leases | 192 | 148 | |
Lessee, Finance Lease, Variable Lease Payment, Terms and Conditions | 3,348 | 1,996 | $ 1,282 |
Right-of-use asset obtained in exchange for operating lease liability | 59,863 | 36,653 | |
Right-of-use asset obtained in exchange for finance lease liability | $ 5,790 | $ 7,664 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Year ending December 31, 2022 | $ 30,313 | |
2023 | 22,979 | |
2024 | 16,084 | |
2025 | 11,182 | |
2026 | 4,590 | |
Thereafter | 4,930 | |
Total lease payments | 90,078 | |
Less interest | 4,061 | |
Total | 86,017 | $ 55,736 |
Year ending December 31, 2022 | 2,661 | |
2023 | 2,451 | |
2024 | 2,330 | |
2025 | 1,811 | |
2026 | 1,602 | |
Thereafter | 819 | |
Total lease payments | 11,674 | |
Less interest | 569 | |
Total | $ 11,105 | $ 8,752 |
Common Shares, Redeemable Com_3
Common Shares, Redeemable Common Shares and Preferred Shares Common shares outstanding (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Oct. 01, 2021$ / sharesshares | |
Stock split, conversion ratio | 2 | |||
Preferred shares | ||||
Preferred stock, shares authorized | 4,000,000 | |||
Preferred stock, par value | $ / shares | $ 0 | |||
Preferred stock, shares issued | 0 | |||
Common stock, number of shares, par value and other disclosures [Abstract] | ||||
Common stock, shares authorized | 96,000,000 | 96,000,000 | 48,000,000 | |
Redeemable stock, outstanding | 9,391,790 | 10,225,768 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.50 | $ 0.50 | $ 1 | |
Common stock, shares issued | 76,435,752 | 75,601,752 | 75,533,756 | |
Treasury stock, shares | 41,325,298 | 40,187,216 | 39,473,914 | |
Shares purchased, value | $ | $ 50,946 | $ 39,079 | $ 34,647 | |
Common shares, direct sales | 178,245 | |||
Common shares, value, direct sales | $ | $ 2,667 | |||
Stock issued during period, shares, employee benefit plan | 190,465 | |||
Stock issued during period, value, employee retirement plan | $ | $ 2,919 | |||
Common shares, employer matching contribution, shares | 409,018 | |||
Employee retirement plan, employer match | $ | $ 6,304 | |||
Accrued 401K match | $ | $ 2,100 | |||
Stock issued during period, shares, employee stock purchase plan | 696,725 | |||
Increase (decrease) in stockholders' equity [Roll Forward] | ||||
Shares outstanding, beginning of year | 45,640,304 | 46,353,606 | ||
Shares purchased | (3,259,943) | (3,195,858) | ||
Shares sold | 1,474,453 | 2,022,094 | ||
Options exercised | 647,408 | 460,462 | ||
Shares outstanding, end of year | 44,502,222 | 45,640,304 | 46,353,606 | |
Per share amounts and common shares outstanding [Abstract] | ||||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 1,738,725 | |||
Treasury stock [Member] | ||||
Common stock, number of shares, par value and other disclosures [Abstract] | ||||
Shares purchased, value | $ | $ 50,946 | $ 39,079 | $ 34,647 | |
Employee stock option | ||||
Per share amounts and common shares outstanding [Abstract] | ||||
Share-based compensation arrangement by share-based payment award, options, exercisable, number | 1,738,725 |
Common Shares, Redeemable Com_4
Common Shares, Redeemable Common Shares and Preferred Shares Stock subscription (Details) | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Stock subscription offering [Abstract] | |
Stock subscription offering, subscription price | $ / shares | $ 9.85 |
Stock subscription offering, number of shares subscribed | shares | 1,275,428 |
stock subscription offering, value of shares subscribed | $ | $ 12,563,000 |
Stock subscription offering, minimum financed amount | $ | $ 5,000 |
Stock subscription offering, down payment | 10.00% |
Stock subscription offering, term | 7 years |
Stock subscription offering interest rate | 2.00% |
Stock subscription offering, minimum amount to receive right | $ | $ 5,000 |
stock subscription offering, number of shares purchased to receive one right | shares | 3 |
Stock subscription offering, number of rights issued | shares | 423,600 |
Stock subscription offering, right expiration term | 7 years |
Common Shares, Redeemable Com_5
Common Shares, Redeemable Common Shares and Preferred Shares Common shares by class (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Shares, Outstanding | 44,502,222 | 45,640,304 | 46,353,606 |
Treasury Stock, Shares, Acquired | (3,259,943) | (3,195,858) | |
Shares sold | 1,474,453 | 2,022,094 | |
Options exercised | 647,408 | 460,462 | |
Permanent equity [Member] | |||
Class of Stock [Line Items] | |||
Shares, Outstanding | 35,110,432 | 35,414,536 | 36,059,842 |
Treasury Stock, Shares, Acquired | (1,906,714) | (2,152,056) | |
Shares sold | 955,202 | 1,046,288 | |
Options exercised | 647,408 | 460,462 | |
Temporary equity [Member] | |||
Class of Stock [Line Items] | |||
Shares, Outstanding | 9,391,790 | 10,225,768 | 10,293,764 |
Treasury Stock, Shares, Acquired | (1,353,229) | (1,043,802) | |
Shares sold | 519,251 | 975,806 | |
Options exercised | 0 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | $ (4,173,000) | $ (4,547,000) | $ (5,403,000) | $ (5,034,000) |
Unrealized gains (losses) | 84,000 | 895,000 | 1,186,000 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 201,000 | 152,000 | (1,551,000) | |
Tax effect | (52,000) | (39,000) | 143,000 | |
Unrecognized amounts from defined benefit pension plans | 110,000 | (259,000) | (323,000) | |
Tax effect | 31,000 | 107,000 | 176,000 | |
Net of tax amount | 374,000 | 856,000 | (369,000) | |
Foreign currency translation adjustments [Member] | ||||
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | (3,654,000) | (3,738,000) | (4,633,000) | (5,819,000) |
Unrealized gains (losses) | 84,000 | 895,000 | 1,186,000 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Unrecognized amounts from defined benefit pension plans | 0 | 0 | 0 | |
Tax effect | 0 | 0 | 0 | |
Net of tax amount | 84,000 | 895,000 | 1,186,000 | |
Defined benefit pension plans [Member] | ||||
Other Comprehensive Income [Line Items] | ||||
Accumulated other comprehensive income (loss) | (519,000) | (809,000) | (770,000) | $ 785,000 |
Unrealized gains (losses) | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 201,000 | 152,000 | (1,551,000) | |
Tax effect | (52,000) | (39,000) | 143,000 | |
Unrecognized amounts from defined benefit pension plans | 110,000 | (259,000) | (323,000) | |
Tax effect | 31,000 | 107,000 | 176,000 | |
Net of tax amount | $ 290,000 | $ (39,000) | $ (1,555,000) |
The Davey 401KSOP and Employe_2
The Davey 401KSOP and Employee Stock Ownership Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Employee stock ownership plan (ESOP), initial shares in ESOP | 120,000 | ||
Employee Stock Ownership Plan (ESOP), shares adjusted for stock splits | 46,080,000 | ||
Employee stock ownership plan (ESOP), initial value in ESOP | $ 2,700 | ||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 4.00% | ||
Defined contribution plan, eligible age | 21 years | ||
Defined contribution plan, service requirement for eligibility (in years) | 1 year | ||
Number of put option periods | 2 | ||
Duration of put option periods (in days) | 60 days | ||
Employee Stock Ownership Plan (ESOP), fair value of shares subject to repurchase obligation | $ 1,279 | $ 3,298 | |
Company shares held in 401KSOP and ESOP, fair value | 168,652 | 150,089 | |
Redeemable common shares related to 401KSOP and Employee Stock Ownership Plan (ESOP): | 169,931 | 153,387 | |
Employee retirement plan, employer match | $ 8,485 | $ 7,687 | $ 4,600 |
First 3% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 100.00% | ||
3% to 5% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of match | 50.00% | ||
Maximum [Member] | First 3% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 3.00% | ||
Maximum [Member] | 3% to 5% [Member] | |||
Employee Stock Ownership Plan (ESOP) disclosures [Line Items] | |||
Defined contribution plan, employer matching contribution, percent of employees gross pay | 2.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual percentage of outstanding shares available for grant, maximum | 5.00% | ||
Cumulative percentage of outstanding shares available for grant in a year, maximum | 10.00% | ||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 4,625 | $ 3,407 | $ 2,845 |
Income tax benefit | $ 793 | $ 538 | $ 404 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility rate | 9.90% | 9.70% | 9.90% |
Risk-free interest rate | 0.30% | 0.70% | 2.30% |
Expected dividend yield | 0.40% | 0.40% | 0.70% |
Expected life of awards (years) | 3 years | 8 years 1 month 6 days | 8 years 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Exercisable, ending balance | 1,738,725 | ||
Excess tax benefits | $ 1,102 | $ 530 | $ 1,181 |
Employee stock option | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 429 | $ 517 | 550 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Vesting period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance | 2,817,318 | ||
Granted | 0 | ||
Exercised | (418,694) | ||
Forfeited | 47,690 | ||
Outstanding, ending balance | 2,350,934 | 2,817,318 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Exercisable, ending balance | 1,738,725 | ||
Outstanding, weighted average exercise price, ending balance | $ 8.56 | $ 8.34 | |
Granted, weighted average exercise price | 0 | ||
Exercised, weighted average exercise price | 7.15 | ||
Forfeited, weighted average exercise price | 7.93 | ||
Exercisable, weighted average exercise price | $ 7.71 | ||
Outstanding, weighted average remaining contractual life | 4 years 9 months 18 days | ||
Exercisable, weighted average remaining contractual life (years) | 3 years 10 months 24 days | ||
Unrecognized compensation cost | $ 804 | ||
Outstanding, aggregate intrinsic value | 18,431 | ||
Exercisable, aggregate intrinisic value | $ 15,115 | ||
Number outstanding | 2,350,934 | ||
Outstanding options, weighted average exercise price | $ 8.56 | ||
Number exercisable | 1,738,725 | ||
Exercisable options, weighted average exercise price | $ 7.71 | ||
Stock Appreciation Rights (SARs) | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 157 | $ 282 | 363 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested, beginning balance | 210,472 | ||
Granted | 0 | ||
Forfeited | 0 | ||
Vested | (122,938) | ||
Unvested, ending balance | 87,534 | 210,472 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, beginning balance | $ 1.87 | ||
Granted, weighted average award date value | 0 | ||
Forfeited, weighted average award date value | 0 | ||
Vested, weighted average award date value | 1.84 | ||
Unvested, weighted average award date value, ending balance | $ 1.92 | $ 1.87 | |
Weighted average remaining contractual life (years) | 1 year | ||
Unrecognized compensation cost | $ 84 | ||
Aggregate intrinsic value, unvested | 1,436 | ||
Restricted Stock Units (RSUs) | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 2,407 | $ 1,166 | 814 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested, beginning balance | 510,614 | ||
Granted | 349,914 | ||
Forfeited | 0 | ||
Vested | (120,368) | ||
Unvested, ending balance | 740,160 | 510,614 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, beginning balance | $ 10.05 | ||
Granted, weighted average award date value | 14.82 | ||
Forfeited, weighted average award date value | 0 | ||
Vested, weighted average award date value | 8.86 | ||
Unvested, weighted average award date value, ending balance | $ 12.49 | $ 10.05 | |
Weighted average remaining contractual life (years) | 2 years 1 month 6 days | ||
Unrecognized compensation cost | $ 5,557 | ||
Aggregate intrinsic value, unvested | $ 12,139 | ||
Employee PRSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 330,714 | ||
Unvested, ending balance | 673,268 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, ending balance | $ 12.52 | ||
Weighted average remaining contractual life (years) | 2 years 2 months 12 days | ||
Unrecognized compensation cost | $ 5,159 | ||
Aggregate intrinsic value, unvested | $ 11,042 | ||
Nonemployee Director RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Granted | 19,200 | ||
Unvested, ending balance | 66,892 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Unvested, weighted average award date value, ending balance | $ 12.20 | ||
Weighted average remaining contractual life (years) | 1 year 3 months 18 days | ||
Unrecognized compensation cost | $ 398 | ||
Aggregate intrinsic value, unvested | $ 1,097 | ||
$5.80 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | $ 5.80 | ||
Upper range limit | $ 5.80 | ||
Number outstanding | 281,210 | ||
Weighted average remaining contractual life (years) | 1 year 6 months | ||
Outstanding options, weighted average exercise price | $ 5.80 | ||
Number exercisable | 281,210 | ||
Exercisable options, weighted average exercise price | $ 5.80 | ||
$6.60 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 6.60 | ||
Upper range limit | $ 6.60 | ||
Number outstanding | 366,060 | ||
Weighted average remaining contractual life (years) | 2 years 6 months | ||
Outstanding options, weighted average exercise price | $ 6.60 | ||
Number exercisable | 366,060 | ||
Exercisable options, weighted average exercise price | $ 6.60 | ||
$7.53 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 7.53 | ||
Upper range limit | $ 7.53 | ||
Number outstanding | 305,930 | ||
Weighted average remaining contractual life (years) | 3 years 6 months | ||
Outstanding options, weighted average exercise price | $ 7.53 | ||
Number exercisable | 305,930 | ||
Exercisable options, weighted average exercise price | $ 7.53 | ||
$8.18 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 8.18 | ||
Upper range limit | $ 8.18 | ||
Number outstanding | 357,000 | ||
Weighted average remaining contractual life (years) | 4 years 6 months | ||
Outstanding options, weighted average exercise price | $ 8.18 | ||
Number exercisable | 357,000 | ||
Exercisable options, weighted average exercise price | $ 8.18 | ||
$8.80 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 8.80 | ||
Upper range limit | $ 8.80 | ||
Number outstanding | 221,800 | ||
Weighted average remaining contractual life (years) | 5 years 6 months | ||
Outstanding options, weighted average exercise price | $ 8.80 | ||
Number exercisable | 185,400 | ||
Exercisable options, weighted average exercise price | $ 8.80 | ||
$9.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 9.55 | ||
Upper range limit | $ 9.55 | ||
Number outstanding | 238,130 | ||
Weighted average remaining contractual life (years) | 6 years 6 months | ||
Outstanding options, weighted average exercise price | $ 9.55 | ||
Number exercisable | 123,530 | ||
Exercisable options, weighted average exercise price | $ 9.55 | ||
$10.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 10.55 | ||
Upper range limit | $ 10.55 | ||
Number outstanding | 53,000 | ||
Weighted average remaining contractual life (years) | 7 years 2 months 12 days | ||
Outstanding options, weighted average exercise price | $ 10.55 | ||
Number exercisable | 19,640 | ||
Exercisable options, weighted average exercise price | $ 10.55 | ||
$10.55 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 10.55 | ||
Upper range limit | $ 10.55 | ||
Number outstanding | 209,250 | ||
Weighted average remaining contractual life (years) | 7 years 6 months | ||
Outstanding options, weighted average exercise price | $ 10.55 | ||
Number exercisable | 61,236 | ||
Exercisable options, weighted average exercise price | $ 10.55 | ||
$12.10 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 12.10 | ||
Upper range limit | $ 12.10 | ||
Number outstanding | 56,794 | ||
Weighted average remaining contractual life (years) | 8 years 6 months | ||
Outstanding options, weighted average exercise price | $ 12.10 | ||
Number exercisable | 11,359 | ||
Exercisable options, weighted average exercise price | $ 12.10 | ||
$12.10 | Employee stock option | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Lower range limit | 12.10 | ||
Upper range limit | $ 12.10 | ||
Number outstanding | 261,760 | ||
Weighted average remaining contractual life (years) | 8 years 2 months 12 days | ||
Outstanding options, weighted average exercise price | $ 12.10 | ||
Number exercisable | 27,360 | ||
Exercisable options, weighted average exercise price | $ 12.10 | ||
The Davey Employee Stock Purchase Plan | |||
Salary and Wage, Excluding Cost of Good and Service Sold [Abstract] | |||
Compensation expense | $ 1,632 | $ 1,442 | $ 1,118 |
Employee Stock Purchase Plan [Abstract] | |||
Employee stock purchase plan, service period (in years) | 1 year | ||
Employee stock purchase plan, percentage of market price, purchase date | 85.00% | ||
Employee stock purchase, discount from market price, purchase date | 15.00% |
Defined Benefit Pension Plans C
Defined Benefit Pension Plans Change in benefit obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined benefit plan, change in benefit obligation [Roll Forward] | ||
Projected benefit obligation at beginning of year | $ 3,471 | $ 3,265 |
Service cost | 0 | 0 |
Interest cost | 85 | 105 |
Actuarial (gains)/losses | (110) | 259 |
Settlements | 0 | 0 |
Benefits paid | (158) | (158) |
Projected benefit obligation at end of year | 3,288 | 3,471 |
Accumulated benefit obligation at end of year | 3,288 | 3,471 |
Employer contributions | 158 | 158 |
Benefits paid | $ (158) | $ (158) |
Defined Benefit Pension Plans F
Defined Benefit Pension Plans Funded status of the plans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined benefit plan disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Projected benefit obligation | 3,288 | 3,471 | $ 3,265 |
Funded status of the plans | (3,288) | (3,471) | |
SERP | |||
Defined benefit plan disclosure [Line Items] | |||
Funded status of the plans | (2,894) | (3,019) | |
Restoration Plan | |||
Defined benefit plan disclosure [Line Items] | |||
Funded status of the plans | $ (394) | $ (452) |
Defined Benefit Pension Plans A
Defined Benefit Pension Plans Amounts reported in the consolidated balance sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined benefit plan disclosure [Line Items] | ||
Current liability | $ (166) | $ (203) |
Noncurrent liability | (3,122) | (3,268) |
Funded status of the plans | $ (3,288) | $ (3,471) |
Defined Benefit Pension Plans_2
Defined Benefit Pension Plans Amounts reported in accumulated other comprehensive income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 645 | $ 892 | |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | 501 | 737 | |
Unrecognized prior service cost, pretax | 23 | 87 | |
Unrecognized prior service cost, net of tax | 18 | 72 | |
Amounts reported in accumulated other comprehensive income, pretax | 668 | 979 | |
Amounts reported in accumulated other comprehensive income, net of tax | 519 | 809 | |
Amortization of Costs Expected to be Recognized Next Year | |||
Defined Benefit Plan Amortization Of Net Gains (Losses), Before Tax | (96) | ||
Unrecognized net actuarial loss, net of tax | (70) | ||
Unrecognized prior service cost, pretax | 23 | ||
Unrecognized prior service cost, net of tax | 17 | ||
Amortization of costs expected to be recognized next year, pretax | 119 | ||
Amortization of costs expected to be recognized next year, net of tax | 87 | ||
For pension plans with accumulated benefit obligations in excess of plan assets | |||
Projected benefit obligation | 3,288 | 3,471 | $ 3,265 |
Accumulated benefit obligation | 3,288 | 3,471 | |
Fair value of plan assets | $ 0 | $ 0 | $ 0 |
Defined Benefit Pension Plans_3
Defined Benefit Pension Plans Actuarial Assumptions (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined benefit plan disclosure [Line Items] | |||
SERP | 2.55% | 3.34% | 3.34% |
Restoration Plan | 2.33% | 3.23% | 3.23% |
Defined Benefit Pension Plans_4
Defined Benefit Pension Plans Components of Pension Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service costs--increase in benefit obligation earned | $ 0 | $ 0 | $ 75 |
Interest cost on projected benefit obligation | 85 | 105 | 198 |
Expected return on plan assets | 0 | 0 | (59) |
Settlement loss | 0 | 0 | 1,677 |
Amortization of net actuarial loss | 137 | 89 | 87 |
Amortization of prior service cost | 64 | 64 | 64 |
Net pension expense of defined benefit pension plans | $ 286 | $ 258 | $ 2,042 |
Defined Benefit Pension Plans E
Defined Benefit Pension Plans Expected Benefits (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Defined benefit plan disclosure [Line Items] | |
Year ending December 31, 2022 | $ 168 |
2023 | 181 |
2024 | 179 |
2025 | 176 |
2026 | 174 |
Years 2027 to 2031 | $ 1,025 |
Defined Benefit Pension Plans M
Defined Benefit Pension Plans Multiemployer Pension Plans (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 2,952 | $ 3,400 | $ 1,094 |
National Electric Benefit Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | 2,827 | 3,239 | 904 |
Eighth District Electrical Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer Plan, Employer Contribution, Cost | $ 125 | $ 161 | $ 190 |
Number of collective-bargaining agreements | 1 |
Defined Benefit Pension Plans_5
Defined Benefit Pension Plans Change in Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Postemployment Benefits [Abstract] | ||
Employer contributions | $ 158 | $ 158 |
Benefits paid | $ (158) | $ (158) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income before income taxes | |||
Income before income taxes | $ 89,447 | $ 83,882 | $ 53,678 |
Provision for income taxes | |||
Federal | 18,101 | 22,093 | 7,934 |
State | 7,221 | 6,260 | 3,624 |
Canadian | 78 | (50) | (328) |
Total current | 25,400 | 28,303 | 11,230 |
Deferred taxes | (1,652) | (5,358) | 1,398 |
Total taxes on income | $ 23,748 | $ 22,945 | $ 12,628 |
Tax rate reconciliation | |||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefit | 5.50% | 5.20% | 5.60% |
Effect of Canadian income taxes | 0.10% | 0.20% | 0.00% |
Nondeductible expenses | 1.50% | 1.30% | 2.20% |
Stock compensation | (0.90%) | (0.30%) | (1.80%) |
ESOP dividend deduction | (0.10%) | (0.10%) | (0.20%) |
Uncertain tax adjustments and audit settlement | (0.50%) | 0.10% | 0.20% |
Pension termination | 0.00% | 0.00% | (2.90%) |
All other, net | 0.00% | 0.00% | (0.70%) |
Effective income tax rate | 26.60% | 27.40% | 23.40% |
Noncurrent deferred tax assets and liabilities, net | |||
Self-insurance accruals | $ 26,516 | $ 22,847 | |
Accrued compensated absences | 1,730 | 1,876 | |
Accrued expenses and other liabilities | 979 | 942 | |
Accrued stock compensation | 2,386 | 2,105 | |
Foreign tax credit carryforward | 1,617 | 1,597 | |
Lease obligations | 17,077 | 11,267 | |
Other future deductible amounts, net | 4,789 | 4,114 | |
Deferred tax assets, gross,noncurrent | 55,094 | 44,748 | |
Less deferred tax asset valuation allowance | 1,185 | 1,185 | |
Deferred tax assets, net--noncurrent | 53,909 | 43,563 | |
Intangibles | 2,079 | 1,407 | |
Prepaid expenses | 5,032 | 4,243 | |
Lease right of use assets | 17,173 | 11,305 | |
Property and equipment | 24,688 | 22,441 | |
Deferred tax liabilities, gross, noncurrent | 48,972 | 39,396 | |
Net deferred tax asset--noncurrent | 4,937 | 4,167 | |
Undistributed earnings of foreign subsidiaries | 30,814 | ||
Unrecognized benefits and related interest and penalties | |||
Unrecognized tax benefits | 700 | 1,183 | $ 1,850 |
Portion, if recognized, would reduce tax expense and effective tax rate | 327 | 735 | |
Accrued interest on unrecognized tax benefits | 56 | 72 | |
Reconciliation of unrecognized tax benefits | |||
Balance, beginning of year | 1,183 | 1,850 | 1,325 |
Additions based on tax positions related to the current year | (4) | 0 | (547) |
Reductions based on tax positions related to the current year | 0 | (187) | 0 |
Additions for tax positions of prior years | 0 | 101 | 23 |
Reductions for tax positions of prior years | 13 | 0 | 0 |
Lapses in statutes of limitations | (474) | (581) | (45) |
Balance, end of year | 700 | 1,183 | 1,850 |
United States | |||
Income before income taxes | |||
Income before income taxes | 89,086 | 82,382 | 54,569 |
Canada | |||
Income before income taxes | |||
Income before income taxes | $ 361 | $ 1,500 | $ (891) |
Earnings Per Share Informatio_2
Earnings Per Share Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Earnings Per Share [Abstract] | |||
Net income | $ | $ 65,699 | $ 60,937 | $ 41,050 |
Weighted-average shares, basic | |||
Outstanding | 45,081,254 | 43,963,900 | 45,812,528 |
Basic weighted-average shares | 45,081,254 | 43,963,900 | 45,812,528 |
Weighted-average shares, diluted | |||
Exercise of stock subscription purchase rights | 0 | 0 | 109,922 |
Exercise of stock options and awards | 2,508,822 | 2,102,272 | 2,033,728 |
Diluted weighted-average shares | 47,590,076 | 46,066,172 | 47,956,178 |
Earnings per share--basic | $ / shares | $ 1.46 | $ 1.39 | $ 0.90 |
Earnings per share--diluted | $ / shares | $ 1.38 | $ 1.32 | $ 0.86 |
Stock split, conversion ratio | 2 |
Operations by Business Segmen_3
Operations by Business Segment and Geographic Information Operations by Busines Segment (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||||
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | 2 | |||||
Revenues | $ 1,378,053 | $ 1,287,552 | $ 1,143,720 | |||
Income (loss) from operations | 101,266 | 94,201 | 69,956 | |||
Interest expense | 4,973 | 6,899 | 8,514 | |||
Interest income | 175 | 2,135 | 348 | |||
Other income (expense), net | (7,021) | (5,555) | (8,112) | |||
Income before income taxes | 89,447 | 83,882 | 53,678 | |||
Depreciation | 52,927 | 53,888 | 57,292 | |||
Amortization | 3,044 | 2,827 | 2,545 | |||
Capital expenditures | 75,691 | 51,650 | 58,665 | |||
Segment assets, total | 772,941 | 655,354 | 596,924 | |||
Utility Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 765,072 | 739,118 | 607,556 | |||
Income (loss) from operations | 73,893 | 73,592 | 37,696 | |||
Depreciation | 25,364 | 27,545 | 30,304 | |||
Amortization | 611 | 530 | 474 | |||
Capital expenditures | 23,303 | 22,595 | 26,528 | |||
Segment assets, total | 298,070 | 280,467 | 267,982 | |||
Residential Commercial Services | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 610,666 | 545,357 | 534,655 | |||
Income (loss) from operations | 60,261 | 53,623 | 52,471 | |||
Depreciation | 24,634 | 23,553 | 23,537 | |||
Amortization | 2,430 | 2,297 | 2,071 | |||
Capital expenditures | 36,506 | 21,327 | 24,573 | |||
Segment assets, total | 275,204 | 238,876 | 226,313 | |||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 2,315 | 3,077 | 1,509 | |||
Income (loss) from operations | (27,016) | (25,297) | (12,963) | |||
Depreciation | 0 | 0 | 0 | |||
Amortization | 0 | 0 | 0 | |||
Capital expenditures | 0 | 0 | 0 | |||
Segment assets, total | 0 | 0 | 0 | |||
Reconciling Adjustments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 0 | 0 | 0 | |||
Income (loss) from operations | (5,872) | [1] | (7,717) | (7,248) | [1] | |
Interest expense | 4,973 | 6,899 | 8,514 | |||
Interest income | 175 | 2,135 | 348 | |||
Other income (expense), net | (7,021) | (5,555) | (8,112) | |||
Depreciation | [2] | 2,929 | 2,790 | 3,451 | ||
Amortization | 3 | 0 | 0 | |||
Capital expenditures | 15,882 | 7,728 | 7,564 | |||
Segment assets, total | $ 199,667 | [3] | $ 136,011 | $ 102,629 | [3] | |
[1] | Reclassification of depreciation expense and allocation of corporate expenses. | |||||
[2] | Adjustments to declining-balance method depreciation expense from straight-line method and depreciation and amortization of corporate assets. | |||||
[3] | Corporate assets include cash, prepaid expenses, corporate facilities, enterprise-wide information systems and other nonoperating assets. |
Operations by Business Segmen_4
Operations by Business Segment and Geographic Information Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,378,053 | $ 1,287,552 | $ 1,143,720 |
Long-lived assets, net | 424,686 | 350,292 | 315,499 |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,292,496 | 1,214,628 | 1,066,035 |
Long-lived assets, net | 397,624 | 324,776 | 288,196 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 85,557 | 72,924 | 77,685 |
Long-lived assets, net | $ 27,062 | $ 25,516 | $ 27,303 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | $ 1,378,053 | $ 1,287,552 | $ 1,143,720 |
Contract with customer, asset and liability [Abstract] | |||
Revenue recognized | 1,353 | 1,530 | |
Contract liabilities - current | 3,888 | 3,242 | |
Contract liabilities - noncurrent | 1,845 | 1,754 | |
Net contract liabilities | 5,733 | 4,996 | |
Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 765,072 | 739,118 | 607,556 |
Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 610,666 | 545,357 | 534,655 |
All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 2,315 | 3,077 | 1,509 |
United States | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 1,292,496 | 1,214,628 | 1,066,035 |
United States | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 723,577 | 703,324 | 567,134 |
United States | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 566,604 | 508,227 | 497,392 |
United States | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 2,315 | 3,077 | 1,509 |
Canada | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 85,557 | 72,924 | 77,685 |
Canada | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 41,495 | 35,794 | 40,422 |
Canada | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 44,062 | 37,130 | 37,263 |
Canada | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Tree and plant care | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 888,884 | 853,382 | 753,582 |
Tree and plant care | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 530,632 | 535,260 | 448,325 |
Tree and plant care | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 358,589 | 318,061 | 305,365 |
Tree and plant care | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | (337) | 61 | (108) |
Grounds maintenance | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 155,543 | 138,885 | 152,283 |
Grounds maintenance | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Grounds maintenance | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 155,543 | 138,885 | 152,283 |
Grounds maintenance | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Storm damage services | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 23,453 | 30,631 | 8,001 |
Storm damage services | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 16,763 | 20,907 | 3,096 |
Storm damage services | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 6,690 | 9,724 | 4,905 |
Storm damage services | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 0 | 0 | 0 |
Consulting and other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 310,173 | 264,654 | 229,854 |
Consulting and other | Utility | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 217,677 | 182,951 | 156,135 |
Consulting and other | Residential and Commercial | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | 89,844 | 78,687 | 72,102 |
Consulting and other | All Other | |||
Disaggregation of revenue [Line Items] | |||
Revenue from contracts with customers | $ 2,652 | $ 3,016 | $ 1,617 |
Fair Value Measurements and F_3
Fair Value Measurements and Financial Instruments Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Total carrying value | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Revolving credit facility, noncurrent | $ 46,832 | $ 0 |
Senior unsecured notes | 75,000 | 75,000 |
Term loans, noncurrent | 2,373 | 2,324 |
Total | 124,205 | 77,324 |
Total carrying value | Fair value measurements, recurring [Member] | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Investments current fair value disclosure | 4,250 | |
Certificates of deposits, noncurrent | 10,609 | 19,359 |
Available-for-sale debt securities | 3,406 | 0 |
Marketable equity securities | 11,386 | 0 |
Deferred compensation | 4,333 | 3,192 |
Total carrying value | Fair value measurements, recurring [Member] | United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 3,230 | |
Total carrying value | Fair value measurements, recurring [Member] | Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 176 | |
Total carrying value | Fair value measurements, recurring [Member] | Mutual funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 7,476 | |
Total carrying value | Fair value measurements, recurring [Member] | Corporate stocks | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,877 | |
Total carrying value | Fair value measurements, recurring [Member] | Corporate stocks | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 57 | |
Total carrying value | Fair value measurements, recurring [Member] | Exchange traded funds | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,491 | |
Total carrying value | Fair value measurements, recurring [Member] | Exchange traded funds | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 485 | |
Fair value | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Revolving credit facility, noncurrent | 46,832 | 0 |
Senior unsecured notes | 78,432 | 81,424 |
Term loans, noncurrent | 2,431 | 2,451 |
Total | 127,695 | 83,875 |
Fair value | Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Marketable equity securities | 11,386 | 0 |
Investments current fair value disclosure | 4,250 | 0 |
Available-for-sale debt securities | 3,406 | |
Marketable equity securities | 11,386 | |
Revolving credit facility, noncurrent | 46,832 | 0 |
Total | 123,531 | 77,068 |
United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 3,230 | |
Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 176 | |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Investments current fair value disclosure | 4,250 | |
Certificates of deposits, noncurrent | 10,609 | 19,359 |
Deferred compensation | 0 | 0 |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | Mutual funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 7,476 | |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | Corporate stocks | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,877 | |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | Corporate stocks | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 57 | |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | Exchange traded funds | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 1,491 | |
Fair value measurements, recurring [Member] | Quoted prices in active markets, (level 1) | Exchange traded funds | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 485 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Investments current fair value disclosure | 0 | |
Certificates of deposits, noncurrent | 0 | 0 |
Available-for-sale debt securities | 0 | |
Marketable equity securities | 0 | |
Deferred compensation | 4,333 | 3,192 |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Mutual funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Corporate stocks | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Corporate stocks | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Exchange traded funds | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant other observable inputs, (level 2) | Exchange traded funds | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Investments current fair value disclosure | 0 | |
Certificates of deposits, noncurrent | 0 | 0 |
Available-for-sale debt securities | 0 | |
Marketable equity securities | 0 | |
Deferred compensation | 0 | $ 0 |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | United States Government and agency securities | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Corporate notes and bonds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Available-for-sale debt securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Mutual funds | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Corporate stocks | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Corporate stocks | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Exchange traded funds | Domestic | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | 0 | |
Fair value measurements, recurring [Member] | Significant unobservable inputs (level 3) | Exchange traded funds | foreign | ||
Fair value, assets and liabilities measured on recurring and nonrecurring basis [Line Items] | ||
Marketable equity securities | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Wolf employee defendants | ||
Loss contingency, number of defendants | 2 | |
Employee and former employee defendants | ||
Loss contingency, number of defendants | 4 | |
Racketeer Influenced and Corrupt Organizations Act | ||
Loss contingency number of claims alleged | 3 | |
Northern California wildfires | ||
Loss contingency number of claims alleged | 5 | |
Fire Victims Trust | ||
Loss contingency number of claims alleged | 3 | |
Letter of credit [Member] | ||
Letters of credit outstanding | $ 88,362 | $ 88,242 |
Quarterly Results of Operations
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Revenues | $ 1,378,053 | $ 1,287,552 | $ 1,143,720 |
Income (loss) from operations | 101,266 | 94,201 | 69,956 |
Net income (loss) | $ 65,699 | $ 60,937 | $ 41,050 |
Net income (loss) per share -- Basic | $ 1.46 | $ 1.39 | $ 0.90 |
Net income (loss) per share -- Diluted | $ 1.38 | $ 1.32 | $ 0.86 |