PWR Quanta Services Inc

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1. BUSINESS AND ORGANIZATION, BASIS OF PRESENTATION AND ACCOUNTING POLICIES:

Quanta Services, Inc. (together with its subsidiaries, Quanta) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets.

These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Quanta’s Annual Report on Form 10-K for the year ended December 31, 2022. Quanta believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations and comprehensive income for the interim periods are not necessarily indicative of the results for the entire fiscal year. The results of Quanta have historically been subject to significant seasonal fluctuations.

2. NEW ACCOUNTING PRONOUNCEMENTS:

Recently Adopted Guidance

In October 2021, the Financial Accounting Standards Board (FASB) issued an update that requires recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with FASB ASC 606 (Revenue from Contracts with Customers). At the acquisition date, an acquirer should account for the related contract revenue in accordance with FASB ASC 606. This update is effective for interim and annual periods beginning after December 15, 2022, with amendments generally applied prospectively. Quanta adopted this update effective January 1, 2023, and it did not have a material impact on Quanta’s consolidated financial statements.

New Accounting Pronouncement Not Yet Adopted

In June 2022, the FASB issued an update that clarifies the guidance in FASB ASC 820 (Fair Value Measurement) for equity securities subject to contractual sale restrictions. The update prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. This update is effective for interim and annual periods after December 15, 2023. Early adoption is permitted. This guidance will increase the fair market value of the consideration paid in equity securities in a business combination, and therefore it may increase the amount allocated to goodwill. Quanta will adopt this update by January 1, 2024, and it is not expected to have a material impact on Quanta’s consolidated financial statements.

3. REVENUE RECOGNITION AND RELATED BALANCE SHEET ACCOUNTS:

Contracts

Certain of Quanta’s services are generally provided pursuant to master service agreements (MSAs), repair and maintenance contracts and fixed price and non-fixed price construction contracts. These contracts are classified into three categories: unit-price contracts, cost-plus contracts and fixed price contracts.

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The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands):

						Three Months Ended June 30,																								Six Months Ended June 30,
						2023												2022												2023												2022
By contract type:
Fixed price contracts						$	2,296,888					45.5		%				$	1,805,156					42.7		%				4,231,776						44.7		%				$	3,494,791					42.6		%
Unit-price contracts						1,697,629						33.6						1,451,905						34.3						3,195,023						33.7						$	2,809,507					34.3
Cost-plus contracts						1,054,093						20.9						974,942						23.0						2,050,637						21.6						1,893,230						23.1
Total revenues						$	5,048,610					100.0		%				$	4,232,003					100.0		%				$	9,477,436					100.0		%				$	8,197,528					100.0		%

						Three Months Ended June 30,																								Six Months Ended June 30,
						2023												2022												2023												2022
By primary geographic location:
United States						$	4,282,902					84.8		%				$	3,667,337					86.7		%				$	7,949,267					83.9		%				$	6,991,306					85.2		%
Canada						523,258						10.4						439,466						10.4						1,065,618						11.2						990,371						12.1
Australia						156,725						3.1						89,369						2.1						311,402						3.3						144,570						1.8
Others						85,725						1.7						35,831						0.8						151,149						1.6						71,281						0.9
Total revenues						$	5,048,610					100.0		%				$	4,232,003					100.0		%				$	9,477,436					100.0		%				$	8,197,528					100.0		%

Under fixed-price contracts, as well as unit-price contracts with more than an insignificant amount of partially completed units, revenue is recognized as performance obligations are satisfied over time, with the percentage completion generally measured as the percentage of costs incurred to total estimated costs for such performance obligation. Approximately 54.0% and 51.7% of Quanta’s revenues recognized during the three months ended June 30, 2023 and 2022 were associated with this revenue recognition method, and 52.4% and 51.5% of Quanta’s revenues recognized during the six months ended June 30, 2023 and 2022 were associated with this revenue recognition method.

Performance Obligations

As of June 30, 2023 and December 31, 2022, the aggregate transaction price allocated to unsatisfied or partially satisfied performance obligations was approximately $12.48 billion and $8.80 billion, with 70.7% and 72.1% expected to be recognized in the subsequent twelve months. These amounts represent management’s estimates of the consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work had not yet begun as of such dates. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under MSAs and non-fixed price contracts expected to be completed within one year.

Contract Estimates and Changes in Estimates

Actual revenues and project costs can vary, sometimes substantially, from previous estimates due to changes in a variety of factors, including unforeseen or changed circumstances not included in Quanta’s cost estimates or covered by its contracts. Some of the factors that can result in positive changes in estimates on projects include successful execution through project risks, reduction of estimated project costs or increases of estimated revenues. Some of the factors that can result in negative changes in estimates include concealed or unknown site conditions; changes to or disputes with customers regarding the scope of services; changes in estimates related to the length of time to complete a performance obligation; changes or delays with respect to permitting and regulatory requirements and materials; changes in the cost of equipment, commodities, materials or skilled labor; unanticipated costs or claims due to delays or failure to perform by customers or third parties; customer failure to provide required materials or equipment; errors in engineering, specifications or designs; project modifications; adverse weather conditions, natural disasters, and other emergencies; and performance and quality issues causing delay (including payment of liquidated damages) or requiring rework or replacement. Any changes in estimates could result in changes to profitability or losses associated with the related performance obligations.

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Additionally, changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. Quanta recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated.

As of June 30, 2023 and December 31, 2022, Quanta had recognized revenues of $745.1 million and $549.3 million related to change orders and claims included as contract price adjustments primarily in “Contract assets” in the accompanying consolidated balance sheets. These change orders and claims were in the process of being negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection.

The largest component of the revenues recognized related to change orders and claims as of June 30, 2023 and of the increase relative to December 31, 2022 is associated with a large renewable transmission project in Canada. During 2021 and 2022, decreased productivity and additional costs arose from delays, administrative requirements and labor issues due to the COVID-19 pandemic, including incremental governmental requirements and worksite restrictions. During the six months ended June 30, 2023, additional costs arose from residual impacts associated with such delays, administrative requirements and labor issues due to the COVID-19 pandemic, including work resequencing and acceleration, access delays, and logistical challenges along with other issues outside of Quanta’s control.

Changes in estimates can result in the recognition of revenue in a current period for performance obligations that were satisfied or partially satisfied in prior periods or the reversal of previously recognized revenue if the currently estimated revenue is less than the previous estimate. The impact of a change in contract estimate is measured as the difference between the revenue or gross profit recognized in the prior period as compared to the revenue or gross profit which would have been recognized had the revised estimate been used as the basis of recognition in the prior period. Changes in estimates can also result in contract losses, which are recognized in full when they are determined to be probable and can be reasonably estimated.

Revenues were positively impacted by 0.7% and 1.5% during the three months ended June 30, 2023 and 2022 as a result of changes in estimates associated with performance obligations on fixed price contracts partially satisfied prior to March 31, 2023 and 2022. Revenues were positively impacted by 0.3% and 1.0% during the six months ended June 30, 2023 and 2022 as a result of changes in estimates associated with performance obligations on fixed price contracts partially satisfied prior to December 31, 2022 and 2021.

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Operating results for the three months ended June 30, 2023 were impacted by less than 5% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of March 31, 2023. There were no material changes in estimates on any individual project.

Operating results for the six months ended June 30, 2023 were impacted by less than 5% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of December 31, 2022. However, Quanta’s large renewable transmission project in Canada was negatively impacted by $20.7 million due to changes to estimated project costs during this period, as mentioned above.

Operating results for the three months ended June 30, 2022 were favorably impacted by $62.3 million, or 10.0%, of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of March 31, 2022. The overall favorable impact resulted from net positive changes in estimates across a large number of projects, primarily as a result of favorable performance and successful mitigation of risks and contingencies as the projects progressed to completion. Partially offsetting the aggregate net favorable impact to gross profit was a negative change in estimate of $13.0 million for the three months ended June 30, 2022, associated with the large renewable transmission project in Canada, described above.

Operating results for the six months ended June 30, 2022 were favorably impacted by $72.7 million, or 6.2% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress at December 31, 2021. The overall favorable impact resulted from net positive changes in estimates across a large number of projects, primarily as a result of favorable performance and successful mitigation of risks and contingencies as the projects progressed to completion. Partially offsetting the aggregate net favorable impact to gross profit was a negative change in estimate of $23.7 million for the six months ended June 30, 2022, associated with the large renewable transmission project in Canada, described above.

Contract Assets and Liabilities

Contract assets and liabilities consisted of the following (in thousands):

						June 30, 2023						December 31, 2022
Contract assets						$	1,357,233					$	1,080,206
Contract liabilities						$	1,128,864					$	1,141,518

Contract assets and liabilities fluctuate period to period based on various factors, including, among others, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; and unapproved change orders and contract claims recognized as revenues. The increase in contract assets from December 31, 2022 to June 30, 2023 was primarily due to additional unapproved change orders and claims related to the large renewable transmission project in Canada described above, as well as progress on other projects on which the timing of billings lagged behind the completion of work.

During the six months ended June 30, 2023, Quanta recognized revenue of approximately $897.8 million related to contract liabilities outstanding as of the end of the prior year.

Accounts Receivable, Allowance for Credit Losses and Concentrations of Credit Risk

Quanta determines its allowance for credit losses based on an estimate of expected credit losses for financial instruments, primarily accounts receivable and contract assets. The assessment of the allowance for credit losses involves certain judgments and estimates. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Expected credit losses are estimated by evaluating trends in historical write-off experience and applying historical loss ratios to pools of financial assets with similar risk characteristics.

Quanta’s historical loss ratio and its determination of its risk pools, which are used to calculate expected credit losses, may be adjusted for changes in customer credit concentrations within its portfolio of financial assets, its customers’ ability to pay, and other considerations, such as economic and market changes, changes to regulatory or technological environments affecting customers and the consistency between current and forecasted economic conditions and historical economic conditions used to derive historical loss ratios. At the end of each quarter, management reassesses these and other relevant factors, including the impact of uncertainty and challenges in the overall economy and in Quanta’s industries and markets, which currently include inflationary pressure, supply chain and other logistical challenges and increased interest rates.

Additional allowance for credit losses is established for financial asset balances with specific customers where collectability has been determined to be improbable based on customer specific facts and circumstances. Quanta considers

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accounts receivable delinquent after 30 days but, absent certain specific considerations, generally does not consider such amounts delinquent in its credit loss analysis unless the accounts receivable are at least 120 days outstanding. In addition, management monitors the credit quality of its receivables by, among other things, obtaining credit ratings for significant customers, assessing economic and market conditions and evaluating material changes to a customer’s business, cash flows and financial condition. Should anticipated recoveries relating to receivables fail to materialize, including anticipated recoveries relating to bankruptcies or other workout situations, Quanta could experience reduced cash flows and losses in excess of current allowances provided.

Accounts receivable are written-off against the allowance for credit losses if they are deemed uncollectible.

Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2023						2022						2023						2022
Balance at beginning of period						$	16,530					$	49,916					$	15,644					$	49,749
Increase in provision for credit losses						2,889						(428)						5,247						(295)
Write-offs charged against the allowance net of recoveries of amounts previously written off						(5,511)						219						(6,983)						253
Balance at end of period						$	13,908					$	49,707					$	13,908					$	49,707

Provision for credit losses is included in “Selling, general and administrative expenses” in the consolidated statements of operations.

Quanta is subject to concentrations of credit risk related primarily to its receivable position with customers, which includes amounts related to billed and unbilled accounts receivable and contract assets for services Quanta has performed for customers. Quanta grants credit under normal payment terms, generally without collateral. One customer within the Renewable Energy Infrastructure Solutions segment associated with the large renewable transmission project in Canada described above represented 15% and 13% of Quanta’s consolidated receivable position as of June 30, 2023 and December 31, 2022. No customer represented 10% or more of Quanta’s consolidated revenues for the three or six months ended June 30, 2023 or 2022.

Certain contracts allow customers to withhold a small percentage of billings pursuant to retainage provisions, and such amounts are generally due upon completion of the contract and acceptance of the project by the customer. Based on Quanta’s experience in recent years, the majority of these retainage balances are expected to be collected within one year. Retainage balances with expected settlement dates within one year of June 30, 2023 and December 31, 2022 were $483.9 million and $397.6 million, which are included in “Accounts receivable.” Retainage balances with expected settlement dates beyond one year were $147.8 million and $136.2 million as of June 30, 2023 and December 31, 2022 and are included in “Other assets, net.”

Quanta recognizes unbilled receivables for non-fixed price contracts within “Accounts receivable” in certain circumstances, such as when revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a later date or when amounts arise from routine lags in billing. These balances do not include revenues recognized for work performed under fixed-price contracts and unit-price contracts with more than an insignificant amount of partially completed units, as these amounts are recorded as “Contract assets.” As of June 30, 2023 and December 31, 2022, unbilled receivables included in “Accounts receivable” were $929.4 million and $823.9 million. The increase in unbilled receivables was primarily due to significant increases in work and certain delays in billing related to certain large customers. Quanta also recognizes unearned revenues for non-fixed price contracts when cash is received prior to recognizing revenues for the related performance obligation. Unearned revenues, which are included in “Accounts payable and accrued expenses,” were $61.6 million and $59.6 million as of June 30, 2023 and December 31, 2022.

4. SEGMENT INFORMATION:

Quanta reports its results under three reportable segments described below:

•Electric Power Infrastructure Solutions (Electric Power). Quanta’s Electric Power segment provides comprehensive services for the electric power and communications markets.

•Renewable Energy Infrastructure Solutions (Renewable Energy). Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry.

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•Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products.

Corporate and Non-allocated Costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.

The following table sets forth segment revenues and segment operating income (loss) and operating margins for the three and six months ended June 30, 2023 and 2022. Operating margin is calculated by dividing operating income (loss) by revenues. The following table shows dollars in thousands:

						Three Months Ended June 30,																								Six Months Ended June 30,
						2023												2022												2023												2022
Revenues:
Electric Power Infrastructure Solutions						$	2,415,254					47.9		%				$	2,199,430					52.0		%				$	4,751,291					50.1		%				$	4,338,127					52.9		%
Renewable Energy Infrastructure Solutions						1,389,368						27.5						924,236						21.8						2,397,668						25.3						1,799,868						22.0
Underground Utility and Infrastructure Solutions						1,243,988						24.6						1,108,337						26.2						2,328,477						24.6						2,059,533						25.1
Consolidated revenues						$	5,048,610					100.0		%				$	4,232,003					100.0		%				$	9,477,436					100.0		%				$	8,197,528					100.0		%
Operating income (loss):
Electric Power Infrastructure Solutions (1)						$	244,017					10.1		%				$	232,150					10.6		%				$	459,166					9.7		%				$	435,569					10.0		%
Renewable Energy Infrastructure Solutions						110,487						8.0		%				81,687						8.8		%				146,143						6.1		%				151,629						8.4		%
Underground Utility and Infrastructure Solutions						107,207						8.6		%				89,943						8.1		%				168,780						7.2		%				138,118						6.7		%
Corporate and Non-Allocated Costs (2)						(182,438)						(3.6)		%				(195,424)						(4.6)		%				(368,956)						(3.9)		%				(399,444)						(4.9)		%
Consolidated operating income						$	279,273					5.5		%				$	208,356					4.9		%				$	405,133					4.3		%				$	325,872					4.0		%

(1)    Includes equity in earnings of integral unconsolidated affiliates of $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022 and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA).

(2)    Includes amortization expense of $70.0 million and $107.9 million and non-cash stock-based compensation of $34.6 million and $28.1 million for the three months ended June 30, 2023 and 2022. Includes amortization expense of $142.4 million and $223.7 million and non-cash stock-based compensation of $62.1 million and $51.1 million for the six months ended June 30, 2023 and 2022.

Depreciation Expense Allocation

Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets are generally used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is allocated

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each quarter among Quanta’s reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated revenues. The following table shows dollars in thousands:

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2023						2022						2023						2022
Depreciation:
Electric Power Infrastructure Solutions						$	41,357					$	36,781					$	83,442					$	73,560
Renewable Energy Infrastructure Solutions						10,681						10,178						21,539						18,411
Underground Utility and Infrastructure Solutions						19,135						20,667						39,635						41,605
Corporate and Non-Allocated Costs						8,703						6,333						13,642						11,337
Consolidated depreciation						$	79,876					$	73,959					$	158,258					$	144,913

5. ACQUISITIONS:

The results of operations of acquired businesses have been included in Quanta’s consolidated financial statements since their respective acquisition dates.

In January 2023, Quanta acquired three businesses located in the United States including: a business that provides services related to high-voltage transmission lines, overhead and underground distribution, emergency restoration and industrial and commercial wiring and lighting (primarily included in the Electric Power segment); a business that procures parts, assembles kits for sale, manages logistics and installs solar tracking equipment for utility and development customers (primarily included in the Renewable Energy segment); and a business that provides concrete construction services (primarily included in the Electric Power and Renewable Energy segments). The consideration for these transactions consisted of approximately $463.5 million paid or payable in cash (subject to certain adjustments) and 1,018,946 shares of Quanta common stock, which had a fair value of $123.5 million as of the dates of the acquisitions.

In July 2022, Quanta acquired a business located in the United States that provides construction contracting services to utilities, specializing in trenching and underground pipeline and electrical conduit installation, primarily included in the Electric Power segment. The consideration for this transaction included $22.3 million paid or payable in cash (subject to certain adjustments). Additionally, the former owners of this business are eligible to receive a potential payment of contingent consideration to the extent the acquired business achieves certain financial performance targets over a five-year post-acquisition period.

Purchase Price Allocation

Quanta is finalizing its purchase price allocations related to businesses acquired in 2023, and further adjustments to the purchase price allocations may occur, with possible updates primarily related to tax estimates and the finalization of closing working capital adjustments. The aggregate consideration paid or payable for businesses acquired between June 30, 2022 and June 30, 2023 was allocated to acquired assets and assumed liabilities, which resulted in an allocation of $184.8 million to net tangible assets, $120.5 million to identifiable intangible assets and $306.6 million to goodwill.

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The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of their respective acquisition dates as of June 30, 2023 for acquisitions completed in the six months ended June 30, 2023 (in thousands):

						Six Months Ended
						June 30, 2023
Consideration:
Cash paid or payable						$	463,482
Value of Quanta common stock issued						123,503
Fair value of total consideration transferred or estimated to be transferred						$	586,985
Cash and cash equivalents						$	14,832
Accounts receivable						46,389
Contract assets						195
Inventories						56,960
Prepaid expenses and other current assets						4,392
Property and equipment						144,217
Operating lease assets						14,189
Other assets						4,553
Identifiable intangible assets						107,430
Accounts payable and accrued liabilities						(61,739)
Contract liabilities						(3,071)
Operating lease liabilities, current						(2,552)
Deferred tax liabilities, net						(20,556)
Operating lease liabilities, non-current						(12,242)
Total identifiable net assets						292,997
Goodwill						293,988
Fair value of net assets acquired						$	586,985

As of June 30, 2023, approximately $238.2 million of goodwill is expected to be deductible for income tax purposes related to acquisitions completed in the six months ended June 30, 2023.

The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the six months ended June 30, 2023 as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).    

						Six Months Ended
						June 30, 2023
						Estimated Fair Value						Weighted Average Amortization Period in Years
Customer relationships						$	79,240					4.6
Backlog						11,095						0.9
Trade names						12,615						15.0
Non-compete agreements						4,480						5.0
Total intangible assets subject to amortization						$	107,430					5.5

The significant estimates used by management in determining the fair values of customer relationship intangible assets include future revenues, discount rates and customer attrition rates. The following table includes the discount rates and

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customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the six months ended June 30, 2023 as of the respective acquisition dates:

Six Months Ended

June 30, 2023

Range

Weighted Average

Discount rates

15% to 19%

17%

Customer attrition rates

10% to 20%

18%

Contingent Consideration

As described above, certain business acquisitions have contingent consideration liabilities associated with the transactions. The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):

						June 30, 2023						December 31, 2022
Accounts payable and accrued expenses						$	—					$	5,000
Insurance and other non-current liabilities						143,517						143,517
Total contingent consideration liabilities						$	143,517					$	148,517

The fair value determinations of contingent consideration liabilities incorporate significant inputs not observable in the market. Accordingly, the level of inputs used for these fair value measurements is Level 3. The following table includes the volatility factors, weighted average costs of capital and discount rates used to determine the fair value of contingent consideration liabilities during the six months ended June 30, 2023:

Six Months Ended

June 30, 2023

Range

Weighted Average

Volatility factors

35.0% to 43.0%

35.2%

Weighted average cost of capital

14.0% to 15.50%

14.0%

Discount rates

4.06% to 6.90%

6.5%

Quanta’s outstanding contingent consideration liabilities are subject to a maximum payment amount, and the aggregate maximum payment amount of these liabilities totaled $321.8 million as of June 30, 2023. During the six months ended June 30, 2023 and 2022, Quanta settled certain contingent consideration liabilities with cash payments of $5.0 million and $1.6 million.

Pro Forma Results of Operations

The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the six months ended June 30, 2023 and the year ended December 31, 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands).

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2023						2022						2023						2022
Revenues						$	5,048,610					$	4,358,240					$	9,477,436					$	8,450,003
Net income attributable to common stock						$	165,899					$	88,671					$	260,945					$	173,129

The pro forma combined results of operations for the three and six months ended June 30, 2023 and 2022 were prepared by adjusting the historical results of Quanta to include the historical results of the businesses acquired in 2023 as if such acquisitions had occurred January 1, 2022. The pro forma combined results of operations for the three and six months ended June 30, 2022 were prepared by adjusting the historical results of Quanta to include the historical results of the business acquired in 2022 as if such acquisition had occurred January 1, 2021. These pro forma combined historical results were adjusted for the following: a reduction of interest and other financing expenses as a result of the repayment of outstanding indebtedness of the acquired businesses; an increase in interest and other financing expenses as a result of the cash

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consideration paid; an increase in amortization expense due to the intangible assets recorded; elimination of inter-company sales; and changes in depreciation expense to adjust acquired property and equipment to the acquisition date fair value and to conform with Quanta’s accounting policies. The pro forma combined results of operations do not include any adjustments to eliminate the impact of acquisition-related costs incurred by Quanta or any cost savings or other synergies that resulted or may result from the acquisitions.

Results of Operations

6. INVESTMENTS IN AFFILIATES AND OTHER ENTITIES:

Equity Investments

The following table presents Quanta’s equity investments by type (in thousands):

						June 30, 2023						December 31, 2022
Equity method investments - integral unconsolidated affiliates						$	95,550					$	101,251
Equity method investments - non-integral unconsolidated affiliates						28,588						55,833
Marketable equity securities						—						—
Non-marketable equity securities						53,624						54,134
Total equity investments						$	177,762					$	211,218

Equity Method Investments

During the three months ended December 31, 2022, Quanta entered into an agreement to sell one of its non-integral equity method investments. The transaction was subject to certain customary closing conditions that were satisfied in early 2023. As a result, a $25.9 million gain was recognized in the fourth quarter of 2022, $10.4 million of which was attributable to non-controlling interests. During the six months ended June 30, 2023, Quanta received cash of $58.5 million related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests.

As of June 30, 2023 and December 31, 2022, Quanta had receivables of $87.5 million and $96.9 million from its integral affiliates and payables of $11.6 million and $9.3 million to its integral affiliates. Quanta recognizes revenues from services provided to its integral affiliates, primarily for services provided to LUMA at cost. Quanta recognized revenues from such services to its integral affiliates of $50.2 million and $26.4 million during the three months ended June 30, 2023 and 2022 and $98.5 million and $51.5 million during the six months ended June 30, 2023 and 2022. In addition, during the three months ended June 30, 2023 and 2022, Quanta recognized costs of sales of $21.2 million and $21.9 million for services provided by other integral affiliates. During the six months ended June 30, 2023 and 2022, Quanta recognized costs of sales of $33.2 million and $72.3 million for services provided by other integral affiliates.

Total equity in earnings from integral unconsolidated affiliates was $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022, and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022. Total equity in earnings from non-integral unconsolidated affiliates was earnings of $0.5 million and earnings of $9.6 million for the three months ended June 30, 2023 and 2022 and earnings of $2.1 million and $14.9 million for the six months ended June 30, 2023 and 2022 and was included in “Other income (expense), net” in the accompanying condensed consolidated statements of income. As of June 30, 2023, retained earnings included $16.6 million related to the undistributed earnings of unconsolidated affiliates.

Marketable Equity Securities

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7. PER SHARE INFORMATION:

The amounts used to compute basic and diluted earnings per share attributable to common stock consisted of the following (in thousands):

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2023						2022						2023						2022
Amounts attributable to common stock:
Net income attributable to common stock						$	165,899					$	88,020					$	260,945					$	172,661
Weighted average shares:
Weighted average shares outstanding for basic earnings per share attributable to common stock						145,422						143,851						144,947						143,697
Effect of dilutive unvested non-participating stock-based awards						3,351						4,360						3,770						4,630
Weighted average shares outstanding for diluted earnings per share attributable to common stock						148,773						148,211						148,717						148,327

8. DEBT OBLIGATIONS:

Quanta’s long-term debt obligations consisted of the following (in thousands):

						June 30, 2023						December 31, 2022
0.950% Senior Notes due October 2024						$	500,000					$	500,000
2.900% Senior Notes due October 2030						1,000,000						1,000,000
2.350% Senior Notes due January 2032						500,000						500,000
3.050% Senior Notes due October 2041						500,000						500,000
Borrowings under senior credit facility (including Term Loan)						958,065						786,910
Borrowings under commercial paper program						699,200						373,000
Other long-term debt						97,117						92,907
Finance leases						28,367						3,542
Unamortized discount and financing costs						(24,978)						(26,432)
Total long-term debt obligations						4,257,771						3,729,927
Less — Current maturities of long-term debt						41,249						37,495
Total long-term debt obligations, net of current maturities						$	4,216,522					$	3,692,432

Senior Notes

The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):

Title of the Notes

Interest Amount

Payment Dates

Commencement Date

0.950% Senior Notes due October 2024

$

2,375

April 1 and October 1

April 1, 2022

2.900% Senior Notes due October 2030

$

14,500

April 1 and October 1

April 1, 2021

2.350% Senior Notes due January 2032

$

5,875

January 15 and July 15

July 15, 2022

3.050% Senior Notes due October 2041

$

7,625

April 1 and October 1

April 1, 2022

The fair value of Quanta’s senior notes was $2.06 billion as of June 30, 2023, compared to a carrying value of $2.48 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $22.1 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities.

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Senior Credit Facility

The credit agreement for Quanta’s senior credit facility (as amended, the credit agreement) provides for a $750.0 million term loan facility and aggregate revolving commitments of $2.64 billion, with a maturity date of October 8, 2026. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):

												Six Months Ended
												June 30,
																		2023						2022
Maximum amount outstanding																		$	987,348					$	1,597,744
Average daily amount outstanding																		$	909,662					$	1,361,728
Weighted-average interest rate																		6.22		%				2.04		%

As of June 30, 2023, Quanta was in compliance with all of the financial covenants under the credit agreement.

Term Loan. As of June 30, 2023, Quanta had $740.6 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate.

Revolving Loans. As of June 30, 2023, Quanta had $217.4 million of outstanding revolving loans under the senior credit facility, all of which were denominated in Canadian dollars. The carrying amounts of the revolving borrowings under Quanta’s senior credit facility approximate fair value, as all revolving borrowings have a variable interest rate.

As of June 30, 2023, Quanta also had $312.7 million of letters of credit issued under the senior credit facility, of which $223.2 million were denominated in U.S. dollars and $89.5 million were denominated in currencies other than the U.S. dollar, primarily Australian and Canadian dollars. Additionally, available commitments for revolving loans under the senior credit facility must be maintained in order to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available borrowing capacity under the senior credit facility.

As of June 30, 2023, $1.41 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program.

Deferred Financing Costs. As of June 30, 2023 and December 31, 2022, capitalized deferred financing costs, net of accumulated amortization, related to Quanta’s revolving loans under its senior credit facility and commercial paper program were $7.2 million and $8.3 million and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Amortization of deferred financing costs for all debt instruments is included in interest and other financing expenses and was $1.5 million and $1.5 million for the three months ended June 30, 2023 and 2022, and $3.0 million and $2.9 million for the six months ended June 30, 2023 and 2022.

Commercial Paper Program

Quanta had $699.2 million of outstanding notes under its unsecured commercial paper program as of June 30, 2023, with a weighted average interest rate of 5.95% and a weighted average maturity of 21 days as of such date. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, as all notes currently have a short maturity.

Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):

												Six Months Ended
												June 30, 2023
Maximum amount outstanding																		$	841,400
Average daily amount outstanding																		$	622,756
Weighted-average interest rate																		5.64		%

Additional Letters of Credit

As of June 30, 2023 Quanta had $212.8 million of surety-backed letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.

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9. LEASES:

Quanta primarily leases land, buildings, vehicles, construction equipment and office equipment. The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands):

									Three Months Ended												Six Months Ended
									June 30,												June 30,
Lease cost			Classification						2023						2022						2023						2022
Finance lease cost:
Amortization of lease assets			Depreciation (1)						$	1,102					$	436					$	2,013					$	876
Interest on lease liabilities			Interest and other financing expenses						299						28						507						55
Operating lease cost			Cost of services and Selling, general and administrative expenses						23,140						24,248						46,363						49,125
Short-term and variable lease cost (2)			Cost of services and Selling, general and administrative expenses						249,868						224,088						487,946						443,387
Total lease cost									$	274,409					$	248,800					$	536,829					$	493,443

(1)    Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations.

(2)    Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant.

Related party lease expense was $3.9 million and $3.8 million for the three months ended June 30, 2023 and 2022 and $7.8 million and $7.4 million for the six months ended June 30, 2023 and 2022.

Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):

						As of June 30, 2023
						Operating Leases						Finance Leases						Lease Financing Transactions						Total
Remainder of 2023						$	45,285					$	1,488					$	8,361					$	55,134
2024						75,927						6,504						15,573						98,004
2025						59,264						6,477						13,831						79,572
2026						43,129						6,219						14,369						63,717
2027						27,812						5,691						11,756						45,259
Thereafter						29,696						3,452						25,161						58,309
Total future minimum payments related to operating leases, finance leases and lease financing transactions						281,113						29,831						89,051						399,995
Less imputed interest						(22,760)						(1,464)						—						(24,224)
Total operating lease, finance lease and lease financing transaction liabilities						$	258,353					$	28,367					$	89,051					$	375,771

Future minimum lease payments for short-term leases were $19.6 million as of June 30, 2023.

The weighted average remaining lease terms and discount rates were as follows:

						As of June 30, 2023
Weighted average remaining lease term (in years):
Operating leases						4.26
Finance leases						5.60
Weighted average discount rate:
Operating leases						3.9		%
Finance leases						6.1		%

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10. INCOME TAXES:

Quanta’s effective tax rates for the three months ended June 30, 2023 and 2022 were 29.4% and 30.0%. Quanta’s effective tax rates for the six months ended June 30, 2023 and 2022 were 20.0% and 20.9%. The tax rates for the six months ended June 30, 2023 and 2022 were favorably impacted by the recognition of $32.4 million and $21.2 million of benefits that resulted from equity incentive awards vesting at a higher fair market value than their grant date fair value. The effective tax rates for the three and six months ended June 30, 2022 were unfavorably impacted by the valuation allowance on the losses on Starry, which is further described below.

Quanta regularly evaluates valuation allowances established for deferred tax assets for which future realization is uncertain, including in connection with changes in tax laws. The estimation of required valuation allowances includes estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Quanta considers projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income differs from these estimates, Quanta may not realize deferred tax assets to the extent estimated. During the three and six months ended June 30, 2022, Quanta recognized $41.7 million and $50.0 million of unrealized losses on its investment in Starry and recorded a valuation allowance against such unrealized losses. During the three months ended March 31, 2023, Starry filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, as amended. Upon resolution of the bankruptcy proceedings, a portion of Quanta’s unrealized losses may become deductible for income tax purposes.

As of June 30, 2023, the total amount of unrecognized tax benefits relating to uncertain tax positions was $46.3 million, a net increase of $4.7 million from December 31, 2022, which primarily resulted from a $4.7 million increase related to positions expected to be taken in 2023. Quanta’s consolidated federal income tax returns for tax years 2017 through 2021 remain open to examination by the IRS, as the applicable statute of limitations periods have not yet expired. Additionally, various state and foreign tax returns filed by Quanta and certain subsidiaries for multiple periods remain under examination by various U.S. state and foreign tax authorities. Quanta does not consider any state in which it does business to be a major tax jurisdiction. Quanta believes it is reasonably possible that within the next 12 months unrecognized tax benefits may decrease by up to $11.9 million as a result of settlement of these examinations or as a result of the expiration of certain statute of limitations periods.

11. EQUITY:

Stock Repurchases

On May 23, 2023, Quanta’s Board of Directors approved a new stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. The new stock repurchase program became effective on July 1, 2023, upon expiration of Quanta’s existing stock repurchase program.

Quanta repurchased the following shares of common stock in the open market under its stock repurchase program (in thousands):

Quarter ended:						Shares						Amount
June 30, 2023						—						$	—
March 31, 2023						—						—
December 31, 2022						87						$	11,403
September 30, 2022						158						$	21,033
June 30, 2022						731						$	84,884
March 31, 2022						85						$	10,426

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Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the three and six month ended June 30, 2023, Quanta did not make any cash payments related to stock repurchases. During the three and six months ended June 30, 2022, cash payments related to stock repurchases were $84.9 million and $94.4 million. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements, including restrictions under Quanta’s senior credit facility, and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice.

Dividends

Quanta declared and paid the following cash dividends and cash dividend equivalents during 2022 and the first six months of 2023 (in thousands, except per share amounts):

Declaration						Record						Payment						Dividend						Dividends
Date						Date						Date						Per Share						Declared
May 23, 2023						July 3, 2023						July 14, 2023						$	0.08					$	11,893
March 29, 2023						April 10, 2023						April 18, 2023						$	0.08					$	12,100
December 13, 2022						January 3, 2023						January 13, 2023						$	0.08					$	11,756
August 31, 2022						October 3, 2022						October 14, 2022						$	0.07					$	10,322
May 27, 2022						July 1, 2022						July 15, 2022						$	0.07					$	10,283
March 30, 2022						April 11, 2022						April 18, 2022						$	0.07					$	10,459

12. STOCK-BASED COMPENSATION:

Restricted Stock Units (RSUs) to be Settled in Common Stock

A summary of the activity for RSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (RSUs in thousands):

			2023												2022
			RSUs						Weighted Average Grant Date Fair Value (Per Unit)						RSUs						Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1			3,263						$78.74						3,880						$61.64
Granted			635						$158.93						801						$110.73
Vested			(1,159)						$67.23						(1,200)						$48.96
Forfeited			(101)						$111.48						(98)						$77.41
Unvested at June 30			2,638						$102.44						3,383						$77.47

The approximate fair value of RSUs that vested during the six months ended June 30, 2023 and 2022 was $182.8 million and $135.7 million.

During the six months ended June 30, 2023 and 2022, Quanta recognized $47.1 million and $40.5 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of June 30, 2023, there was $182.9 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 3.41 years.

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Performance Stock Units (PSUs) to be Settled in Common Stock

A summary of the activity for PSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (PSUs in thousands):

			2023												2022
			PSUs						Weighted Average Grant Date Fair Value (Per Unit)						PSUs						Weighted Average Grant Date Fair Value (Per Unit)
Unvested at January 1			733						$65.39						931						$47.27
Granted			177						$174.50						148						$119.04
Vested			(413)						$35.12						(334)						$40.15
Forfeited			(3)						$90.36						(17)						$58.79
Unvested at June 30			494						$129.66						728						$64.83

The Monte Carlo simulation valuation methodology applied the following key inputs:

						2023						2022
Valuation date price based on March 9, 2023 and March 2, 2022 closing stock prices of Quanta common stock						$160.55						$110.24
Historical volatility						35		%				39		%
Risk-free interest rate						4.62		%				1.64		%
Term in years						2.81						2.83

During the six months ended June 30, 2023 and 2022, Quanta recognized $15.0 million and $10.6 million of non-cash stock compensation expense related to PSUs to be settled in common stock. As of June 30, 2023, there was an estimated $43.4 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 1.97 years.

During each of the six months ended June 30, 2023 and 2022, 0.7 million shares of common stock were earned and either issued or deferred for future issuance under Quanta’s deferred compensation plans in connection with PSUs. The approximate fair values of PSUs earned during the six months ended June 30, 2023 and 2022 were $115.5 million and $72.4 million.

RSUs to be Settled in Cash

During the six months ended June 30, 2023 and 2022, compensation expense related to RSUs to be settled in cash was $8.6 million and $6.7 million. RSUs that are anticipated to be settled in cash are not included in the calculation of weighted average shares outstanding for earnings per share, and the estimated earned value of such RSUs is calculated at the end of each reporting period based on the market value of Quanta’s common stock and is classified as a liability. Quanta paid $9.7 million and $8.7 million to settle liabilities related to cash-settled RSUs in the six months ended June 30, 2023 and 2022. Accrued liabilities for the estimated earned value of outstanding RSUs to be settled in cash were $10.3 million and $11.0 million as of June 30, 2023 and December 31, 2022.

13. EMPLOYEE BENEFIT PLANS:

Deferred Compensation Plans

Quanta maintains non-qualified deferred compensation plans under which eligible directors and key employees may defer their receipt of certain cash compensation and/or the settlement of certain stock-based awards. As of June 30, 2023 and December 31, 2022, the liability related to deferred cash compensation under these plans, including amounts contributed by Quanta, was $81.4 million and $67.4 million, the majority of which was included in “Insurance and other non-current liabilities” in the accompanying condensed consolidated balance sheets. Additionally, as of June 30, 2023 and December 31, 2022, the settlement and issuance of 207,512 and 252,026 shares of common stock underlying certain stock-based awards had been deferred under these plans, and such issuances are scheduled to occur in future periods.

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To provide for future obligations related to deferred cash compensation under these plans, Quanta has invested in corporate-owned life insurance (COLI) policies covering certain participants in the deferred compensation plans, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of June 30, 2023 and December 31, 2022, the fair market values were $76.6 million and $64.0 million and were included in “Other assets, net” in the accompanying condensed consolidated balance sheets. The level of inputs for these fair value measurements is Level 2.

Changes in the fair market value of Quanta’s COLI assets and deferred compensation liabilities largely offset and are recorded in the accompanying statements of operations as follows (in thousands):

									Three Months Ended												Six Months Ended
									June 30,												June 30,
Classification			Change in fair market value of						2023						2022						2023						2022
(Loss) gain included in Selling, general and administrative expenses			Deferred compensation liabilities						$	(4,103)					$	10,110					$	(8,310)					$	14,037
Other income (expense), net			COLI assets						$	3,266					$	(10,164)					$	6,412					$	(14,304)

14. COMMITMENTS AND CONTINGENCIES:

Legal Proceedings

Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gross negligence, environmental liabilities, wage and hour and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a material loss is at least reasonably possible.

The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success and taking into account, among other things, negotiations with claimants, discovery, settlements and payments, judicial rulings, arbitration and mediation decisions, advice of internal and external legal counsel, and other information and events pertaining to a particular matter. Costs incurred for litigation are expensed as incurred. Except as otherwise stated below, none of these proceedings are expected to have a material adverse effect on Quanta’s consolidated financial position, results of operations or cash flows. However, management’s judgment may prove materially inaccurate, and such judgment is made subject to the known uncertainties of litigation.

Peru Project Dispute

In 2015, Redes Andinas de Comunicaciones S.R.L. (Redes), a majority-owned subsidiary of Quanta, entered into two separate contracts with an agency of the Peruvian Ministry of Transportation and Communications (MTC), currently Programa Nacional de Telecomunicaciones (PRONATEL), as successor to Fondo de Inversion en Telecomunicaciones (FITEL), pursuant to which Redes would design, construct and operate certain telecommunication networks in rural regions of Peru. The aggregate consideration provided for in the contracts was approximately $248 million, consisting of approximately $151 million to be paid during the construction period and approximately $97 million to be paid during a 10-year post-construction operation and maintenance period. At the beginning of the project, FITEL made advance payments totaling approximately $87 million to Redes, which were secured by two on-demand advance payment bonds posted by Redes to guarantee proper use of the payments in the execution of the project. Redes also provided two on-demand performance bonds in the aggregate amount of $25 million to secure performance of its obligations under the contracts.

During the construction phase, the project experienced numerous challenges and delays, primarily related to issues which Quanta believes were outside of the control of and not attributable to Redes, including, among others, weather-related issues, local opposition to the project, permitting delays, the inability to acquire clear title to certain required parcels of land and other delays which Quanta believes were attributable to FITEL/PRONATEL. In response to various of these challenges and delays, Redes requested and received multiple extensions to certain contractual deadlines and relief from related liquidated damages.

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However, in April 2019, PRONATEL provided notice to Redes claiming that Redes was in default under the contracts due to the delays and that PRONATEL would terminate the contracts if the alleged defaults were not cured. Redes responded by claiming that it was not in default, as the delays were due to events not attributable to Redes, and therefore PRONATEL was not entitled to terminate the contracts. PRONATEL subsequently terminated the contracts for alleged cause prior to completion of Redes’ scope of work, exercised the on-demand performance bonds and advance payment bonds against Redes, and indicated its intention to claim damages, including liquidated damages under the contracts. As of the date of the contract terminations, Redes had incurred costs of approximately $157 million related to the design and construction of the project and had received approximately $100 million of payments (inclusive of the approximately $87 million advance payments).

In May 2019, Redes filed for arbitration before the Court of International Arbitration of the International Chamber of Commerce (ICC) against PRONATEL and the MTC. In the arbitration, Redes claimed that PRONATEL: breached and wrongfully terminated the contracts; wrongfully executed the advance payment bonds and the performance bonds; and was not entitled to the alleged amount of liquidated damages, and sought compensation for various damages arising from PRONATEL’s actions in the initially claimed amount of approximately $190 million. In August 2022, Redes received the decision of the arbitration tribunal, which unanimously found in favor of Redes in connection with its claims and ordered, among other things, (i) repayment of the amounts collected by PRONATEL under the advance payment bonds and the performance bonds; (ii) payment of amounts owed for work completed by Redes under the contracts; (iii) payment of lost income in connection with Redes’ future operation and maintenance of the networks; and (iv) payment of other related costs and damages to Redes as a result of the breach and improper termination of the contracts (including costs related to the execution of the bonds, costs related to the transfer of the networks and legal and expert fees). Accordingly, the arbitration tribunal awarded Redes approximately $177 million. In addition, per the terms of the arbitration decision, interest will accrue on the amount owed up to the date of payment.

The decision of the arbitration tribunal is final, with limited grounds on which PRONATEL and the MTC may seek to annul the decision in Peruvian courts. In December 2022, Redes filed an enforcement proceeding with respect to each project contract to secure recovery of the arbitration award, and PRONATEL and the MTC filed an annulment proceeding with respect to each project contract. The enforcement and annulment proceedings are pending within different commercial courts in Lima, Peru. In April 2023 and August 2023, Redes received favorable rulings in each of the annulment proceedings rejecting the grounds for annulment; however, PRONATEL and the MTC are pursuing, and are expected to continue to pursue, certain remaining legal challenges to such rulings. Decisions with respect to the enforcement proceedings are expected later in 2023. Additionally, in December 2022, following the favorable arbitration ruling, Quanta received $100.5 million pursuant to coverage under an insurance policy for the improper collection by PRONATEL and the MTC of the advance payment and performance bonds, and in January 2023 Quanta received $6.7 million pursuant to coverage under an insurance policy for nonpayment by PRONATEL and the MTC of amounts owed for work completed by Redes. Quanta is continuing to pursue collection of the ICC arbitration award and any amount collected would result in repayment of an equal amount to the insurers up to the amount received from the insurers.

Quanta also reserves the right to seek full compensation for the loss of its investment under applicable legal regimes, including investment treaties and customary international law, as well as to seek resolution through direct discussions with PRONATEL or the MTC. In connection with these rights, in May 2020 Quanta’s Dutch subsidiary delivered to the Peruvian government an official notice of dispute arising from the termination of the contracts and related acts by PRONATEL (which are attributable to Peru) under the Agreement on the Encouragement and Reciprocal Protection of Investments between the Kingdom of the Netherlands and the Republic of Peru (Investment Treaty). The Investment Treaty protects Quanta’s subsidiary’s indirect ownership stake in Redes and the project, and provides for rights and remedies distinct from the ICC arbitration. In December 2020, Quanta’s Dutch subsidiary filed a request for the institution of an arbitration proceeding against Peru with the International Centre for Settlement of Investment Disputes (ICSID) related to Peru’s breach of the Investment Treaty, which was registered by ICSID in January 2021. In the ICSID arbitration, Quanta’s Dutch subsidiary claims, without limitation, that Peru: (i) treated the subsidiary’s investment in Redes and the project unfairly and inequitably; and (ii) effectively expropriated the subsidiary’s investment in Redes and the project. In addition, Quanta’s Dutch subsidiary is seeking full compensation for all damages arising from Peru’s actions, including but not limited to (i) the fair market value of the investment and/or lost profits; (ii) attorneys’ fees and arbitration costs; (iii) other related costs and damages and (iv) pre- and post-award interest. The ICSID arbitration hearing on the merits occurred in the second quarter of 2023 and a decision is currently expected in the first half of 2024.

Quanta believes Redes is entitled to all amounts awarded by the ICC arbitration tribunal, and that its Dutch subsidiary is entitled to other amounts associated with the pending ICSID arbitration proceeding. Quanta and Redes intend to vigorously pursue recovery of the amounts awarded by the ICC arbitration tribunal and take additional legal actions deemed necessary to enforce the ICC arbitration decision. However, due to the inherent uncertainty involved with, among other things, the

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annulment, enforcement and related proceedings, the ultimate timing and conclusion with respect to collection of the amount of the ICC arbitration award remains unknown.

As a result of the contract terminations and the inherent uncertainty involved in arbitration proceedings and recovery of amounts owed, during the three months ended June 30, 2019, Quanta recorded a charge to earnings of $79.2 million, which included a reduction of previously recognized earnings on the project, a reserve against a portion of the project costs incurred through the project termination date, an accrual for a portion of the alleged liquidated damages, and the estimated costs to complete the project turnover and close out the project. Quanta also initially recorded a contract receivable of approximately $120 million related to the project during the three months ended June 30, 2019, which includes the amounts collected by PRONATEL through exercise of the advance payment bonds and performance bonds. As of June 30, 2023, the total amount of the receivable was not changed and is included in “Other assets, net” in the accompanying condensed consolidated balance sheet. Additionally, with respect to the amounts received pursuant to coverage under the insurance policies described above, $107.2 million is included in “Insurance and other non-current liabilities” in the accompanying consolidated balance sheet as of June 30, 2023.

After considering, as discussed above, that the ultimate timing and conclusion with respect to collection of the full amount associated with the ICC arbitration award remains unknown, Quanta has not recognized a gain in the current period. To the extent amounts in excess of the current receivable are determined to be realizable, a gain would be recorded in the period such determination is made. However, if Quanta is ultimately not successful with respect to collection of the ICC arbitration award, through annulment or otherwise, or with respect to its claims in the pending ICSID arbitration proceeding, this matter could result in an additional significant loss that could have a material adverse effect on Quanta’s consolidated results of operations and cash flows.

Lorenzo Benton v. Telecom Network Specialists, Inc., et al.

In June 2006, plaintiff Lorenzo Benton filed a class action complaint in the Superior Court of California, County of Los Angeles, alleging various wage and hour violations against Telecom Network Specialists (TNS), a former subsidiary of Quanta. Quanta retained liability associated with this matter pursuant to the terms of Quanta’s sale of TNS in December 2012. Benton represents a class of workers that includes all persons who worked on certain TNS projects, including individuals that TNS retained through numerous staffing agencies. The plaintiff class in this matter is seeking damages for unpaid wages, penalties associated with the failure to provide meal and rest periods and overtime wages, interest and attorneys’ fees. In January 2017, the trial court granted a summary judgment motion filed by the plaintiff class and found that TNS was a joint employer of the class members and that it failed to provide adequate meal and rest breaks and failed to pay overtime wages. During 2019 and 2020, the parties filed additional summary judgment and other motions, and a bench trial on liability and damages was held. Liability and damages have been determined by the trial court, with the amount of liability for TNS, including interest through the date of the trial court’s orders, determined to be approximately $9.5 million. Separately, in 2022, the court issued a final ruling awarding attorneys’ fees and costs to plaintiffs in the amount of approximately $17.3 million. Quanta continues to contest its liability and the damages calculations asserted by the plaintiff class in this matter and believes the court’s decisions on these matters are not supported by controlling law and that attorneys’ fees would only be recoverable by the plaintiff class in the event Quanta’s appeal of the trial court’s rulings on liability and damages is unsuccessful.

Additionally, in November 2007, TNS filed cross complaints for indemnity and breach of contract against the staffing agencies, which employed many of the individuals in question. In December 2012, the trial court heard cross-motions for summary judgment filed by TNS and the staffing agencies pertaining to TNS’s demand for indemnity. The court denied TNS’s motion and granted the motions filed by the staffing agencies; however, the California Appellate Court reversed the trial court’s decision in part and instructed the trial court to reconsider its ruling. In February 2017, the court denied a new motion for summary judgment filed by the staffing companies and has since stated that the staffing companies would be liable to TNS for any damages owed to the class members that the staffing companies employed. However, Quanta currently believes that, due to solvency issues, any contribution from the staffing companies may not be substantial.

The final amount of liability and attorneys’ fees, if any, payable in connection with this matter remains the subject of pending litigation and will ultimately depend on various factors, including the outcome of the parties’ appeals of the trial court’s rulings on liability, damages, and attorneys’ fees and costs, and the solvency of the staffing agencies. Based on review and analysis of the trial court’s rulings on liability, Quanta does not believe, at this time, that it is probable this matter will result in a material loss. However, if Quanta is unsuccessful in this litigation and the staffing agencies are unable to fund damages owed to class members, based on rulings issued by the trial court, Quanta believes the range of reasonably possible loss to Quanta upon final resolution of this matter could be up to approximately $26.8 million, plus any additional attorneys’ fees, interest, and expenses awarded to the plaintiff class.

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Hallen Acquisition Assumed Liability

In August 2019, in connection with the acquisition of The Hallen Construction Co., Inc. (Hallen), Quanta assumed certain contingent liabilities associated with a March 2014 natural gas-fed explosion and fire in the Manhattan borough of New York City, New York. The incident resulted in, among other things, loss of life, personal injury and the destruction of two buildings and other property damage. After investigation, the National Transportation Safety Board determined that the probable cause of the incident was the failure of certain natural gas infrastructure installed by Consolidated Edison, Inc. (Con Ed) and the failure of certain sewer infrastructure maintained by the City of New York. Pursuant to a contract with Con Ed, Hallen had performed certain work related to such natural gas infrastructure and agreed to indemnify Con Ed for certain claims, liabilities and costs associated with its work. Numerous lawsuits are pending in New York state courts related to the incident, which generally name Con Ed, the City of New York and Hallen as defendants. These lawsuits are at various stages and generally seek unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption.

Hallen’s liabilities associated with this matter are expected to be covered under applicable insurance policies or contractual remedies negotiated by Quanta with the former owners of Hallen. When a loss becomes probable and estimable, Quanta expects to record an accrual of the estimated liability, offset by a receivable in the same amount related to such insurance coverage and contractual remedies. As of June 30, 2023, Quanta had not recorded an accrual related to this matter, as the ultimate amount of liability in connection with this matter remains subject to uncertainties associated with pending litigation, including, among other things, the likelihood and potential amount of damages that could be asserted or awarded. While Quanta believes the liabilities associated with this matter will not exceed the amount of available insurance coverage and contractual remedies, this matter could result in a loss that is in excess of, or not covered by, such remedies, which could have a material adverse effect on Quanta’s consolidated financial condition, results of operations and cash flows.

Silverado Wildfire Matter

During 2022 and 2023, two of Quanta’s subsidiaries received tenders of defense and demands for preservation of evidence from Southern California Edison Company (SCE) related to lawsuits filed from April 2021 through July 2023 against SCE and T-Mobile USA, Inc. (T-Mobile) in the Superior Court of California, County of Orange. The lawsuits generally assert property damage and related claims on behalf of certain individuals and subrogation claims on behalf of insurers relating to damages caused by a wildfire that began in October 2020 in Orange County, California (the Silverado Fire) and that is purported to have damaged approximately 13,000 acres. The lawsuits allege the Silverado Fire originated from utility poles in the area, generally claiming that each defendant failed to adequately maintain, inspect, repair or replace its overhead facilities, equipment and utility poles and remove vegetation in the vicinity; that the utility poles were overloaded with equipment from shared usage; and that SCE failed to de-energize its facilities during red flag warnings for a Santa Ana wind event. The lawsuits allege the Silverado Fire started when SCE and T-Mobile equipment contacted each other and note the Orange County Fire Department is investigating whether a T-Mobile lashing wire contacted an SCE overhead primary conductor in high winds. T-Mobile has filed cross-complaints against SCE alleging, among other things, that the ignition site of the Silverado Fire encompassed two utility poles replaced by SCE or a third party engaged by SCE, and that certain equipment, including T-Mobile’s lashing wire, was not sufficiently re-secured after the utility pole replacements. One of Quanta’s subsidiaries performed planning and other services related to the two utility poles, and another Quanta subsidiary replaced the utility poles and reattached the electrical and telecommunication equipment to the new utility poles in March 2019, approximately 19 months before the Silverado Fire. Pursuant to the general terms of a master services agreement and a master consulting services agreement between the Quanta subsidiaries and SCE, the subsidiaries agreed to defend and indemnify SCE against certain claims arising with respect to performance or nonperformance under the agreements. The SCE tender letters seek contractual indemnification and defense from Quanta’s subsidiaries for the claims asserted against SCE in the lawsuits and the T-Mobile cross-complaints.

Quanta’s subsidiaries intend to vigorously defend against the lawsuits, the T-Mobile cross-complaints and any other claims asserted in connection with the Silverado Fire. Quanta will continue to review additional information in connection with this matter as litigation and resolution efforts progress, and any such information may potentially allow Quanta to determine an estimate of potential loss, if any. As of June 30, 2023, Quanta had not recorded an accrual with respect to this matter, and Quanta is currently unable to reasonably estimate a range of reasonably possible loss, if any, because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability. Quanta also believes that to the extent its subsidiaries are determined to be liable for any damages resulting from this matter, its insurance would be applied to any such liabilities over its deductible amount and its insurance coverage would be adequate to cover such potential liabilities. However, the ultimate amount of any potential liability and insurance coverage in connection with this matter remains subject to uncertainties associated with pending and potential future litigation.

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Insurance

Quanta is insured for, among other things, employer’s liability, workers’ compensation, auto liability, aviation and general liability claims. Quanta manages and maintains a portion of its casualty risk indirectly through its wholly-owned captive insurance company, which insures all claims up to the amount of the applicable deductible of its third-party insurance programs, as well as with respect to certain other amounts.

As of June 30, 2023 and December 31, 2022, the gross amount accrued for employer’s liability, workers’ compensation, auto liability, general liability, and group health claims totaled $322.9 million and $319.6 million, of which $210.7 million and $209.8 million are included in “Insurance and other non-current liabilities,” and the remainder is included in “Accounts payables and accrued expenses.” Related insurance recoveries/receivables as of June 30, 2023 and December 31, 2022 were $5.3 million and $5.8 million, of which $0.3 million and $0.3 million are included in “Prepaid expenses and other current assets” and $5.0 million and $5.5 million are included in “Other assets, net.”

Bonds and Parent Guarantees

As of June 30, 2023, the total amount of the outstanding performance bonds was estimated to be approximately $6.3 billion. Quanta’s estimated maximum exposure related to the value of the performance bonds outstanding is lowered on each bonded project as the cost to complete is reduced, and each commitment under a performance bond generally extinguishes concurrently with the expiration of its related contractual obligation. The estimated cost to complete these bonded projects was approximately $2.4 billion as of June 30, 2023.

Capital Commitments and Other Committed Expenditures

As of June 30, 2023, Quanta had $59.9 million of production orders with expected delivery dates during the remainder of 2023 and $36.5 million of production orders with expected delivery dates in 2024 for capital commitments primarily related to the expansion of its equipment fleet. The majority of this amount relates to the expansion of Quanta’s equipment fleet in order to accommodate manufacturer lead times on certain types of vehicles. Although Quanta has committed to purchase these vehicles at the time of their delivery, Quanta anticipates that the majority of these orders will be assigned to third party leasing companies and made available under certain master equipment lease agreements, thereby releasing Quanta from its capital commitments.

15. DETAIL OF CERTAIN ACCOUNTS:

Cash and Cash Equivalents

As of June 30, 2023 and December 31, 2022, cash equivalents were $197.1 million and $260.1 million and consisted primarily of money market investments and money market mutual funds. Quanta’s cash equivalents are categorized as Level 1 assets, as all values are based on unadjusted quoted prices for identical assets in an active market. Cash and cash equivalents in foreign bank accounts are primarily held in Canada and Australia.

Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):

						June 30, 2023						December 31, 2022
Cash and cash equivalents held by domestic joint ventures						$	27,836					$	14,291
Cash and cash equivalents held by foreign joint ventures						4,854						6,277
Total cash and cash equivalents held by joint ventures						32,690						20,568
Cash and cash equivalents held by captive insurance company						33,663						35,085
Cash and cash equivalents not held by joint ventures or captive insurance company						295,613						372,852
Total cash and cash equivalents						$	361,966					$	428,505

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Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):

						June 30, 2023						December 31, 2022
Accounts payable, trade						$	1,672,778					$	1,302,086
Accrued compensation and related expenses						469,661						469,048
Other accrued expenses						374,469						381,995
Accounts payable and accrued expenses						$	2,516,908					$	2,153,129

Other accrued expenses primarily include accrued insurance liabilities, income and franchise taxes payable and deferred revenues.

Property and Equipment

Accumulated depreciation related to property and equipment was $1.74 billion and $1.65 billion as of June 30, 2023 and December 31, 2022. In addition, Quanta held property and equipment, net of $278.6 million and $298.0 million in foreign countries, primarily Canada, as of June 30, 2023 and December 31, 2022.

Other Intangible Assets

Accumulated amortization related to other intangible assets was $1.17 billion and $1.02 billion as of June 30, 2023 and December 31, 2022.

16. SUPPLEMENTAL CASH FLOW INFORMATION:

Reconciliations of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of such amounts shown in the statements of cash flows are as follows (in thousands):

						June 30,
						2023						2022
Cash and cash equivalents						$	361,966					$	150,653
Restricted cash included in “Prepaid expenses and other current assets” (1)						5,205						1,763
Restricted cash included in “Other assets, net” (1)						1,141						950
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows						$	368,312					$	153,366

						December 31,
						2022						2021
Cash and cash equivalents						$	428,505					$	229,097
Restricted cash included in “Prepaid expenses and other current assets” (1)						3,759						1,836
Restricted cash included in “Other assets, net” (1)						950						954
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows						$	433,214					$	231,887

(1)    Restricted cash includes any cash that is legally restricted as to withdrawal or usage.

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Supplemental cash flow information related to leases is as follows (in thousands):

												Six Months Ended
												June 30,
																		2023						2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases																		$	(47,470)					$	(49,268)
Operating cash flows used by finance leases																		$	(507)					$	(54)
Financing cash flows used by finance leases																		$	(992)					$	(727)
Lease assets obtained in exchange for lease liabilities:
Operating leases																		$	52,494					$	24,723
Finance leases																		$	25,373					$	1,250
Lease financing transaction assets obtained in exchange for lease financing transaction liabilities																		$	7,136					$	27,153

Additional supplemental cash flow information is as follows (in thousands):

												Six Months Ended
												June 30,
																		2023						2022
Cash (paid) received during the period for:
Interest paid																		$	(78,773)					$	(42,959)
Income taxes paid																		$	(128,925)					$	(58,363)
Income tax refunds																		$	4,037					$	5,470

Accrued capital expenditures were $31.2 million and $27.7 million as of June 30, 2023 and 2022. The impact of these items has been excluded from Quanta’s capital expenditures in the accompanying condensed consolidated statements of cash flows due to their non-cash nature.

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v3.23.2

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-13831
Entity Registrant Name	Quanta Services, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	74-2851603
Entity Address, Address Line One	2727 North Loop West
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77008
City Area Code	713
Local Phone Number	629-7600
Title of 12(b) Security	Common Stock, $0.00001 par value
Trading Symbol	PWR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,198,975
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001050915

v3.23.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 361,966	$ 428,505
Accounts receivable, net	4,075,206	3,674,525
Contract assets	1,357,233	1,080,206
Inventories	156,505	103,265
Prepaid expenses and other current assets	371,482	249,569
Total current assets	6,322,392	5,536,070
Property and equipment, net	2,233,610	2,030,464
Operating lease right-of-use assets	241,814	229,691
Other assets, net	633,569	622,736
Other intangible assets, net	1,424,366	1,458,631
Goodwill	3,885,099	3,586,745
Total assets	14,740,850	13,464,337
Current Liabilities:
Current maturities of long-term debt	41,249	37,495
Current portion of operating lease liabilities	76,648	74,052
Accounts payable and accrued expenses	2,516,908	2,153,129
Contract liabilities	1,128,864	1,141,518
Total current liabilities	3,763,669	3,406,194
Long-term debt, net of current maturities	4,216,522	3,692,432
Operating lease liabilities, net of current portion	181,705	171,512
Deferred income taxes	254,953	227,861
Insurance and other non-current liabilities	595,022	567,519
Total liabilities	9,011,871	8,065,518
Commitments and Contingencies
Equity:
Common stock, $0.00001 par value, 600,000,000 shares authorized, 173,586,323 and 170,638,525 shares issued, and 145,196,458 and 142,930,598 shares outstanding	2	2
Additional paid-in capital	2,903,628	2,718,988
Retained earnings	4,400,164	4,163,212
Accumulated other comprehensive loss	(285,660)	(310,677)
Treasury stock, 28,389,865 and 27,707,927 common shares	(1,297,201)	(1,188,061)
Total stockholders’ equity	5,720,933	5,383,464
Non-controlling interests	8,046	15,355
Total equity	5,728,979	5,398,819
Total liabilities and equity	$ 14,740,850	$ 13,464,337

v3.23.2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	173,586,323	170,638,525
Common stock, shares outstanding (in shares)	145,196,458	142,930,598
Treasury stock, common shares (in shares)	28,389,865	27,707,927

v3.23.2

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 5,048,610	$ 4,232,003	$ 9,477,436	$ 8,197,528
Cost of services	4,324,511	3,607,413	8,180,142	7,024,767
Gross profit	724,099	624,590	1,297,294	1,172,761
Equity in earnings of integral unconsolidated affiliates	9,370	18,565	18,990	33,717
Selling, general and administrative expenses	(384,171)	(323,245)	(768,723)	(648,132)
Amortization of intangible assets	(70,025)	(107,945)	(142,428)	(223,696)
Asset impairment charges	0	(2,800)	0	(2,800)
Change in fair value of contingent consideration liabilities	0	(809)	0	(5,978)
Operating income	279,273	208,356	405,133	325,872
Interest and other financing expenses	(48,189)	(28,639)	(89,882)	(53,367)
Interest income	1,448	222	2,964	291
Other income (expense), net	3,419	(42,527)	11,285	(43,800)
Income before income taxes	235,951	137,412	329,500	228,996
Provision for income taxes	69,367	41,252	65,946	47,808
Net income	166,584	96,160	263,554	181,188
Less: Net income attributable to non-controlling interests	685	8,140	2,609	8,527
Net income attributable to common stock	$ 165,899	$ 88,020	$ 260,945	$ 172,661
Earnings per share attributable to common stock:
Basic (in dollars per share)	$ 1.14	$ 0.61	$ 1.80	$ 1.20
Diluted (in dollars per share)	$ 1.12	$ 0.59	$ 1.75	$ 1.16
Shares used in computing earnings per share:
Weighted average basic shares outstanding (in shares)	145,422	143,851	144,947	143,697
Weighted average diluted shares outstanding (in shares)	148,773	148,211	148,717	148,327

v3.23.2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 166,584	$ 96,160	$ 263,554	$ 181,188
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment gain (loss)	23,917	(31,087)	24,226	(17,559)
Other income (loss)	0	192	791	(61)
Other comprehensive income (loss), net of taxes	23,917	(30,895)	25,017	(17,620)
Comprehensive income	190,501	65,265	288,571	163,568
Less: Comprehensive income attributable to non-controlling interests	685	8,140	2,609	8,527
Comprehensive income attributable to common stock	$ 189,816	$ 57,125	$ 285,962	$ 155,041

v3.23.2

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 263,554,000	$ 181,188,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	158,258,000	144,913,000
Amortization of intangible assets	142,428,000	223,696,000
Equity in earnings of unconsolidated affiliates, net of distributions	22,830,000	(15,783,000)
Unrealized loss from mark-to-market adjustment on investment	0	50,047,000
Gain on sale of property and equipment	(11,900,000)	(3,456,000)
Non-cash stock-based compensation	62,058,000	51,082,000
Other non-cash adjustments, net	9,334,000	7,797,000
Changes in assets and liabilities, net of non-cash transactions:
Accounts and notes receivable	(363,481,000)	(163,942,000)
Contract assets	(262,921,000)	(208,260,000)
Prepaid expenses and other current assets	(135,849,000)	(55,869,000)
Accounts payable and accrued expenses and other non-current liabilities	300,652,000	57,901,000
Contract liabilities	(13,625,000)	(50,404,000)
Other assets and liabilities, net	(5,516,000)	(15,089,000)
Net cash provided by operating activities	165,822,000	203,821,000
Cash Flows from Investing Activities:
Capital expenditures	(185,597,000)	(231,511,000)
Proceeds from sale of and insurance settlements related to property and equipment	34,963,000	25,386,000
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired	(452,252,000)	(4,809,000)
Investments in unconsolidated affiliates and other	(5,626,000)	(16,653,000)
Proceeds from the sale or settlement of certain investments	42,277,000	16,905,000
Other, net	(1,132,000)	(336,000)
Net cash used in investing activities	(567,367,000)	(211,018,000)
Cash Flows from Financing Activities:
Borrowings under credit facility and commercial paper program	9,885,534,000	2,889,372,000
Payments under credit facility and commercial paper program	(9,393,812,000)	(2,747,249,000)
Payments related to tax withholding for share-based compensation	(110,764,000)	(76,215,000)
Payments of dividends	(24,499,000)	(20,930,000)
Repurchase of common stock	0	(94,364,000)
Other, net	(20,165,000)	(21,530,000)
Net cash provided by (used in) financing activities	336,294,000	(70,916,000)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	349,000	(408,000)
Net decrease in cash, cash equivalents and restricted cash	(64,902,000)	(78,521,000)
Cash, cash equivalents and restricted cash, beginning of period	433,214,000	231,887,000
Cash, cash equivalents and restricted cash, end of period	$ 368,312,000	$ 153,366,000

v3.23.2

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Stockholders' Equity	Non-controlling Interests
Balance (in shares) at Dec. 31, 2021		142,633,934
Balance at Dec. 31, 2021	$ 5,116,921	$ 2	$ 2,615,410	$ 3,714,843	$ (237,689)	$ (980,265)	$ 5,112,301	$ 4,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	13,275				13,275		13,275
Stock-based compensation activity (in shares)		1,216,468
Stock-based compensation activity	(51,813)		21,830			(73,643)	(51,813)
Common stock repurchases (in shares)		(84,798)
Common stock repurchases	(10,426)					(10,426)	(10,426)
Dividends declared	(10,459)			(10,459)			(10,459)
Distributions to non-controlling interests	(538)							(538)
Net income	85,028			84,641			84,641	387
Balance (in shares) at Mar. 31, 2022		143,765,604
Balance at Mar. 31, 2022	5,141,988	$ 2	2,637,240	3,789,025	(224,414)	(1,064,334)	5,137,519	4,469
Balance (in shares) at Dec. 31, 2021		142,633,934
Balance at Dec. 31, 2021	5,116,921	$ 2	2,615,410	3,714,843	(237,689)	(980,265)	5,112,301	4,620
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(17,620)
Net income	181,188
Balance (in shares) at Jun. 30, 2022		143,080,328
Balance at Jun. 30, 2022	5,139,775	$ 2	2,665,286	3,866,762	(255,309)	(1,149,722)	5,127,019	12,756
Balance (in shares) at Mar. 31, 2022		143,765,604
Balance at Mar. 31, 2022	5,141,988	$ 2	2,637,240	3,789,025	(224,414)	(1,064,334)	5,137,519	4,469
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(30,895)				(30,895)		(30,895)
Stock-based compensation activity (in shares)		46,105
Stock-based compensation activity	27,542		28,046			(504)	27,542
Common stock repurchases (in shares)		(731,381)
Common stock repurchases	(84,884)					(84,884)	(84,884)
Dividends declared	(10,283)			(10,283)			(10,283)
Distributions to non-controlling interests	(80)							(80)
Other	227							227
Net income	96,160			88,020			88,020	8,140
Balance (in shares) at Jun. 30, 2022		143,080,328
Balance at Jun. 30, 2022	$ 5,139,775	$ 2	2,665,286	3,866,762	(255,309)	(1,149,722)	5,127,019	12,756
Balance (in shares) at Dec. 31, 2022	142,930,598	142,930,598
Balance at Dec. 31, 2022	$ 5,398,819	$ 2	2,718,988	4,163,212	(310,677)	(1,188,061)	5,383,464	15,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	1,100				1,100		1,100
Acquisitions (in shares)		1,018,946
Acquisitions	123,503		123,503				123,503
Stock-based compensation activity (in shares)		1,210,615
Stock-based compensation activity	(77,597)		26,650			(104,247)	(77,597)
Dividends declared	(12,100)			(12,100)			(12,100)
Distributions to non-controlling interests	(8,741)							(8,741)
Net income	96,970			95,046			95,046	1,924
Balance (in shares) at Mar. 31, 2023		145,160,159
Balance at Mar. 31, 2023	$ 5,521,954	$ 2	2,869,141	4,246,158	(309,577)	(1,292,308)	5,513,416	8,538
Balance (in shares) at Dec. 31, 2022	142,930,598	142,930,598
Balance at Dec. 31, 2022	$ 5,398,819	$ 2	2,718,988	4,163,212	(310,677)	(1,188,061)	5,383,464	15,355
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	25,017
Net income	$ 263,554
Balance (in shares) at Jun. 30, 2023	145,196,458	145,196,458
Balance at Jun. 30, 2023	$ 5,728,979	$ 2	2,903,628	4,400,164	(285,660)	(1,297,201)	5,720,933	8,046
Balance (in shares) at Mar. 31, 2023		145,160,159
Balance at Mar. 31, 2023	5,521,954	$ 2	2,869,141	4,246,158	(309,577)	(1,292,308)	5,513,416	8,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	23,917				23,917		23,917
Stock-based compensation activity (in shares)		36,299
Stock-based compensation activity	29,594		34,487			(4,893)	29,594
Dividends declared	(11,893)			(11,893)			(11,893)
Distributions to non-controlling interests	(1,177)							(1,177)
Net income	$ 166,584			165,899			165,899	685
Balance (in shares) at Jun. 30, 2023	145,196,458	145,196,458
Balance at Jun. 30, 2023	$ 5,728,979	$ 2	$ 2,903,628	$ 4,400,164	$ (285,660)	$ (1,297,201)	$ 5,720,933	$ 8,046

v3.23.2

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares							3 Months Ended
	May 23, 2023	Mar. 29, 2023	Dec. 13, 2022	Aug. 31, 2022	May 27, 2022	Mar. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.08	$ 0.08	$ 0.07	$ 0.07

v3.23.2

Business and Organization, Basis of Presentation and Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization, Basis of Presentation and Accounting Policies	1. BUSINESS AND ORGANIZATION, BASIS OF PRESENTATION AND ACCOUNTING POLICIES: Quanta Services, Inc. (together with its subsidiaries, Quanta) is a leading provider of comprehensive infrastructure solutions for the electric and gas utility, renewable energy, communications, pipeline and energy industries in the United States, Canada, Australia and select other international markets. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Quanta’s Annual Report on Form 10-K for the year ended December 31, 2022. Quanta believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations and comprehensive income for the interim periods are not necessarily indicative of the results for the entire fiscal year. The results of Quanta have historically been subject to significant seasonal fluctuations.

v3.23.2

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	2. NEW ACCOUNTING PRONOUNCEMENTS: Recently Adopted Guidance In October 2021, the Financial Accounting Standards Board (FASB) issued an update that requires recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with FASB ASC 606 (Revenue from Contracts with Customers). At the acquisition date, an acquirer should account for the related contract revenue in accordance with FASB ASC 606. This update is effective for interim and annual periods beginning after December 15, 2022, with amendments generally applied prospectively. Quanta adopted this update effective January 1, 2023, and it did not have a material impact on Quanta’s consolidated financial statements. New Accounting Pronouncement Not Yet Adopted In June 2022, the FASB issued an update that clarifies the guidance in FASB ASC 820 (Fair Value Measurement) for equity securities subject to contractual sale restrictions. The update prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. This update is effective for interim and annual periods after December 15, 2023. Early adoption is permitted. This guidance will increase the fair market value of the consideration paid in equity securities in a business combination, and therefore it may increase the amount allocated to goodwill. Quanta will adopt this update by January 1, 2024, and it is not expected to have a material impact on Quanta’s consolidated financial statements.

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition and Related Balance Sheet Accounts	3. REVENUE RECOGNITION AND RELATED BALANCE SHEET ACCOUNTS: Contracts Certain of Quanta’s services are generally provided pursuant to master service agreements (MSAs), repair and maintenance contracts and fixed price and non-fixed price construction contracts. These contracts are classified into three categories: unit-price contracts, cost-plus contracts and fixed price contracts. The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 By contract type: Fixed price contracts $ 2,296,888  45.5  % $ 1,805,156  42.7  % 4,231,776  44.7  % $ 3,494,791  42.6  % Unit-price contracts 1,697,629  33.6  1,451,905  34.3  3,195,023  33.7  $ 2,809,507  34.3  Cost-plus contracts 1,054,093  20.9  974,942  23.0  2,050,637  21.6  1,893,230  23.1  Total revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 By primary geographic location: United States $ 4,282,902  84.8  % $ 3,667,337  86.7  % $ 7,949,267  83.9  % $ 6,991,306  85.2  % Canada 523,258  10.4  439,466  10.4  1,065,618  11.2  990,371  12.1  Australia 156,725  3.1  89,369  2.1  311,402  3.3  144,570  1.8  Others 85,725  1.7  35,831  0.8  151,149  1.6  71,281  0.9  Total revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  % Under fixed-price contracts, as well as unit-price contracts with more than an insignificant amount of partially completed units, revenue is recognized as performance obligations are satisfied over time, with the percentage completion generally measured as the percentage of costs incurred to total estimated costs for such performance obligation. Approximately 54.0% and 51.7% of Quanta’s revenues recognized during the three months ended June 30, 2023 and 2022 were associated with this revenue recognition method, and 52.4% and 51.5% of Quanta’s revenues recognized during the six months ended June 30, 2023 and 2022 were associated with this revenue recognition method. Performance Obligations As of June 30, 2023 and December 31, 2022, the aggregate transaction price allocated to unsatisfied or partially satisfied performance obligations was approximately $12.48 billion and $8.80 billion, with 70.7% and 72.1% expected to be recognized in the subsequent twelve months. These amounts represent management’s estimates of the consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work had not yet begun as of such dates. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under MSAs and non-fixed price contracts expected to be completed within one year. Contract Estimates and Changes in Estimates Actual revenues and project costs can vary, sometimes substantially, from previous estimates due to changes in a variety of factors, including unforeseen or changed circumstances not included in Quanta’s cost estimates or covered by its contracts. Some of the factors that can result in positive changes in estimates on projects include successful execution through project risks, reduction of estimated project costs or increases of estimated revenues. Some of the factors that can result in negative changes in estimates include concealed or unknown site conditions; changes to or disputes with customers regarding the scope of services; changes in estimates related to the length of time to complete a performance obligation; changes or delays with respect to permitting and regulatory requirements and materials; changes in the cost of equipment, commodities, materials or skilled labor; unanticipated costs or claims due to delays or failure to perform by customers or third parties; customer failure to provide required materials or equipment; errors in engineering, specifications or designs; project modifications; adverse weather conditions, natural disasters, and other emergencies; and performance and quality issues causing delay (including payment of liquidated damages) or requiring rework or replacement. Any changes in estimates could result in changes to profitability or losses associated with the related performance obligations. Additionally, changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. Quanta recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. As of June 30, 2023 and December 31, 2022, Quanta had recognized revenues of $745.1 million and $549.3 million related to change orders and claims included as contract price adjustments primarily in “Contract assets” in the accompanying consolidated balance sheets. These change orders and claims were in the process of being negotiated in the normal course of business and represent management’s estimates of additional contract revenues that have been earned and are probable of collection. The largest component of the revenues recognized related to change orders and claims as of June 30, 2023 and of the increase relative to December 31, 2022 is associated with a large renewable transmission project in Canada. During 2021 and 2022, decreased productivity and additional costs arose from delays, administrative requirements and labor issues due to the COVID-19 pandemic, including incremental governmental requirements and worksite restrictions. During the six months ended June 30, 2023, additional costs arose from residual impacts associated with such delays, administrative requirements and labor issues due to the COVID-19 pandemic, including work resequencing and acceleration, access delays, and logistical challenges along with other issues outside of Quanta’s control. Changes in estimates can result in the recognition of revenue in a current period for performance obligations that were satisfied or partially satisfied in prior periods or the reversal of previously recognized revenue if the currently estimated revenue is less than the previous estimate. The impact of a change in contract estimate is measured as the difference between the revenue or gross profit recognized in the prior period as compared to the revenue or gross profit which would have been recognized had the revised estimate been used as the basis of recognition in the prior period. Changes in estimates can also result in contract losses, which are recognized in full when they are determined to be probable and can be reasonably estimated. Revenues were positively impacted by 0.7% and 1.5% during the three months ended June 30, 2023 and 2022 as a result of changes in estimates associated with performance obligations on fixed price contracts partially satisfied prior to March 31, 2023 and 2022. Revenues were positively impacted by 0.3% and 1.0% during the six months ended June 30, 2023 and 2022 as a result of changes in estimates associated with performance obligations on fixed price contracts partially satisfied prior to December 31, 2022 and 2021. Operating results for the three months ended June 30, 2023 were impacted by less than 5% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of March 31, 2023. There were no material changes in estimates on any individual project. Operating results for the six months ended June 30, 2023 were impacted by less than 5% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of December 31, 2022. However, Quanta’s large renewable transmission project in Canada was negatively impacted by $20.7 million due to changes to estimated project costs during this period, as mentioned above. Operating results for the three months ended June 30, 2022 were favorably impacted by $62.3 million, or 10.0%, of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress as of March 31, 2022. The overall favorable impact resulted from net positive changes in estimates across a large number of projects, primarily as a result of favorable performance and successful mitigation of risks and contingencies as the projects progressed to completion. Partially offsetting the aggregate net favorable impact to gross profit was a negative change in estimate of $13.0 million for the three months ended June 30, 2022, associated with the large renewable transmission project in Canada, described above. Operating results for the six months ended June 30, 2022 were favorably impacted by $72.7 million, or 6.2% of gross profit as a result of aggregate changes in contract estimates related to projects that were in progress at December 31, 2021. The overall favorable impact resulted from net positive changes in estimates across a large number of projects, primarily as a result of favorable performance and successful mitigation of risks and contingencies as the projects progressed to completion. Partially offsetting the aggregate net favorable impact to gross profit was a negative change in estimate of $23.7 million for the six months ended June 30, 2022, associated with the large renewable transmission project in Canada, described above. Contract Assets and Liabilities Contract assets and liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Contract assets $ 1,357,233  $ 1,080,206  Contract liabilities $ 1,128,864  $ 1,141,518  Contract assets and liabilities fluctuate period to period based on various factors, including, among others, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; and unapproved change orders and contract claims recognized as revenues. The increase in contract assets from December 31, 2022 to June 30, 2023 was primarily due to additional unapproved change orders and claims related to the large renewable transmission project in Canada described above, as well as progress on other projects on which the timing of billings lagged behind the completion of work. During the six months ended June 30, 2023, Quanta recognized revenue of approximately $897.8 million related to contract liabilities outstanding as of the end of the prior year. Accounts Receivable, Allowance for Credit Losses and Concentrations of Credit Risk Quanta determines its allowance for credit losses based on an estimate of expected credit losses for financial instruments, primarily accounts receivable and contract assets. The assessment of the allowance for credit losses involves certain judgments and estimates. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Expected credit losses are estimated by evaluating trends in historical write-off experience and applying historical loss ratios to pools of financial assets with similar risk characteristics. Quanta’s historical loss ratio and its determination of its risk pools, which are used to calculate expected credit losses, may be adjusted for changes in customer credit concentrations within its portfolio of financial assets, its customers’ ability to pay, and other considerations, such as economic and market changes, changes to regulatory or technological environments affecting customers and the consistency between current and forecasted economic conditions and historical economic conditions used to derive historical loss ratios. At the end of each quarter, management reassesses these and other relevant factors, including the impact of uncertainty and challenges in the overall economy and in Quanta’s industries and markets, which currently include inflationary pressure, supply chain and other logistical challenges and increased interest rates. Additional allowance for credit losses is established for financial asset balances with specific customers where collectability has been determined to be improbable based on customer specific facts and circumstances. Quanta considers accounts receivable delinquent after 30 days but, absent certain specific considerations, generally does not consider such amounts delinquent in its credit loss analysis unless the accounts receivable are at least 120 days outstanding. In addition, management monitors the credit quality of its receivables by, among other things, obtaining credit ratings for significant customers, assessing economic and market conditions and evaluating material changes to a customer’s business, cash flows and financial condition. Should anticipated recoveries relating to receivables fail to materialize, including anticipated recoveries relating to bankruptcies or other workout situations, Quanta could experience reduced cash flows and losses in excess of current allowances provided. Accounts receivable are written-off against the allowance for credit losses if they are deemed uncollectible. Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):   Three Months Ended Six Months Ended June 30, June 30,   2023 2022 2023 2022 Balance at beginning of period $ 16,530  $ 49,916  $ 15,644  $ 49,749  Increase in provision for credit losses 2,889  (428) 5,247  (295) Write-offs charged against the allowance net of recoveries of amounts previously written off (5,511) 219  (6,983) 253  Balance at end of period $ 13,908  $ 49,707  $ 13,908  $ 49,707  Provision for credit losses is included in “Selling, general and administrative expenses” in the consolidated statements of operations. Quanta is subject to concentrations of credit risk related primarily to its receivable position with customers, which includes amounts related to billed and unbilled accounts receivable and contract assets for services Quanta has performed for customers. Quanta grants credit under normal payment terms, generally without collateral. One customer within the Renewable Energy Infrastructure Solutions segment associated with the large renewable transmission project in Canada described above represented 15% and 13% of Quanta’s consolidated receivable position as of June 30, 2023 and December 31, 2022. No customer represented 10% or more of Quanta’s consolidated revenues for the three or six months ended June 30, 2023 or 2022. Certain contracts allow customers to withhold a small percentage of billings pursuant to retainage provisions, and such amounts are generally due upon completion of the contract and acceptance of the project by the customer. Based on Quanta’s experience in recent years, the majority of these retainage balances are expected to be collected within one year. Retainage balances with expected settlement dates within one year of June 30, 2023 and December 31, 2022 were $483.9 million and $397.6 million, which are included in “Accounts receivable.” Retainage balances with expected settlement dates beyond one year were $147.8 million and $136.2 million as of June 30, 2023 and December 31, 2022 and are included in “Other assets, net.” Quanta recognizes unbilled receivables for non-fixed price contracts within “Accounts receivable” in certain circumstances, such as when revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a later date or when amounts arise from routine lags in billing. These balances do not include revenues recognized for work performed under fixed-price contracts and unit-price contracts with more than an insignificant amount of partially completed units, as these amounts are recorded as “Contract assets.” As of June 30, 2023 and December 31, 2022, unbilled receivables included in “Accounts receivable” were $929.4 million and $823.9 million. The increase in unbilled receivables was primarily due to significant increases in work and certain delays in billing related to certain large customers. Quanta also recognizes unearned revenues for non-fixed price contracts when cash is received prior to recognizing revenues for the related performance obligation. Unearned revenues, which are included in “Accounts payable and accrued expenses,” were $61.6 million and $59.6 million as of June 30, 2023 and December 31, 2022.

v3.23.2

Segment Information	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	4. SEGMENT INFORMATION: Quanta reports its results under three reportable segments described below: •Electric Power Infrastructure Solutions (Electric Power). Quanta’s Electric Power segment provides comprehensive services for the electric power and communications markets. •Renewable Energy Infrastructure Solutions (Renewable Energy). Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry. •Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products. Corporate and Non-allocated Costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities. The following table sets forth segment revenues and segment operating income (loss) and operating margins for the three and six months ended June 30, 2023 and 2022. Operating margin is calculated by dividing operating income (loss) by revenues. The following table shows dollars in thousands: Three Months Ended June 30, Six Months Ended June 30,   2023 2022 2023 2022 Revenues:     Electric Power Infrastructure Solutions $ 2,415,254  47.9  % $ 2,199,430  52.0  % $ 4,751,291  50.1  % $ 4,338,127  52.9  % Renewable Energy Infrastructure Solutions 1,389,368  27.5  924,236  21.8  2,397,668  25.3  1,799,868  22.0  Underground Utility and Infrastructure Solutions 1,243,988  24.6  1,108,337  26.2  2,328,477  24.6  2,059,533  25.1  Consolidated revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  % Operating income (loss):     Electric Power Infrastructure Solutions (1) $ 244,017  10.1  % $ 232,150  10.6  % $ 459,166  9.7  % $ 435,569  10.0  % Renewable Energy Infrastructure Solutions 110,487  8.0  % 81,687  8.8  % 146,143  6.1  % 151,629  8.4  % Underground Utility and Infrastructure Solutions 107,207  8.6  % 89,943  8.1  % 168,780  7.2  % 138,118  6.7  % Corporate and Non-Allocated Costs (2) (182,438) (3.6) % (195,424) (4.6) % (368,956) (3.9) % (399,444) (4.9) % Consolidated operating income $ 279,273  5.5  % $ 208,356  4.9  % $ 405,133  4.3  % $ 325,872  4.0  % (1)    Includes equity in earnings of integral unconsolidated affiliates of $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022 and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA). (2)    Includes amortization expense of $70.0 million and $107.9 million and non-cash stock-based compensation of $34.6 million and $28.1 million for the three months ended June 30, 2023 and 2022. Includes amortization expense of $142.4 million and $223.7 million and non-cash stock-based compensation of $62.1 million and $51.1 million for the six months ended June 30, 2023 and 2022. Depreciation Expense Allocation Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets are generally used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is allocated each quarter among Quanta’s reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated revenues. The following table shows dollars in thousands: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation: Electric Power Infrastructure Solutions $ 41,357  $ 36,781  $ 83,442  $ 73,560  Renewable Energy Infrastructure Solutions 10,681  10,178  21,539  18,411  Underground Utility and Infrastructure Solutions 19,135  20,667  39,635  41,605  Corporate and Non-Allocated Costs 8,703  6,333  13,642  11,337  Consolidated depreciation $ 79,876  $ 73,959  $ 158,258  $ 144,913

v3.23.2

Acquisitions	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	5. ACQUISITIONS: The results of operations of acquired businesses have been included in Quanta’s consolidated financial statements since their respective acquisition dates. In January 2023, Quanta acquired three businesses located in the United States including: a business that provides services related to high-voltage transmission lines, overhead and underground distribution, emergency restoration and industrial and commercial wiring and lighting (primarily included in the Electric Power segment); a business that procures parts, assembles kits for sale, manages logistics and installs solar tracking equipment for utility and development customers (primarily included in the Renewable Energy segment); and a business that provides concrete construction services (primarily included in the Electric Power and Renewable Energy segments). The consideration for these transactions consisted of approximately $463.5 million paid or payable in cash (subject to certain adjustments) and 1,018,946 shares of Quanta common stock, which had a fair value of $123.5 million as of the dates of the acquisitions. In July 2022, Quanta acquired a business located in the United States that provides construction contracting services to utilities, specializing in trenching and underground pipeline and electrical conduit installation, primarily included in the Electric Power segment. The consideration for this transaction included $22.3 million paid or payable in cash (subject to certain adjustments). Additionally, the former owners of this business are eligible to receive a potential payment of contingent consideration to the extent the acquired business achieves certain financial performance targets over a five-year post-acquisition period. Purchase Price Allocation Quanta is finalizing its purchase price allocations related to businesses acquired in 2023, and further adjustments to the purchase price allocations may occur, with possible updates primarily related to tax estimates and the finalization of closing working capital adjustments. The aggregate consideration paid or payable for businesses acquired between June 30, 2022 and June 30, 2023 was allocated to acquired assets and assumed liabilities, which resulted in an allocation of $184.8 million to net tangible assets, $120.5 million to identifiable intangible assets and $306.6 million to goodwill. The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of their respective acquisition dates as of June 30, 2023 for acquisitions completed in the six months ended June 30, 2023 (in thousands): Six Months Ended June 30, 2023 Consideration: Cash paid or payable $ 463,482  Value of Quanta common stock issued 123,503  Fair value of total consideration transferred or estimated to be transferred $ 586,985  Cash and cash equivalents $ 14,832  Accounts receivable 46,389  Contract assets 195  Inventories 56,960  Prepaid expenses and other current assets 4,392  Property and equipment 144,217  Operating lease assets 14,189  Other assets 4,553  Identifiable intangible assets 107,430  Accounts payable and accrued liabilities (61,739) Contract liabilities (3,071) Operating lease liabilities, current (2,552) Deferred tax liabilities, net (20,556) Operating lease liabilities, non-current (12,242) Total identifiable net assets 292,997  Goodwill 293,988  Fair value of net assets acquired $ 586,985  As of June 30, 2023, approximately $238.2 million of goodwill is expected to be deductible for income tax purposes related to acquisitions completed in the six months ended June 30, 2023. The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the six months ended June 30, 2023 as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).     Six Months Ended June 30, 2023 Estimated Fair Value Weighted Average Amortization Period in Years Customer relationships $ 79,240  4.6 Backlog 11,095  0.9 Trade names 12,615  15.0 Non-compete agreements 4,480  5.0 Total intangible assets subject to amortization $ 107,430  5.5 The significant estimates used by management in determining the fair values of customer relationship intangible assets include future revenues, discount rates and customer attrition rates. The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the six months ended June 30, 2023 as of the respective acquisition dates: Six Months Ended   June 30, 2023 Range Weighted Average Discount rates 15% to 19% 17% Customer attrition rates 10% to 20% 18% Contingent Consideration As described above, certain business acquisitions have contingent consideration liabilities associated with the transactions. The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):   June 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ —  $ 5,000  Insurance and other non-current liabilities 143,517  143,517  Total contingent consideration liabilities $ 143,517  $ 148,517  The fair value determinations of contingent consideration liabilities incorporate significant inputs not observable in the market. Accordingly, the level of inputs used for these fair value measurements is Level 3. The following table includes the volatility factors, weighted average costs of capital and discount rates used to determine the fair value of contingent consideration liabilities during the six months ended June 30, 2023: Six Months Ended   June 30, 2023 Range Weighted Average Volatility factors 35.0% to 43.0% 35.2% Weighted average cost of capital 14.0% to 15.50% 14.0% Discount rates 4.06% to 6.90% 6.5% Quanta’s outstanding contingent consideration liabilities are subject to a maximum payment amount, and the aggregate maximum payment amount of these liabilities totaled $321.8 million as of June 30, 2023. During the six months ended June 30, 2023 and 2022, Quanta settled certain contingent consideration liabilities with cash payments of $5.0 million and $1.6 million. Pro Forma Results of Operations The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the six months ended June 30, 2023 and the year ended December 31, 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues $ 5,048,610  $ 4,358,240  $ 9,477,436  $ 8,450,003  Net income attributable to common stock $ 165,899  $ 88,671  $ 260,945  $ 173,129  The pro forma combined results of operations for the three and six months ended June 30, 2023 and 2022 were prepared by adjusting the historical results of Quanta to include the historical results of the businesses acquired in 2023 as if such acquisitions had occurred January 1, 2022. The pro forma combined results of operations for the three and six months ended June 30, 2022 were prepared by adjusting the historical results of Quanta to include the historical results of the business acquired in 2022 as if such acquisition had occurred January 1, 2021. These pro forma combined historical results were adjusted for the following: a reduction of interest and other financing expenses as a result of the repayment of outstanding indebtedness of the acquired businesses; an increase in interest and other financing expenses as a result of the cash consideration paid; an increase in amortization expense due to the intangible assets recorded; elimination of inter-company sales; and changes in depreciation expense to adjust acquired property and equipment to the acquisition date fair value and to conform with Quanta’s accounting policies. The pro forma combined results of operations do not include any adjustments to eliminate the impact of acquisition-related costs incurred by Quanta or any cost savings or other synergies that resulted or may result from the acquisitions. Results of Operations Revenues of $143.1 million and income before income taxes of $12.9 million, which includes $6.4 million of amortization expense and no acquisition-related costs, related to the acquisitions completed in 2023 are included in Quanta’s condensed consolidated results of operations for the three months ended June 30, 2023. Revenues of $236.6 million and a loss before income taxes of $3.2 million, which includes $15.0 million of amortization expense and $17.8 million of acquisition-related costs, related to the acquisitions completed in 2023 are included in Quanta’s condensed consolidated results of operations for the six months ended June 30, 2023.

v3.23.2

Investments in Affiliates and Other Entities	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Investments in Affiliates and Other Entities	6. INVESTMENTS IN AFFILIATES AND OTHER ENTITIES: Equity Investments The following table presents Quanta’s equity investments by type (in thousands): June 30, 2023 December 31, 2022 Equity method investments - integral unconsolidated affiliates $ 95,550  $ 101,251  Equity method investments - non-integral unconsolidated affiliates 28,588  55,833  Marketable equity securities —  —  Non-marketable equity securities 53,624  54,134  Total equity investments $ 177,762  $ 211,218  Equity Method Investments During the three months ended December 31, 2022, Quanta entered into an agreement to sell one of its non-integral equity method investments. The transaction was subject to certain customary closing conditions that were satisfied in early 2023. As a result, a $25.9 million gain was recognized in the fourth quarter of 2022, $10.4 million of which was attributable to non-controlling interests. During the six months ended June 30, 2023, Quanta received cash of $58.5 million related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests. As of June 30, 2023 and December 31, 2022, Quanta had receivables of $87.5 million and $96.9 million from its integral affiliates and payables of $11.6 million and $9.3 million to its integral affiliates. Quanta recognizes revenues from services provided to its integral affiliates, primarily for services provided to LUMA at cost. Quanta recognized revenues from such services to its integral affiliates of $50.2 million and $26.4 million during the three months ended June 30, 2023 and 2022 and $98.5 million and $51.5 million during the six months ended June 30, 2023 and 2022. In addition, during the three months ended June 30, 2023 and 2022, Quanta recognized costs of sales of $21.2 million and $21.9 million for services provided by other integral affiliates. During the six months ended June 30, 2023 and 2022, Quanta recognized costs of sales of $33.2 million and $72.3 million for services provided by other integral affiliates. Total equity in earnings from integral unconsolidated affiliates was $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022, and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022. Total equity in earnings from non-integral unconsolidated affiliates was earnings of $0.5 million and earnings of $9.6 million for the three months ended June 30, 2023 and 2022 and earnings of $2.1 million and $14.9 million for the six months ended June 30, 2023 and 2022 and was included in “Other income (expense), net” in the accompanying condensed consolidated statements of income. As of June 30, 2023, retained earnings included $16.6 million related to the undistributed earnings of unconsolidated affiliates. Marketable Equity Securities As of June 30, 2023 and December 31, 2022, the fair value of Quanta’s investment in equity securities of Starry Group Holdings, Inc. (Starry), which is accounted for as a marketable security, was zero, which included an unrealized loss related to these securities of $91.5 million.

v3.23.2

Per Share Information	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Per Share Information	7. PER SHARE INFORMATION: The amounts used to compute basic and diluted earnings per share attributable to common stock consisted of the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amounts attributable to common stock: Net income attributable to common stock $ 165,899  $ 88,020  $ 260,945  $ 172,661  Weighted average shares: Weighted average shares outstanding for basic earnings per share attributable to common stock 145,422  143,851  144,947  143,697  Effect of dilutive unvested non-participating stock-based awards 3,351  4,360  3,770  4,630  Weighted average shares outstanding for diluted earnings per share attributable to common stock 148,773  148,211  148,717  148,327

v3.23.2

Debt Obligations	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	8. DEBT OBLIGATIONS: Quanta’s long-term debt obligations consisted of the following (in thousands): June 30, 2023 December 31, 2022 0.950% Senior Notes due October 2024 $ 500,000  $ 500,000  2.900% Senior Notes due October 2030 1,000,000  1,000,000  2.350% Senior Notes due January 2032 500,000  500,000  3.050% Senior Notes due October 2041 500,000  500,000  Borrowings under senior credit facility (including Term Loan) 958,065  786,910  Borrowings under commercial paper program 699,200  373,000  Other long-term debt 97,117  92,907  Finance leases 28,367  3,542  Unamortized discount and financing costs (24,978) (26,432) Total long-term debt obligations 4,257,771  3,729,927  Less — Current maturities of long-term debt 41,249  37,495  Total long-term debt obligations, net of current maturities $ 4,216,522  $ 3,692,432  Senior Notes The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands): Title of the Notes Interest Amount Payment Dates Commencement Date 0.950% Senior Notes due October 2024 $ 2,375  April 1 and October 1 April 1, 2022 2.900% Senior Notes due October 2030 $ 14,500  April 1 and October 1 April 1, 2021 2.350% Senior Notes due January 2032 $ 5,875  January 15 and July 15 July 15, 2022 3.050% Senior Notes due October 2041 $ 7,625  April 1 and October 1 April 1, 2022 The fair value of Quanta’s senior notes was $2.06 billion as of June 30, 2023, compared to a carrying value of $2.48 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $22.1 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities. Senior Credit Facility The credit agreement for Quanta’s senior credit facility (as amended, the credit agreement) provides for a $750.0 million term loan facility and aggregate revolving commitments of $2.64 billion, with a maturity date of October 8, 2026. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands): Six Months Ended June 30, 2023 2022 Maximum amount outstanding $ 987,348  $ 1,597,744  Average daily amount outstanding $ 909,662  $ 1,361,728  Weighted-average interest rate 6.22  % 2.04  % As of June 30, 2023, Quanta was in compliance with all of the financial covenants under the credit agreement. Term Loan. As of June 30, 2023, Quanta had $740.6 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate. Revolving Loans. As of June 30, 2023, Quanta had $217.4 million of outstanding revolving loans under the senior credit facility, all of which were denominated in Canadian dollars. The carrying amounts of the revolving borrowings under Quanta’s senior credit facility approximate fair value, as all revolving borrowings have a variable interest rate. As of June 30, 2023, Quanta also had $312.7 million of letters of credit issued under the senior credit facility, of which $223.2 million were denominated in U.S. dollars and $89.5 million were denominated in currencies other than the U.S. dollar, primarily Australian and Canadian dollars. Additionally, available commitments for revolving loans under the senior credit facility must be maintained in order to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available borrowing capacity under the senior credit facility. As of June 30, 2023, $1.41 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program. Deferred Financing Costs. As of June 30, 2023 and December 31, 2022, capitalized deferred financing costs, net of accumulated amortization, related to Quanta’s revolving loans under its senior credit facility and commercial paper program were $7.2 million and $8.3 million and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Amortization of deferred financing costs for all debt instruments is included in interest and other financing expenses and was $1.5 million and $1.5 million for the three months ended June 30, 2023 and 2022, and $3.0 million and $2.9 million for the six months ended June 30, 2023 and 2022. Commercial Paper Program Quanta had $699.2 million of outstanding notes under its unsecured commercial paper program as of June 30, 2023, with a weighted average interest rate of 5.95% and a weighted average maturity of 21 days as of such date. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, as all notes currently have a short maturity. Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands): Six Months Ended June 30, 2023 Maximum amount outstanding $ 841,400  Average daily amount outstanding $ 622,756  Weighted-average interest rate 5.64  % Additional Letters of Credit As of June 30, 2023 Quanta had $212.8 million of surety-backed letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.

v3.23.2

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	9. LEASES: Quanta primarily leases land, buildings, vehicles, construction equipment and office equipment. The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Six Months Ended   June 30, June 30, Lease cost Classification 2023 2022 2023 2022 Finance lease cost: Amortization of lease assets Depreciation (1) $ 1,102  $ 436  $ 2,013  $ 876  Interest on lease liabilities Interest and other financing expenses 299  28  507  55  Operating lease cost Cost of services and Selling, general and administrative expenses 23,140  24,248  46,363  49,125  Short-term and variable lease cost (2) Cost of services and Selling, general and administrative expenses 249,868  224,088  487,946  443,387  Total lease cost   $ 274,409  $ 248,800  $ 536,829  $ 493,443  (1)    Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations. (2)    Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant. Related party lease expense was $3.9 million and $3.8 million for the three months ended June 30, 2023 and 2022 and $7.8 million and $7.4 million for the six months ended June 30, 2023 and 2022. Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):   As of June 30, 2023   Operating Leases Finance Leases Lease Financing Transactions Total Remainder of 2023 $ 45,285  $ 1,488  $ 8,361  $ 55,134  2024 75,927  6,504  15,573  98,004  2025 59,264  6,477  13,831  79,572  2026 43,129  6,219  14,369  63,717  2027 27,812  5,691  11,756  45,259  Thereafter 29,696  3,452  25,161  58,309  Total future minimum payments related to operating leases, finance leases and lease financing transactions 281,113  29,831  89,051  399,995  Less imputed interest (22,760) (1,464) —  (24,224) Total operating lease, finance lease and lease financing transaction liabilities $ 258,353  $ 28,367  $ 89,051  $ 375,771  Future minimum lease payments for short-term leases were $19.6 million as of June 30, 2023. The weighted average remaining lease terms and discount rates were as follows:   As of June 30, 2023 Weighted average remaining lease term (in years): Operating leases 4.26 Finance leases 5.60 Weighted average discount rate: Operating leases 3.9  % Finance leases 6.1  % Quanta has also guaranteed the residual value under certain of its equipment operating leases and real estate finance leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the assets at the time of lease termination generally has approximated or exceeded the residual value guarantees, and therefore such guarantees are not expected to result in significant payments.
Leases	9. LEASES: Quanta primarily leases land, buildings, vehicles, construction equipment and office equipment. The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Six Months Ended   June 30, June 30, Lease cost Classification 2023 2022 2023 2022 Finance lease cost: Amortization of lease assets Depreciation (1) $ 1,102  $ 436  $ 2,013  $ 876  Interest on lease liabilities Interest and other financing expenses 299  28  507  55  Operating lease cost Cost of services and Selling, general and administrative expenses 23,140  24,248  46,363  49,125  Short-term and variable lease cost (2) Cost of services and Selling, general and administrative expenses 249,868  224,088  487,946  443,387  Total lease cost   $ 274,409  $ 248,800  $ 536,829  $ 493,443  (1)    Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations. (2)    Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant. Related party lease expense was $3.9 million and $3.8 million for the three months ended June 30, 2023 and 2022 and $7.8 million and $7.4 million for the six months ended June 30, 2023 and 2022. Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):   As of June 30, 2023   Operating Leases Finance Leases Lease Financing Transactions Total Remainder of 2023 $ 45,285  $ 1,488  $ 8,361  $ 55,134  2024 75,927  6,504  15,573  98,004  2025 59,264  6,477  13,831  79,572  2026 43,129  6,219  14,369  63,717  2027 27,812  5,691  11,756  45,259  Thereafter 29,696  3,452  25,161  58,309  Total future minimum payments related to operating leases, finance leases and lease financing transactions 281,113  29,831  89,051  399,995  Less imputed interest (22,760) (1,464) —  (24,224) Total operating lease, finance lease and lease financing transaction liabilities $ 258,353  $ 28,367  $ 89,051  $ 375,771  Future minimum lease payments for short-term leases were $19.6 million as of June 30, 2023. The weighted average remaining lease terms and discount rates were as follows:   As of June 30, 2023 Weighted average remaining lease term (in years): Operating leases 4.26 Finance leases 5.60 Weighted average discount rate: Operating leases 3.9  % Finance leases 6.1  % Quanta has also guaranteed the residual value under certain of its equipment operating leases and real estate finance leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the assets at the time of lease termination generally has approximated or exceeded the residual value guarantees, and therefore such guarantees are not expected to result in significant payments.

v3.23.2

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES: Quanta’s effective tax rates for the three months ended June 30, 2023 and 2022 were 29.4% and 30.0%. Quanta’s effective tax rates for the six months ended June 30, 2023 and 2022 were 20.0% and 20.9%. The tax rates for the six months ended June 30, 2023 and 2022 were favorably impacted by the recognition of $32.4 million and $21.2 million of benefits that resulted from equity incentive awards vesting at a higher fair market value than their grant date fair value. The effective tax rates for the three and six months ended June 30, 2022 were unfavorably impacted by the valuation allowance on the losses on Starry, which is further described below. Quanta regularly evaluates valuation allowances established for deferred tax assets for which future realization is uncertain, including in connection with changes in tax laws. The estimation of required valuation allowances includes estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Quanta considers projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income differs from these estimates, Quanta may not realize deferred tax assets to the extent estimated. During the three and six months ended June 30, 2022, Quanta recognized $41.7 million and $50.0 million of unrealized losses on its investment in Starry and recorded a valuation allowance against such unrealized losses. During the three months ended March 31, 2023, Starry filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, as amended. Upon resolution of the bankruptcy proceedings, a portion of Quanta’s unrealized losses may become deductible for income tax purposes. As of June 30, 2023, the total amount of unrecognized tax benefits relating to uncertain tax positions was $46.3 million, a net increase of $4.7 million from December 31, 2022, which primarily resulted from a $4.7 million increase related to positions expected to be taken in 2023. Quanta’s consolidated federal income tax returns for tax years 2017 through 2021 remain open to examination by the IRS, as the applicable statute of limitations periods have not yet expired. Additionally, various state and foreign tax returns filed by Quanta and certain subsidiaries for multiple periods remain under examination by various U.S. state and foreign tax authorities. Quanta does not consider any state in which it does business to be a major tax jurisdiction. Quanta believes it is reasonably possible that within the next 12 months unrecognized tax benefits may decrease by up to $11.9 million as a result of settlement of these examinations or as a result of the expiration of certain statute of limitations periods.

v3.23.2

Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	11. EQUITY: Stock Repurchases On May 23, 2023, Quanta’s Board of Directors approved a new stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. The new stock repurchase program became effective on July 1, 2023, upon expiration of Quanta’s existing stock repurchase program. Quanta repurchased the following shares of common stock in the open market under its stock repurchase program (in thousands): Quarter ended: Shares Amount June 30, 2023 —  $ —  March 31, 2023 —  —  December 31, 2022 87  $ 11,403  September 30, 2022 158  $ 21,033  June 30, 2022 731  $ 84,884  March 31, 2022 85  $ 10,426  Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the three and six month ended June 30, 2023, Quanta did not make any cash payments related to stock repurchases. During the three and six months ended June 30, 2022, cash payments related to stock repurchases were $84.9 million and $94.4 million. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements, including restrictions under Quanta’s senior credit facility, and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice. Dividends Quanta declared and paid the following cash dividends and cash dividend equivalents during 2022 and the first six months of 2023 (in thousands, except per share amounts): Declaration Record Payment Dividend Dividends Date Date Date Per Share Declared May 23, 2023 July 3, 2023 July 14, 2023 $ 0.08  $ 11,893  March 29, 2023 April 10, 2023 April 18, 2023 $ 0.08  $ 12,100  December 13, 2022 January 3, 2023 January 13, 2023 $ 0.08  $ 11,756  August 31, 2022 October 3, 2022 October 14, 2022 $ 0.07  $ 10,322  May 27, 2022 July 1, 2022 July 15, 2022 $ 0.07  $ 10,283  March 30, 2022 April 11, 2022 April 18, 2022 $ 0.07  $ 10,459

v3.23.2

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	12. STOCK-BASED COMPENSATION: Restricted Stock Units (RSUs) to be Settled in Common Stock A summary of the activity for RSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (RSUs in thousands): 2023 2022 RSUs Weighted Average Grant Date Fair Value (Per Unit) RSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 3,263  $78.74 3,880  $61.64 Granted 635  $158.93 801  $110.73 Vested (1,159) $67.23 (1,200) $48.96 Forfeited (101) $111.48 (98) $77.41 Unvested at June 30 2,638  $102.44 3,383  $77.47 The approximate fair value of RSUs that vested during the six months ended June 30, 2023 and 2022 was $182.8 million and $135.7 million. During the six months ended June 30, 2023 and 2022, Quanta recognized $47.1 million and $40.5 million of non-cash stock compensation expense related to RSUs to be settled in common stock. As of June 30, 2023, there was $182.9 million of total unrecognized compensation expense related to unvested RSUs to be settled in common stock granted to both employees and non-employees. This cost is expected to be recognized over a weighted average period of 3.41 years. Performance Stock Units (PSUs) to be Settled in Common Stock A summary of the activity for PSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (PSUs in thousands): 2023 2022 PSUs Weighted Average Grant Date Fair Value (Per Unit) PSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 733  $65.39 931  $47.27 Granted 177  $174.50 148  $119.04 Vested (413) $35.12 (334) $40.15 Forfeited (3) $90.36 (17) $58.79 Unvested at June 30 494  $129.66 728  $64.83 The Monte Carlo simulation valuation methodology applied the following key inputs: 2023 2022 Valuation date price based on March 9, 2023 and March 2, 2022 closing stock prices of Quanta common stock $160.55 $110.24 Historical volatility 35  % 39  % Risk-free interest rate 4.62  % 1.64  % Term in years 2.81 2.83 During the six months ended June 30, 2023 and 2022, Quanta recognized $15.0 million and $10.6 million of non-cash stock compensation expense related to PSUs to be settled in common stock. As of June 30, 2023, there was an estimated $43.4 million of total unrecognized compensation expense related to unearned and unvested PSUs. This amount is based on forecasted attainment of performance metrics and estimated forfeitures of unearned and unvested PSUs. The compensation expense related to outstanding PSUs can vary from period to period based on changes in forecasted achievement of established performance goals and the total number of shares of common stock that Quanta anticipates will be issued upon vesting of such PSUs. This cost is expected to be recognized over a weighted average period of 1.97 years. During each of the six months ended June 30, 2023 and 2022, 0.7 million shares of common stock were earned and either issued or deferred for future issuance under Quanta’s deferred compensation plans in connection with PSUs. The approximate fair values of PSUs earned during the six months ended June 30, 2023 and 2022 were $115.5 million and $72.4 million. RSUs to be Settled in Cash During the six months ended June 30, 2023 and 2022, compensation expense related to RSUs to be settled in cash was $8.6 million and $6.7 million. RSUs that are anticipated to be settled in cash are not included in the calculation of weighted average shares outstanding for earnings per share, and the estimated earned value of such RSUs is calculated at the end of each reporting period based on the market value of Quanta’s common stock and is classified as a liability. Quanta paid $9.7 million and $8.7 million to settle liabilities related to cash-settled RSUs in the six months ended June 30, 2023 and 2022. Accrued liabilities for the estimated earned value of outstanding RSUs to be settled in cash were $10.3 million and $11.0 million as of June 30, 2023 and December 31, 2022.

v3.23.2

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2023
Postemployment Benefits [Abstract]
Employee Benefit Plans	13. EMPLOYEE BENEFIT PLANS: Deferred Compensation Plans Quanta maintains non-qualified deferred compensation plans under which eligible directors and key employees may defer their receipt of certain cash compensation and/or the settlement of certain stock-based awards. As of June 30, 2023 and December 31, 2022, the liability related to deferred cash compensation under these plans, including amounts contributed by Quanta, was $81.4 million and $67.4 million, the majority of which was included in “Insurance and other non-current liabilities” in the accompanying condensed consolidated balance sheets. Additionally, as of June 30, 2023 and December 31, 2022, the settlement and issuance of 207,512 and 252,026 shares of common stock underlying certain stock-based awards had been deferred under these plans, and such issuances are scheduled to occur in future periods. To provide for future obligations related to deferred cash compensation under these plans, Quanta has invested in corporate-owned life insurance (COLI) policies covering certain participants in the deferred compensation plans, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of June 30, 2023 and December 31, 2022, the fair market values were $76.6 million and $64.0 million and were included in “Other assets, net” in the accompanying condensed consolidated balance sheets. The level of inputs for these fair value measurements is Level 2. Changes in the fair market value of Quanta’s COLI assets and deferred compensation liabilities largely offset and are recorded in the accompanying statements of operations as follows (in thousands):   Three Months Ended Six Months Ended June 30, June 30, Classification Change in fair market value of 2023 2022 2023 2022 (Loss) gain included in Selling, general and administrative expenses Deferred compensation liabilities $ (4,103) $ 10,110  $ (8,310) $ 14,037  Other income (expense), net COLI assets $ 3,266  $ (10,164) $ 6,412  $ (14,304)

v3.23.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. COMMITMENTS AND CONTINGENCIES: Legal Proceedings Quanta is from time to time party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, property damage, breach of contract, negligence or gross negligence, environmental liabilities, wage and hour and other employment-related damages, punitive damages, consequential damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims and proceedings, Quanta records a reserve when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In addition, Quanta discloses matters for which management believes a material loss is at least reasonably possible. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves a series of complex judgments about future events. In all instances, management has assessed the matter based on current information and made a judgment concerning its potential outcome, giving due consideration to the nature of the claim, the amount and nature of damages sought and the probability of success and taking into account, among other things, negotiations with claimants, discovery, settlements and payments, judicial rulings, arbitration and mediation decisions, advice of internal and external legal counsel, and other information and events pertaining to a particular matter. Costs incurred for litigation are expensed as incurred. Except as otherwise stated below, none of these proceedings are expected to have a material adverse effect on Quanta’s consolidated financial position, results of operations or cash flows. However, management’s judgment may prove materially inaccurate, and such judgment is made subject to the known uncertainties of litigation. Peru Project Dispute In 2015, Redes Andinas de Comunicaciones S.R.L. (Redes), a majority-owned subsidiary of Quanta, entered into two separate contracts with an agency of the Peruvian Ministry of Transportation and Communications (MTC), currently Programa Nacional de Telecomunicaciones (PRONATEL), as successor to Fondo de Inversion en Telecomunicaciones (FITEL), pursuant to which Redes would design, construct and operate certain telecommunication networks in rural regions of Peru. The aggregate consideration provided for in the contracts was approximately $248 million, consisting of approximately $151 million to be paid during the construction period and approximately $97 million to be paid during a 10-year post-construction operation and maintenance period. At the beginning of the project, FITEL made advance payments totaling approximately $87 million to Redes, which were secured by two on-demand advance payment bonds posted by Redes to guarantee proper use of the payments in the execution of the project. Redes also provided two on-demand performance bonds in the aggregate amount of $25 million to secure performance of its obligations under the contracts. During the construction phase, the project experienced numerous challenges and delays, primarily related to issues which Quanta believes were outside of the control of and not attributable to Redes, including, among others, weather-related issues, local opposition to the project, permitting delays, the inability to acquire clear title to certain required parcels of land and other delays which Quanta believes were attributable to FITEL/PRONATEL. In response to various of these challenges and delays, Redes requested and received multiple extensions to certain contractual deadlines and relief from related liquidated damages. However, in April 2019, PRONATEL provided notice to Redes claiming that Redes was in default under the contracts due to the delays and that PRONATEL would terminate the contracts if the alleged defaults were not cured. Redes responded by claiming that it was not in default, as the delays were due to events not attributable to Redes, and therefore PRONATEL was not entitled to terminate the contracts. PRONATEL subsequently terminated the contracts for alleged cause prior to completion of Redes’ scope of work, exercised the on-demand performance bonds and advance payment bonds against Redes, and indicated its intention to claim damages, including liquidated damages under the contracts. As of the date of the contract terminations, Redes had incurred costs of approximately $157 million related to the design and construction of the project and had received approximately $100 million of payments (inclusive of the approximately $87 million advance payments). In May 2019, Redes filed for arbitration before the Court of International Arbitration of the International Chamber of Commerce (ICC) against PRONATEL and the MTC. In the arbitration, Redes claimed that PRONATEL: breached and wrongfully terminated the contracts; wrongfully executed the advance payment bonds and the performance bonds; and was not entitled to the alleged amount of liquidated damages, and sought compensation for various damages arising from PRONATEL’s actions in the initially claimed amount of approximately $190 million. In August 2022, Redes received the decision of the arbitration tribunal, which unanimously found in favor of Redes in connection with its claims and ordered, among other things, (i) repayment of the amounts collected by PRONATEL under the advance payment bonds and the performance bonds; (ii) payment of amounts owed for work completed by Redes under the contracts; (iii) payment of lost income in connection with Redes’ future operation and maintenance of the networks; and (iv) payment of other related costs and damages to Redes as a result of the breach and improper termination of the contracts (including costs related to the execution of the bonds, costs related to the transfer of the networks and legal and expert fees). Accordingly, the arbitration tribunal awarded Redes approximately $177 million. In addition, per the terms of the arbitration decision, interest will accrue on the amount owed up to the date of payment. The decision of the arbitration tribunal is final, with limited grounds on which PRONATEL and the MTC may seek to annul the decision in Peruvian courts. In December 2022, Redes filed an enforcement proceeding with respect to each project contract to secure recovery of the arbitration award, and PRONATEL and the MTC filed an annulment proceeding with respect to each project contract. The enforcement and annulment proceedings are pending within different commercial courts in Lima, Peru. In April 2023 and August 2023, Redes received favorable rulings in each of the annulment proceedings rejecting the grounds for annulment; however, PRONATEL and the MTC are pursuing, and are expected to continue to pursue, certain remaining legal challenges to such rulings. Decisions with respect to the enforcement proceedings are expected later in 2023. Additionally, in December 2022, following the favorable arbitration ruling, Quanta received $100.5 million pursuant to coverage under an insurance policy for the improper collection by PRONATEL and the MTC of the advance payment and performance bonds, and in January 2023 Quanta received $6.7 million pursuant to coverage under an insurance policy for nonpayment by PRONATEL and the MTC of amounts owed for work completed by Redes. Quanta is continuing to pursue collection of the ICC arbitration award and any amount collected would result in repayment of an equal amount to the insurers up to the amount received from the insurers. Quanta also reserves the right to seek full compensation for the loss of its investment under applicable legal regimes, including investment treaties and customary international law, as well as to seek resolution through direct discussions with PRONATEL or the MTC. In connection with these rights, in May 2020 Quanta’s Dutch subsidiary delivered to the Peruvian government an official notice of dispute arising from the termination of the contracts and related acts by PRONATEL (which are attributable to Peru) under the Agreement on the Encouragement and Reciprocal Protection of Investments between the Kingdom of the Netherlands and the Republic of Peru (Investment Treaty). The Investment Treaty protects Quanta’s subsidiary’s indirect ownership stake in Redes and the project, and provides for rights and remedies distinct from the ICC arbitration. In December 2020, Quanta’s Dutch subsidiary filed a request for the institution of an arbitration proceeding against Peru with the International Centre for Settlement of Investment Disputes (ICSID) related to Peru’s breach of the Investment Treaty, which was registered by ICSID in January 2021. In the ICSID arbitration, Quanta’s Dutch subsidiary claims, without limitation, that Peru: (i) treated the subsidiary’s investment in Redes and the project unfairly and inequitably; and (ii) effectively expropriated the subsidiary’s investment in Redes and the project. In addition, Quanta’s Dutch subsidiary is seeking full compensation for all damages arising from Peru’s actions, including but not limited to (i) the fair market value of the investment and/or lost profits; (ii) attorneys’ fees and arbitration costs; (iii) other related costs and damages and (iv) pre- and post-award interest. The ICSID arbitration hearing on the merits occurred in the second quarter of 2023 and a decision is currently expected in the first half of 2024. Quanta believes Redes is entitled to all amounts awarded by the ICC arbitration tribunal, and that its Dutch subsidiary is entitled to other amounts associated with the pending ICSID arbitration proceeding. Quanta and Redes intend to vigorously pursue recovery of the amounts awarded by the ICC arbitration tribunal and take additional legal actions deemed necessary to enforce the ICC arbitration decision. However, due to the inherent uncertainty involved with, among other things, the annulment, enforcement and related proceedings, the ultimate timing and conclusion with respect to collection of the amount of the ICC arbitration award remains unknown. As a result of the contract terminations and the inherent uncertainty involved in arbitration proceedings and recovery of amounts owed, during the three months ended June 30, 2019, Quanta recorded a charge to earnings of $79.2 million, which included a reduction of previously recognized earnings on the project, a reserve against a portion of the project costs incurred through the project termination date, an accrual for a portion of the alleged liquidated damages, and the estimated costs to complete the project turnover and close out the project. Quanta also initially recorded a contract receivable of approximately $120 million related to the project during the three months ended June 30, 2019, which includes the amounts collected by PRONATEL through exercise of the advance payment bonds and performance bonds. As of June 30, 2023, the total amount of the receivable was not changed and is included in “Other assets, net” in the accompanying condensed consolidated balance sheet. Additionally, with respect to the amounts received pursuant to coverage under the insurance policies described above, $107.2 million is included in “Insurance and other non-current liabilities” in the accompanying consolidated balance sheet as of June 30, 2023. After considering, as discussed above, that the ultimate timing and conclusion with respect to collection of the full amount associated with the ICC arbitration award remains unknown, Quanta has not recognized a gain in the current period. To the extent amounts in excess of the current receivable are determined to be realizable, a gain would be recorded in the period such determination is made. However, if Quanta is ultimately not successful with respect to collection of the ICC arbitration award, through annulment or otherwise, or with respect to its claims in the pending ICSID arbitration proceeding, this matter could result in an additional significant loss that could have a material adverse effect on Quanta’s consolidated results of operations and cash flows. Lorenzo Benton v. Telecom Network Specialists, Inc., et al. In June 2006, plaintiff Lorenzo Benton filed a class action complaint in the Superior Court of California, County of Los Angeles, alleging various wage and hour violations against Telecom Network Specialists (TNS), a former subsidiary of Quanta. Quanta retained liability associated with this matter pursuant to the terms of Quanta’s sale of TNS in December 2012. Benton represents a class of workers that includes all persons who worked on certain TNS projects, including individuals that TNS retained through numerous staffing agencies. The plaintiff class in this matter is seeking damages for unpaid wages, penalties associated with the failure to provide meal and rest periods and overtime wages, interest and attorneys’ fees. In January 2017, the trial court granted a summary judgment motion filed by the plaintiff class and found that TNS was a joint employer of the class members and that it failed to provide adequate meal and rest breaks and failed to pay overtime wages. During 2019 and 2020, the parties filed additional summary judgment and other motions, and a bench trial on liability and damages was held. Liability and damages have been determined by the trial court, with the amount of liability for TNS, including interest through the date of the trial court’s orders, determined to be approximately $9.5 million. Separately, in 2022, the court issued a final ruling awarding attorneys’ fees and costs to plaintiffs in the amount of approximately $17.3 million. Quanta continues to contest its liability and the damages calculations asserted by the plaintiff class in this matter and believes the court’s decisions on these matters are not supported by controlling law and that attorneys’ fees would only be recoverable by the plaintiff class in the event Quanta’s appeal of the trial court’s rulings on liability and damages is unsuccessful. Additionally, in November 2007, TNS filed cross complaints for indemnity and breach of contract against the staffing agencies, which employed many of the individuals in question. In December 2012, the trial court heard cross-motions for summary judgment filed by TNS and the staffing agencies pertaining to TNS’s demand for indemnity. The court denied TNS’s motion and granted the motions filed by the staffing agencies; however, the California Appellate Court reversed the trial court’s decision in part and instructed the trial court to reconsider its ruling. In February 2017, the court denied a new motion for summary judgment filed by the staffing companies and has since stated that the staffing companies would be liable to TNS for any damages owed to the class members that the staffing companies employed. However, Quanta currently believes that, due to solvency issues, any contribution from the staffing companies may not be substantial. The final amount of liability and attorneys’ fees, if any, payable in connection with this matter remains the subject of pending litigation and will ultimately depend on various factors, including the outcome of the parties’ appeals of the trial court’s rulings on liability, damages, and attorneys’ fees and costs, and the solvency of the staffing agencies. Based on review and analysis of the trial court’s rulings on liability, Quanta does not believe, at this time, that it is probable this matter will result in a material loss. However, if Quanta is unsuccessful in this litigation and the staffing agencies are unable to fund damages owed to class members, based on rulings issued by the trial court, Quanta believes the range of reasonably possible loss to Quanta upon final resolution of this matter could be up to approximately $26.8 million, plus any additional attorneys’ fees, interest, and expenses awarded to the plaintiff class. Hallen Acquisition Assumed Liability In August 2019, in connection with the acquisition of The Hallen Construction Co., Inc. (Hallen), Quanta assumed certain contingent liabilities associated with a March 2014 natural gas-fed explosion and fire in the Manhattan borough of New York City, New York. The incident resulted in, among other things, loss of life, personal injury and the destruction of two buildings and other property damage. After investigation, the National Transportation Safety Board determined that the probable cause of the incident was the failure of certain natural gas infrastructure installed by Consolidated Edison, Inc. (Con Ed) and the failure of certain sewer infrastructure maintained by the City of New York. Pursuant to a contract with Con Ed, Hallen had performed certain work related to such natural gas infrastructure and agreed to indemnify Con Ed for certain claims, liabilities and costs associated with its work. Numerous lawsuits are pending in New York state courts related to the incident, which generally name Con Ed, the City of New York and Hallen as defendants. These lawsuits are at various stages and generally seek unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. Hallen’s liabilities associated with this matter are expected to be covered under applicable insurance policies or contractual remedies negotiated by Quanta with the former owners of Hallen. When a loss becomes probable and estimable, Quanta expects to record an accrual of the estimated liability, offset by a receivable in the same amount related to such insurance coverage and contractual remedies. As of June 30, 2023, Quanta had not recorded an accrual related to this matter, as the ultimate amount of liability in connection with this matter remains subject to uncertainties associated with pending litigation, including, among other things, the likelihood and potential amount of damages that could be asserted or awarded. While Quanta believes the liabilities associated with this matter will not exceed the amount of available insurance coverage and contractual remedies, this matter could result in a loss that is in excess of, or not covered by, such remedies, which could have a material adverse effect on Quanta’s consolidated financial condition, results of operations and cash flows. Silverado Wildfire Matter During 2022 and 2023, two of Quanta’s subsidiaries received tenders of defense and demands for preservation of evidence from Southern California Edison Company (SCE) related to lawsuits filed from April 2021 through July 2023 against SCE and T-Mobile USA, Inc. (T-Mobile) in the Superior Court of California, County of Orange. The lawsuits generally assert property damage and related claims on behalf of certain individuals and subrogation claims on behalf of insurers relating to damages caused by a wildfire that began in October 2020 in Orange County, California (the Silverado Fire) and that is purported to have damaged approximately 13,000 acres. The lawsuits allege the Silverado Fire originated from utility poles in the area, generally claiming that each defendant failed to adequately maintain, inspect, repair or replace its overhead facilities, equipment and utility poles and remove vegetation in the vicinity; that the utility poles were overloaded with equipment from shared usage; and that SCE failed to de-energize its facilities during red flag warnings for a Santa Ana wind event. The lawsuits allege the Silverado Fire started when SCE and T-Mobile equipment contacted each other and note the Orange County Fire Department is investigating whether a T-Mobile lashing wire contacted an SCE overhead primary conductor in high winds. T-Mobile has filed cross-complaints against SCE alleging, among other things, that the ignition site of the Silverado Fire encompassed two utility poles replaced by SCE or a third party engaged by SCE, and that certain equipment, including T-Mobile’s lashing wire, was not sufficiently re-secured after the utility pole replacements. One of Quanta’s subsidiaries performed planning and other services related to the two utility poles, and another Quanta subsidiary replaced the utility poles and reattached the electrical and telecommunication equipment to the new utility poles in March 2019, approximately 19 months before the Silverado Fire. Pursuant to the general terms of a master services agreement and a master consulting services agreement between the Quanta subsidiaries and SCE, the subsidiaries agreed to defend and indemnify SCE against certain claims arising with respect to performance or nonperformance under the agreements. The SCE tender letters seek contractual indemnification and defense from Quanta’s subsidiaries for the claims asserted against SCE in the lawsuits and the T-Mobile cross-complaints. Quanta’s subsidiaries intend to vigorously defend against the lawsuits, the T-Mobile cross-complaints and any other claims asserted in connection with the Silverado Fire. Quanta will continue to review additional information in connection with this matter as litigation and resolution efforts progress, and any such information may potentially allow Quanta to determine an estimate of potential loss, if any. As of June 30, 2023, Quanta had not recorded an accrual with respect to this matter, and Quanta is currently unable to reasonably estimate a range of reasonably possible loss, if any, because there are a number of unknown facts and legal considerations that may impact the amount of any potential liability. Quanta also believes that to the extent its subsidiaries are determined to be liable for any damages resulting from this matter, its insurance would be applied to any such liabilities over its deductible amount and its insurance coverage would be adequate to cover such potential liabilities. However, the ultimate amount of any potential liability and insurance coverage in connection with this matter remains subject to uncertainties associated with pending and potential future litigation. Insurance Quanta is insured for, among other things, employer’s liability, workers’ compensation, auto liability, aviation and general liability claims. Quanta manages and maintains a portion of its casualty risk indirectly through its wholly-owned captive insurance company, which insures all claims up to the amount of the applicable deductible of its third-party insurance programs, as well as with respect to certain other amounts. As of June 30, 2023 and December 31, 2022, the gross amount accrued for employer’s liability, workers’ compensation, auto liability, general liability, and group health claims totaled $322.9 million and $319.6 million, of which $210.7 million and $209.8 million are included in “Insurance and other non-current liabilities,” and the remainder is included in “Accounts payables and accrued expenses.” Related insurance recoveries/receivables as of June 30, 2023 and December 31, 2022 were $5.3 million and $5.8 million, of which $0.3 million and $0.3 million are included in “Prepaid expenses and other current assets” and $5.0 million and $5.5 million are included in “Other assets, net.” Bonds and Parent Guarantees As of June 30, 2023, the total amount of the outstanding performance bonds was estimated to be approximately $6.3 billion. Quanta’s estimated maximum exposure related to the value of the performance bonds outstanding is lowered on each bonded project as the cost to complete is reduced, and each commitment under a performance bond generally extinguishes concurrently with the expiration of its related contractual obligation. The estimated cost to complete these bonded projects was approximately $2.4 billion as of June 30, 2023. Capital Commitments and Other Committed Expenditures As of June 30, 2023, Quanta had $59.9 million of production orders with expected delivery dates during the remainder of 2023 and $36.5 million of production orders with expected delivery dates in 2024 for capital commitments primarily related to the expansion of its equipment fleet. The majority of this amount relates to the expansion of Quanta’s equipment fleet in order to accommodate manufacturer lead times on certain types of vehicles. Although Quanta has committed to purchase these vehicles at the time of their delivery, Quanta anticipates that the majority of these orders will be assigned to third party leasing companies and made available under certain master equipment lease agreements, thereby releasing Quanta from its capital commitments.

v3.23.2

Detail of Certain Accounts	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Detail of Certain Accounts	15. DETAIL OF CERTAIN ACCOUNTS: Cash and Cash Equivalents As of June 30, 2023 and December 31, 2022, cash equivalents were $197.1 million and $260.1 million and consisted primarily of money market investments and money market mutual funds. Quanta’s cash equivalents are categorized as Level 1 assets, as all values are based on unadjusted quoted prices for identical assets in an active market. Cash and cash equivalents in foreign bank accounts are primarily held in Canada and Australia. Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):   June 30, 2023 December 31, 2022 Cash and cash equivalents held by domestic joint ventures $ 27,836  $ 14,291  Cash and cash equivalents held by foreign joint ventures 4,854  6,277  Total cash and cash equivalents held by joint ventures 32,690  20,568  Cash and cash equivalents held by captive insurance company 33,663  35,085  Cash and cash equivalents not held by joint ventures or captive insurance company 295,613  372,852  Total cash and cash equivalents $ 361,966  $ 428,505  Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands):   June 30, 2023 December 31, 2022 Accounts payable, trade $ 1,672,778  $ 1,302,086  Accrued compensation and related expenses 469,661  469,048  Other accrued expenses 374,469  381,995  Accounts payable and accrued expenses $ 2,516,908  $ 2,153,129  Other accrued expenses primarily include accrued insurance liabilities, income and franchise taxes payable and deferred revenues. Property and Equipment Accumulated depreciation related to property and equipment was $1.74 billion and $1.65 billion as of June 30, 2023 and December 31, 2022. In addition, Quanta held property and equipment, net of $278.6 million and $298.0 million in foreign countries, primarily Canada, as of June 30, 2023 and December 31, 2022. Other Intangible Assets Accumulated amortization related to other intangible assets was $1.17 billion and $1.02 billion as of June 30, 2023 and December 31, 2022.

v3.23.2

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	16. SUPPLEMENTAL CASH FLOW INFORMATION: Reconciliations of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of such amounts shown in the statements of cash flows are as follows (in thousands): June 30, 2023 2022 Cash and cash equivalents $ 361,966  $ 150,653  Restricted cash included in “Prepaid expenses and other current assets” (1) 5,205  1,763  Restricted cash included in “Other assets, net” (1) 1,141  950  Total cash, cash equivalents, and restricted cash reported in the statements of cash flows $ 368,312  $ 153,366  December 31, 2022 2021 Cash and cash equivalents $ 428,505  $ 229,097  Restricted cash included in “Prepaid expenses and other current assets” (1) 3,759  1,836  Restricted cash included in “Other assets, net” (1) 950  954  Total cash, cash equivalents, and restricted cash reported in the statements of cash flows $ 433,214  $ 231,887  (1)    Restricted cash includes any cash that is legally restricted as to withdrawal or usage. Supplemental cash flow information related to leases is as follows (in thousands):   Six Months Ended June 30,   2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used by operating leases $ (47,470) $ (49,268) Operating cash flows used by finance leases $ (507) $ (54) Financing cash flows used by finance leases $ (992) $ (727) Lease assets obtained in exchange for lease liabilities: Operating leases $ 52,494  $ 24,723  Finance leases $ 25,373  $ 1,250  Lease financing transaction assets obtained in exchange for lease financing transaction liabilities $ 7,136  $ 27,153  Additional supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash (paid) received during the period for: Interest paid $ (78,773) $ (42,959) Income taxes paid $ (128,925) $ (58,363) Income tax refunds $ 4,037  $ 5,470  Accrued capital expenditures were $31.2 million and $27.7 million as of June 30, 2023 and 2022. The impact of these items has been excluded from Quanta’s capital expenditures in the accompanying condensed consolidated statements of cash flows due to their non-cash nature.

v3.23.2

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 165,899	$ 88,020	$ 260,945	$ 172,661

v3.23.2

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Donald C. Wayne [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 15, 2023, Donald C. Wayne, Executive Vice President and General Counsel of Quanta, adopted a Rule 10b5-1 trading arrangement (as such term is defined in Item 408 of Regulation S-K). Mr. Wayne’s plan provides for the potential sale of up to 17,750 shares of Quanta’s common stock through April 30, 2024. This Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, and Quanta’s policies regarding transactions in our securities.
Name	Donald C. Wayne
Title	Executive Vice President and General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 15, 2023
Arrangement Duration	351 days
Aggregate Available	17,750	17,750

v3.23.2

Business and Organization, Basis of Presentation and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Condensed Consolidated Financial Information	These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States (GAAP), have been condensed or omitted pursuant to those rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto of Quanta’s Annual Report on Form 10-K for the year ended December 31, 2022. Quanta believes that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to fairly state the financial position, results of operations, comprehensive income and cash flows with respect to the interim condensed consolidated financial statements have been included. The results of operations and comprehensive income for the interim periods are not necessarily indicative of the results for the entire fiscal year. The results of Quanta have historically been subject to significant seasonal fluctuations.
Recently Adopted Guidance and New Accounting Pronouncement Not Yet Adopted	Recently Adopted Guidance In October 2021, the Financial Accounting Standards Board (FASB) issued an update that requires recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with FASB ASC 606 (Revenue from Contracts with Customers). At the acquisition date, an acquirer should account for the related contract revenue in accordance with FASB ASC 606. This update is effective for interim and annual periods beginning after December 15, 2022, with amendments generally applied prospectively. Quanta adopted this update effective January 1, 2023, and it did not have a material impact on Quanta’s consolidated financial statements. New Accounting Pronouncement Not Yet Adopted In June 2022, the FASB issued an update that clarifies the guidance in FASB ASC 820 (Fair Value Measurement) for equity securities subject to contractual sale restrictions. The update prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. This update is effective for interim and annual periods after December 15, 2023. Early adoption is permitted. This guidance will increase the fair market value of the consideration paid in equity securities in a business combination, and therefore it may increase the amount allocated to goodwill. Quanta will adopt this update by January 1, 2024, and it is not expected to have a material impact on Quanta’s consolidated financial statements.
Revenue Recognition	ContractsCertain of Quanta’s services are generally provided pursuant to master service agreements (MSAs), repair and maintenance contracts and fixed price and non-fixed price construction contracts. These contracts are classified into three categories: unit-price contracts, cost-plus contracts and fixed price contracts.Under fixed-price contracts, as well as unit-price contracts with more than an insignificant amount of partially completed units, revenue is recognized as performance obligations are satisfied over time, with the percentage completion generally measured as the percentage of costs incurred to total estimated costs for such performance obligation.These amounts represent management’s estimates of the consolidated revenues that are expected to be realized from the remaining portion of firm orders under fixed price contracts not yet completed or for which work had not yet begun as of such dates. For purposes of calculating remaining performance obligations, Quanta includes all estimated revenues attributable to consolidated joint ventures and variable interest entities, revenues from funded and unfunded portions of government contracts to the extent they are reasonably expected to be realized, and revenues from change orders and claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Excluded from remaining performance obligations are potential orders under MSAs and non-fixed price contracts expected to be completed within one year. Contract Estimates and Changes in Estimates Actual revenues and project costs can vary, sometimes substantially, from previous estimates due to changes in a variety of factors, including unforeseen or changed circumstances not included in Quanta’s cost estimates or covered by its contracts. Some of the factors that can result in positive changes in estimates on projects include successful execution through project risks, reduction of estimated project costs or increases of estimated revenues. Some of the factors that can result in negative changes in estimates include concealed or unknown site conditions; changes to or disputes with customers regarding the scope of services; changes in estimates related to the length of time to complete a performance obligation; changes or delays with respect to permitting and regulatory requirements and materials; changes in the cost of equipment, commodities, materials or skilled labor; unanticipated costs or claims due to delays or failure to perform by customers or third parties; customer failure to provide required materials or equipment; errors in engineering, specifications or designs; project modifications; adverse weather conditions, natural disasters, and other emergencies; and performance and quality issues causing delay (including payment of liquidated damages) or requiring rework or replacement. Any changes in estimates could result in changes to profitability or losses associated with the related performance obligations. Additionally, changes in cost estimates on certain contracts may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. Quanta recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated.Changes in estimates can result in the recognition of revenue in a current period for performance obligations that were satisfied or partially satisfied in prior periods or the reversal of previously recognized revenue if the currently estimated revenue is less than the previous estimate. The impact of a change in contract estimate is measured as the difference between the revenue or gross profit recognized in the prior period as compared to the revenue or gross profit which would have been recognized had the revised estimate been used as the basis of recognition in the prior period. Changes in estimates can also result in contract losses, which are recognized in full when they are determined to be probable and can be reasonably estimated. Quanta determines its allowance for credit losses based on an estimate of expected credit losses for financial instruments, primarily accounts receivable and contract assets. The assessment of the allowance for credit losses involves certain judgments and estimates. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Expected credit losses are estimated by evaluating trends in historical write-off experience and applying historical loss ratios to pools of financial assets with similar risk characteristics. Quanta’s historical loss ratio and its determination of its risk pools, which are used to calculate expected credit losses, may be adjusted for changes in customer credit concentrations within its portfolio of financial assets, its customers’ ability to pay, and other considerations, such as economic and market changes, changes to regulatory or technological environments affecting customers and the consistency between current and forecasted economic conditions and historical economic conditions used to derive historical loss ratios. At the end of each quarter, management reassesses these and other relevant factors, including the impact of uncertainty and challenges in the overall economy and in Quanta’s industries and markets, which currently include inflationary pressure, supply chain and other logistical challenges and increased interest rates. Additional allowance for credit losses is established for financial asset balances with specific customers where collectability has been determined to be improbable based on customer specific facts and circumstances. Quanta considers accounts receivable delinquent after 30 days but, absent certain specific considerations, generally does not consider such amounts delinquent in its credit loss analysis unless the accounts receivable are at least 120 days outstanding. In addition, management monitors the credit quality of its receivables by, among other things, obtaining credit ratings for significant customers, assessing economic and market conditions and evaluating material changes to a customer’s business, cash flows and financial condition. Should anticipated recoveries relating to receivables fail to materialize, including anticipated recoveries relating to bankruptcies or other workout situations, Quanta could experience reduced cash flows and losses in excess of current allowances provided. Accounts receivable are written-off against the allowance for credit losses if they are deemed uncollectible. Quanta recognizes unbilled receivables for non-fixed price contracts within “Accounts receivable” in certain circumstances, such as when revenues have been earned and recorded but the amount cannot be billed under the terms of the contract until a later date or when amounts arise from routine lags in billing. These balances do not include revenues recognized for work performed under fixed-price contracts and unit-price contracts with more than an insignificant amount of partially completed units, as these amounts are recorded as “Contract assets.” As of June 30, 2023 and December 31, 2022, unbilled receivables included in “Accounts receivable” were $929.4 million and $823.9 million. The increase in unbilled receivables was primarily due to significant increases in work and certain delays in billing related to certain large customers. Quanta also recognizes unearned revenues for non-fixed price contracts when cash is received prior to recognizing revenues for the related performance obligation. Unearned revenues, which are included in “Accounts payable and accrued expenses,” were $61.6 million and $59.6 million as of June 30, 2023 and December 31, 2022.
Segment Information	Quanta reports its results under three reportable segments described below: •Electric Power Infrastructure Solutions (Electric Power). Quanta’s Electric Power segment provides comprehensive services for the electric power and communications markets. •Renewable Energy Infrastructure Solutions (Renewable Energy). Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry. •Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products. Corporate and Non-allocated Costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.
Depreciation Expense Allocation	Depreciation Expense Allocation Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets are generally used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is allocated each quarter among Quanta’s reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated revenues.
Income Taxes	Quanta regularly evaluates valuation allowances established for deferred tax assets for which future realization is uncertain, including in connection with changes in tax laws. The estimation of required valuation allowances includes estimates of future taxable income. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Quanta considers projected future taxable income and tax planning strategies in making this assessment. If actual future taxable income differs from these estimates, Quanta may not realize deferred tax assets to the extent estimated. During the three and six months ended June 30, 2022, Quanta recognized $41.7 million and $50.0 million of unrealized losses on its investment in Starry and recorded a valuation allowance against such unrealized losses. During the three months ended March 31, 2023, Starry filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, as amended. Upon resolution of the bankruptcy proceedings, a portion of Quanta’s unrealized losses may become deductible for income tax purposes.
Stock Repurchases	Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the three and six month ended June 30, 2023, Quanta did not make any cash payments related to stock repurchases.
Cash and Cash Equivalents	Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations.

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Disaggregated by Geographic Location and Contract Type	The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 By contract type: Fixed price contracts $ 2,296,888  45.5  % $ 1,805,156  42.7  % 4,231,776  44.7  % $ 3,494,791  42.6  % Unit-price contracts 1,697,629  33.6  1,451,905  34.3  3,195,023  33.7  $ 2,809,507  34.3  Cost-plus contracts 1,054,093  20.9  974,942  23.0  2,050,637  21.6  1,893,230  23.1  Total revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  % Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 By primary geographic location: United States $ 4,282,902  84.8  % $ 3,667,337  86.7  % $ 7,949,267  83.9  % $ 6,991,306  85.2  % Canada 523,258  10.4  439,466  10.4  1,065,618  11.2  990,371  12.1  Australia 156,725  3.1  89,369  2.1  311,402  3.3  144,570  1.8  Others 85,725  1.7  35,831  0.8  151,149  1.6  71,281  0.9  Total revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  %
Contract Assets and Liabilities	Contract assets and liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Contract assets $ 1,357,233  $ 1,080,206  Contract liabilities $ 1,128,864  $ 1,141,518
Composition of the Allowance for Credit Losses	Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):   Three Months Ended Six Months Ended June 30, June 30,   2023 2022 2023 2022 Balance at beginning of period $ 16,530  $ 49,916  $ 15,644  $ 49,749  Increase in provision for credit losses 2,889  (428) 5,247  (295) Write-offs charged against the allowance net of recoveries of amounts previously written off (5,511) 219  (6,983) 253  Balance at end of period $ 13,908  $ 49,707  $ 13,908  $ 49,707

v3.23.2

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Summarized Financial Information	The following table sets forth segment revenues and segment operating income (loss) and operating margins for the three and six months ended June 30, 2023 and 2022. Operating margin is calculated by dividing operating income (loss) by revenues. The following table shows dollars in thousands: Three Months Ended June 30, Six Months Ended June 30,   2023 2022 2023 2022 Revenues:     Electric Power Infrastructure Solutions $ 2,415,254  47.9  % $ 2,199,430  52.0  % $ 4,751,291  50.1  % $ 4,338,127  52.9  % Renewable Energy Infrastructure Solutions 1,389,368  27.5  924,236  21.8  2,397,668  25.3  1,799,868  22.0  Underground Utility and Infrastructure Solutions 1,243,988  24.6  1,108,337  26.2  2,328,477  24.6  2,059,533  25.1  Consolidated revenues $ 5,048,610  100.0  % $ 4,232,003  100.0  % $ 9,477,436  100.0  % $ 8,197,528  100.0  % Operating income (loss):     Electric Power Infrastructure Solutions (1) $ 244,017  10.1  % $ 232,150  10.6  % $ 459,166  9.7  % $ 435,569  10.0  % Renewable Energy Infrastructure Solutions 110,487  8.0  % 81,687  8.8  % 146,143  6.1  % 151,629  8.4  % Underground Utility and Infrastructure Solutions 107,207  8.6  % 89,943  8.1  % 168,780  7.2  % 138,118  6.7  % Corporate and Non-Allocated Costs (2) (182,438) (3.6) % (195,424) (4.6) % (368,956) (3.9) % (399,444) (4.9) % Consolidated operating income $ 279,273  5.5  % $ 208,356  4.9  % $ 405,133  4.3  % $ 325,872  4.0  % (1)    Includes equity in earnings of integral unconsolidated affiliates of $9.4 million and $18.6 million for the three months ended June 30, 2023 and 2022 and $19.0 million and $33.7 million for the six months ended June 30, 2023 and 2022, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA). (2)    Includes amortization expense of $70.0 million and $107.9 million and non-cash stock-based compensation of $34.6 million and $28.1 million for the three months ended June 30, 2023 and 2022. Includes amortization expense of $142.4 million and $223.7 million and non-cash stock-based compensation of $62.1 million and $51.1 million for the six months ended June 30, 2023 and 2022. The following table shows dollars in thousands: Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation: Electric Power Infrastructure Solutions $ 41,357  $ 36,781  $ 83,442  $ 73,560  Renewable Energy Infrastructure Solutions 10,681  10,178  21,539  18,411  Underground Utility and Infrastructure Solutions 19,135  20,667  39,635  41,605  Corporate and Non-Allocated Costs 8,703  6,333  13,642  11,337  Consolidated depreciation $ 79,876  $ 73,959  $ 158,258  $ 144,913

v3.23.2

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Aggregate Consideration Paid or Payable and Allocation Net Assets	The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of their respective acquisition dates as of June 30, 2023 for acquisitions completed in the six months ended June 30, 2023 (in thousands): Six Months Ended June 30, 2023 Consideration: Cash paid or payable $ 463,482  Value of Quanta common stock issued 123,503  Fair value of total consideration transferred or estimated to be transferred $ 586,985  Cash and cash equivalents $ 14,832  Accounts receivable 46,389  Contract assets 195  Inventories 56,960  Prepaid expenses and other current assets 4,392  Property and equipment 144,217  Operating lease assets 14,189  Other assets 4,553  Identifiable intangible assets 107,430  Accounts payable and accrued liabilities (61,739) Contract liabilities (3,071) Operating lease liabilities, current (2,552) Deferred tax liabilities, net (20,556) Operating lease liabilities, non-current (12,242) Total identifiable net assets 292,997  Goodwill 293,988  Fair value of net assets acquired $ 586,985
Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization	The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the six months ended June 30, 2023 as of the acquisition dates and the related weighted average amortization periods by type (in thousands, except for weighted average amortization periods, which are in years).     Six Months Ended June 30, 2023 Estimated Fair Value Weighted Average Amortization Period in Years Customer relationships $ 79,240  4.6 Backlog 11,095  0.9 Trade names 12,615  15.0 Non-compete agreements 4,480  5.0 Total intangible assets subject to amortization $ 107,430  5.5
Discount Rates and Customer Attrition Rates	The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the six months ended June 30, 2023 as of the respective acquisition dates: Six Months Ended   June 30, 2023 Range Weighted Average Discount rates 15% to 19% 17% Customer attrition rates 10% to 20% 18%
Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities	The aggregate fair value of these outstanding contingent consideration liabilities and their classification in the accompanying consolidated balance sheets is as follows (in thousands):   June 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ —  $ 5,000  Insurance and other non-current liabilities 143,517  143,517  Total contingent consideration liabilities $ 143,517  $ 148,517
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets	The following table includes the volatility factors, weighted average costs of capital and discount rates used to determine the fair value of contingent consideration liabilities during the six months ended June 30, 2023: Six Months Ended   June 30, 2023 Range Weighted Average Volatility factors 35.0% to 43.0% 35.2% Weighted average cost of capital 14.0% to 15.50% 14.0% Discount rates 4.06% to 6.90% 6.5%
Unaudited Supplemental Pro Forma Results of Operations	The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the six months ended June 30, 2023 and the year ended December 31, 2022, have been provided for illustrative purposes only and may not be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in thousands). Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues $ 5,048,610  $ 4,358,240  $ 9,477,436  $ 8,450,003  Net income attributable to common stock $ 165,899  $ 88,671  $ 260,945  $ 173,129

v3.23.2

Investments in Affiliates and Other Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Investments [Abstract]
Schedule of Equity Investments	The following table presents Quanta’s equity investments by type (in thousands): June 30, 2023 December 31, 2022 Equity method investments - integral unconsolidated affiliates $ 95,550  $ 101,251  Equity method investments - non-integral unconsolidated affiliates 28,588  55,833  Marketable equity securities —  —  Non-marketable equity securities 53,624  54,134  Total equity investments $ 177,762  $ 211,218

v3.23.2

Per Share Information (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Attributable to Common Stock	The amounts used to compute basic and diluted earnings per share attributable to common stock consisted of the following (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amounts attributable to common stock: Net income attributable to common stock $ 165,899  $ 88,020  $ 260,945  $ 172,661  Weighted average shares: Weighted average shares outstanding for basic earnings per share attributable to common stock 145,422  143,851  144,947  143,697  Effect of dilutive unvested non-participating stock-based awards 3,351  4,360  3,770  4,630  Weighted average shares outstanding for diluted earnings per share attributable to common stock 148,773  148,211  148,717  148,327

v3.23.2

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt Obligations	Quanta’s long-term debt obligations consisted of the following (in thousands): June 30, 2023 December 31, 2022 0.950% Senior Notes due October 2024 $ 500,000  $ 500,000  2.900% Senior Notes due October 2030 1,000,000  1,000,000  2.350% Senior Notes due January 2032 500,000  500,000  3.050% Senior Notes due October 2041 500,000  500,000  Borrowings under senior credit facility (including Term Loan) 958,065  786,910  Borrowings under commercial paper program 699,200  373,000  Other long-term debt 97,117  92,907  Finance leases 28,367  3,542  Unamortized discount and financing costs (24,978) (26,432) Total long-term debt obligations 4,257,771  3,729,927  Less — Current maturities of long-term debt 41,249  37,495  Total long-term debt obligations, net of current maturities $ 4,216,522  $ 3,692,432
Schedule of Interest on Senior Notes	The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands): Title of the Notes Interest Amount Payment Dates Commencement Date 0.950% Senior Notes due October 2024 $ 2,375  April 1 and October 1 April 1, 2022 2.900% Senior Notes due October 2030 $ 14,500  April 1 and October 1 April 1, 2021 2.350% Senior Notes due January 2032 $ 5,875  January 15 and July 15 July 15, 2022 3.050% Senior Notes due October 2041 $ 7,625  April 1 and October 1 April 1, 2022
Borrowings under Credit Facility and Applicable Interest Rates	Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands): Six Months Ended June 30, 2023 2022 Maximum amount outstanding $ 987,348  $ 1,597,744  Average daily amount outstanding $ 909,662  $ 1,361,728  Weighted-average interest rate 6.22  % 2.04  % Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands): Six Months Ended June 30, 2023 Maximum amount outstanding $ 841,400  Average daily amount outstanding $ 622,756  Weighted-average interest rate 5.64  %

v3.23.2

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Components of Lease Costs	The components of lease costs in the accompanying condensed consolidated statements of operations are as follows (in thousands): Three Months Ended Six Months Ended   June 30, June 30, Lease cost Classification 2023 2022 2023 2022 Finance lease cost: Amortization of lease assets Depreciation (1) $ 1,102  $ 436  $ 2,013  $ 876  Interest on lease liabilities Interest and other financing expenses 299  28  507  55  Operating lease cost Cost of services and Selling, general and administrative expenses 23,140  24,248  46,363  49,125  Short-term and variable lease cost (2) Cost of services and Selling, general and administrative expenses 249,868  224,088  487,946  443,387  Total lease cost   $ 274,409  $ 248,800  $ 536,829  $ 493,443  (1)    Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of operations. (2)    Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant.
Future Minimum Lease Payments - Operating Leases	Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):   As of June 30, 2023   Operating Leases Finance Leases Lease Financing Transactions Total Remainder of 2023 $ 45,285  $ 1,488  $ 8,361  $ 55,134  2024 75,927  6,504  15,573  98,004  2025 59,264  6,477  13,831  79,572  2026 43,129  6,219  14,369  63,717  2027 27,812  5,691  11,756  45,259  Thereafter 29,696  3,452  25,161  58,309  Total future minimum payments related to operating leases, finance leases and lease financing transactions 281,113  29,831  89,051  399,995  Less imputed interest (22,760) (1,464) —  (24,224) Total operating lease, finance lease and lease financing transaction liabilities $ 258,353  $ 28,367  $ 89,051  $ 375,771
Future Minimum Lease Payments - Finance Leases	Future minimum lease payments for operating leases, finance leases and lease financing transactions were as follows (in thousands):   As of June 30, 2023   Operating Leases Finance Leases Lease Financing Transactions Total Remainder of 2023 $ 45,285  $ 1,488  $ 8,361  $ 55,134  2024 75,927  6,504  15,573  98,004  2025 59,264  6,477  13,831  79,572  2026 43,129  6,219  14,369  63,717  2027 27,812  5,691  11,756  45,259  Thereafter 29,696  3,452  25,161  58,309  Total future minimum payments related to operating leases, finance leases and lease financing transactions 281,113  29,831  89,051  399,995  Less imputed interest (22,760) (1,464) —  (24,224) Total operating lease, finance lease and lease financing transaction liabilities $ 258,353  $ 28,367  $ 89,051  $ 375,771
Other Information Related to Leases	The weighted average remaining lease terms and discount rates were as follows:   As of June 30, 2023 Weighted average remaining lease term (in years): Operating leases 4.26 Finance leases 5.60 Weighted average discount rate: Operating leases 3.9  % Finance leases 6.1  %

v3.23.2

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Treasury Stock	Quanta repurchased the following shares of common stock in the open market under its stock repurchase program (in thousands): Quarter ended: Shares Amount June 30, 2023 —  $ —  March 31, 2023 —  —  December 31, 2022 87  $ 11,403  September 30, 2022 158  $ 21,033  June 30, 2022 731  $ 84,884  March 31, 2022 85  $ 10,426
Dividends	Quanta declared and paid the following cash dividends and cash dividend equivalents during 2022 and the first six months of 2023 (in thousands, except per share amounts): Declaration Record Payment Dividend Dividends Date Date Date Per Share Declared May 23, 2023 July 3, 2023 July 14, 2023 $ 0.08  $ 11,893  March 29, 2023 April 10, 2023 April 18, 2023 $ 0.08  $ 12,100  December 13, 2022 January 3, 2023 January 13, 2023 $ 0.08  $ 11,756  August 31, 2022 October 3, 2022 October 14, 2022 $ 0.07  $ 10,322  May 27, 2022 July 1, 2022 July 15, 2022 $ 0.07  $ 10,283  March 30, 2022 April 11, 2022 April 18, 2022 $ 0.07  $ 10,459

v3.23.2

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of RSUs and PSUs to be Settled in Common Stock Activity	A summary of the activity for RSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (RSUs in thousands): 2023 2022 RSUs Weighted Average Grant Date Fair Value (Per Unit) RSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 3,263  $78.74 3,880  $61.64 Granted 635  $158.93 801  $110.73 Vested (1,159) $67.23 (1,200) $48.96 Forfeited (101) $111.48 (98) $77.41 Unvested at June 30 2,638  $102.44 3,383  $77.47 A summary of the activity for PSUs to be settled in common stock for the six months ended June 30, 2023 and 2022 is as follows (PSUs in thousands): 2023 2022 PSUs Weighted Average Grant Date Fair Value (Per Unit) PSUs Weighted Average Grant Date Fair Value (Per Unit) Unvested at January 1 733  $65.39 931  $47.27 Granted 177  $174.50 148  $119.04 Vested (413) $35.12 (334) $40.15 Forfeited (3) $90.36 (17) $58.79 Unvested at June 30 494  $129.66 728  $64.83
Grant Date Fair Value for Awards of Performance Units Inputs	The Monte Carlo simulation valuation methodology applied the following key inputs: 2023 2022 Valuation date price based on March 9, 2023 and March 2, 2022 closing stock prices of Quanta common stock $160.55 $110.24 Historical volatility 35  % 39  % Risk-free interest rate 4.62  % 1.64  % Term in years 2.81 2.83

v3.23.2

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2023
Postemployment Benefits [Abstract]
Schedule of Changes in Fair Value of Plan Assets	Changes in the fair market value of Quanta’s COLI assets and deferred compensation liabilities largely offset and are recorded in the accompanying statements of operations as follows (in thousands):   Three Months Ended Six Months Ended June 30, June 30, Classification Change in fair market value of 2023 2022 2023 2022 (Loss) gain included in Selling, general and administrative expenses Deferred compensation liabilities $ (4,103) $ 10,110  $ (8,310) $ 14,037  Other income (expense), net COLI assets $ 3,266  $ (10,164) $ 6,412  $ (14,304)

v3.23.2

Detail of Certain Accounts (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and Cash Equivalents	Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):   June 30, 2023 December 31, 2022 Cash and cash equivalents held by domestic joint ventures $ 27,836  $ 14,291  Cash and cash equivalents held by foreign joint ventures 4,854  6,277  Total cash and cash equivalents held by joint ventures 32,690  20,568  Cash and cash equivalents held by captive insurance company 33,663  35,085  Cash and cash equivalents not held by joint ventures or captive insurance company 295,613  372,852  Total cash and cash equivalents $ 361,966  $ 428,505
Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following (in thousands):   June 30, 2023 December 31, 2022 Accounts payable, trade $ 1,672,778  $ 1,302,086  Accrued compensation and related expenses 469,661  469,048  Other accrued expenses 374,469  381,995  Accounts payable and accrued expenses $ 2,516,908  $ 2,153,129

v3.23.2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Reconciliation of Cash, Cash Equivalents, and Restricted Cash and Additional Supplemental Cash Flow Information	Reconciliations of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of such amounts shown in the statements of cash flows are as follows (in thousands): June 30, 2023 2022 Cash and cash equivalents $ 361,966  $ 150,653  Restricted cash included in “Prepaid expenses and other current assets” (1) 5,205  1,763  Restricted cash included in “Other assets, net” (1) 1,141  950  Total cash, cash equivalents, and restricted cash reported in the statements of cash flows $ 368,312  $ 153,366  December 31, 2022 2021 Cash and cash equivalents $ 428,505  $ 229,097  Restricted cash included in “Prepaid expenses and other current assets” (1) 3,759  1,836  Restricted cash included in “Other assets, net” (1) 950  954  Total cash, cash equivalents, and restricted cash reported in the statements of cash flows $ 433,214  $ 231,887  (1)    Restricted cash includes any cash that is legally restricted as to withdrawal or usage. Additional supplemental cash flow information is as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash (paid) received during the period for: Interest paid $ (78,773) $ (42,959) Income taxes paid $ (128,925) $ (58,363) Income tax refunds $ 4,037  $ 5,470
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows (in thousands):   Six Months Ended June 30,   2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used by operating leases $ (47,470) $ (49,268) Operating cash flows used by finance leases $ (507) $ (54) Financing cash flows used by finance leases $ (992) $ (727) Lease assets obtained in exchange for lease liabilities: Operating leases $ 52,494  $ 24,723  Finance leases $ 25,373  $ 1,250  Lease financing transaction assets obtained in exchange for lease financing transaction liabilities $ 7,136  $ 27,153

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts - Revenue Disaggregated by Geographic Location and Contract Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 5,048,610	$ 4,232,003	$ 9,477,436	$ 8,197,528
Percent of total revenues (in percent)	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Revenues	$ 4,282,902	$ 3,667,337	$ 7,949,267	$ 6,991,306
Percent of total revenues (in percent)	84.80%	86.70%	83.90%	85.20%
Canada
Disaggregation of Revenue [Line Items]
Revenues	$ 523,258	$ 439,466	$ 1,065,618	$ 990,371
Percent of total revenues (in percent)	10.40%	10.40%	11.20%	12.10%
Australia
Disaggregation of Revenue [Line Items]
Revenues	$ 156,725	$ 89,369	$ 311,402	$ 144,570
Percent of total revenues (in percent)	3.10%	2.10%	3.30%	1.80%
Others
Disaggregation of Revenue [Line Items]
Revenues	$ 85,725	$ 35,831	$ 151,149	$ 71,281
Percent of total revenues (in percent)	1.70%	0.80%	1.60%	0.90%
Fixed price contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 2,296,888	$ 1,805,156	$ 4,231,776	$ 3,494,791
Percent of total revenues (in percent)	45.50%	42.70%	44.70%	42.60%
Unit-price contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 1,697,629	$ 1,451,905	$ 3,195,023	$ 2,809,507
Percent of total revenues (in percent)	33.60%	34.30%	33.70%	34.30%
Cost-plus contracts
Disaggregation of Revenue [Line Items]
Revenues	$ 1,054,093	$ 974,942	$ 2,050,637	$ 1,893,230
Percent of total revenues (in percent)	20.90%	23.00%	21.60%	23.10%

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts - Additional Information (Details) $ in Millions			3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($) customer	Jun. 30, 2023 USD ($) customer	Jun. 30, 2022 USD ($) customer
Disaggregation of Revenue [Line Items]
Percent of total revenues recognized associated with revenue recognition method			54.00%	51.70%	52.40%	51.50%
Revenues recognized related to change orders and claims	$ 745.1	$ 549.3	$ 745.1		$ 745.1
Change in contract estimates, favorable (unfavorable) impact on revenue, percent			0.70%	1.50%	0.30%	1.00%
Change in contract estimates, (favorable) unfavorable impact on operating results, percent				(10.00%)	(5.00%)	(6.20%)
Change in contract estimates, (favorable) unfavorable impact on operating results, amount				$ (62.3)	$ 20.7	$ (72.7)
Revenue recognized related to amounts in contract liabilities outstanding at the beginning of period					897.8
Current retainage balances	483.9	397.6	$ 483.9		483.9
Non-current retainage balances	147.8	136.2	147.8		147.8
Unbilled receivables	929.4	823.9	929.4		929.4
Unearned revenues, current portion	$ 61.6	$ 59.6	$ 61.6		$ 61.6
Canada Transmission Project
Disaggregation of Revenue [Line Items]
Change in contract estimates, (favorable) unfavorable impact on operating results, amount				$ 13.0		$ 23.7
Projects In Progress
Disaggregation of Revenue [Line Items]
Change in contract estimates, (favorable) unfavorable impact on operating results, percent			5.00%
Customer Concentration Risk
Disaggregation of Revenue [Line Items]
Number of customers representing ten percent or more of revenues | customer			0	0	0	0
Customer Concentration Risk | One Customer | Accounts Receivable | Renewable Energy Infrastructure Solutions
Disaggregation of Revenue [Line Items]
Concentration risk percentage (in percent)	15.00%	13.00%

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts - Performance Obligations Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Remaining performance obligation	$ 12,480	$ 8,800
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation expected to be recognized		72.10%
Recognition period for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of remaining performance obligation expected to be recognized	70.70%
Recognition period for remaining performance obligation		12 months

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1,357,233	$ 1,080,206
Contract liabilities	$ 1,128,864	$ 1,141,518

v3.23.2

Revenue Recognition and Related Balance Sheet Accounts - Composition of the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 16,530	$ 49,916	$ 15,644	$ 49,749
Increase in provision for credit losses	2,889	(428)	5,247	(295)
Write-offs charged against the allowance net of recoveries of amounts previously written off	(5,511)	219	(6,983)	253
Balance at end of period	$ 13,908	$ 49,707	$ 13,908	$ 49,707

v3.23.2

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	3

v3.23.2

Segment Information - Summarized Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 5,048,610	$ 4,232,003	$ 9,477,436	$ 8,197,528
Operating income (loss)	$ 279,273	$ 208,356	$ 405,133	$ 325,872
Operating income (loss) margin, percentage	5.50%	4.90%	4.30%	4.00%
Equity in earnings of integral unconsolidated affiliates	$ 9,370	$ 18,565	$ 18,990	$ 33,717
Non-cash stock-based compensation			62,058	51,082
Depreciation	79,876	73,959	158,258	144,913
Integral Unconsolidated Affiliates | Related Party
Segment Reporting Information [Line Items]
Equity in earnings of integral unconsolidated affiliates	$ 9,400	$ 18,600	$ 19,000	$ 33,700
Revenue from Contract with Customer, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage (in percent)	100.00%	100.00%	100.00%	100.00%
Corporate and Non-Allocated Costs
Segment Reporting Information [Line Items]
Operating income (loss)	$ (182,438)	$ (195,424)	$ (368,956)	$ (399,444)
Operating income (loss) margin, percentage	(3.60%)	(4.60%)	(3.90%)	(4.90%)
Amortization	$ 70,000	$ 107,900	$ 142,400	$ 223,700
Non-cash stock-based compensation	34,600	28,100	62,100	51,100
Depreciation	8,703	6,333	13,642	11,337
Electric Power Infrastructure Solutions | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,415,254	2,199,430	4,751,291	4,338,127
Operating income (loss)	$ 244,017	$ 232,150	$ 459,166	$ 435,569
Operating income (loss) margin, percentage	10.10%	10.60%	9.70%	10.00%
Depreciation	$ 41,357	$ 36,781	$ 83,442	$ 73,560
Electric Power Infrastructure Solutions | Operating Segments | Revenue from Contract with Customer, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage (in percent)	47.90%	52.00%	50.10%	52.90%
Renewable Energy Infrastructure Solutions | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 1,389,368	$ 924,236	$ 2,397,668	$ 1,799,868
Operating income (loss)	$ 110,487	$ 81,687	$ 146,143	$ 151,629
Operating income (loss) margin, percentage	8.00%	8.80%	6.10%	8.40%
Depreciation	$ 10,681	$ 10,178	$ 21,539	$ 18,411
Renewable Energy Infrastructure Solutions | Operating Segments | Revenue from Contract with Customer, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage (in percent)	27.50%	21.80%	25.30%	22.00%
Underground Utility and Infrastructure Solutions | Operating Segments
Segment Reporting Information [Line Items]
Revenues	$ 1,243,988	$ 1,108,337	$ 2,328,477	$ 2,059,533
Operating income (loss)	$ 107,207	$ 89,943	$ 168,780	$ 138,118
Operating income (loss) margin, percentage	8.60%	8.10%	7.20%	6.70%
Depreciation	$ 19,135	$ 20,667	$ 39,635	$ 41,605
Underground Utility and Infrastructure Solutions | Operating Segments | Revenue from Contract with Customer, Segment Benchmark | Segment Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage (in percent)	24.60%	26.20%	24.60%	25.10%

v3.23.2

Acquisitions - Narrative (Details)	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2023 USD ($) business shares	Jul. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Net tangible assets acquired						$ 184,800,000
Intangible assets						120,500,000
Goodwill						306,600,000
Cash payment for contingent consideration liabilities				$ 5,000,000	$ 1,600,000
Acquisitions 2023
Business Acquisition [Line Items]
Number of businesses acquired | business	3
Cash consideration	$ 463,500,000
Number of shares granted for acquired companies (in shares) | shares	1,018,946
Value of Quanta common stock issued	$ 123,500,000			123,503,000
Cash consideration				463,482,000
Intangible assets				107,430,000
Goodwill				293,988,000
Goodwill expected to be deductible for income tax			$ 238,200,000	238,200,000		238,200,000
Revenues included in consolidated results of operations				236,600,000
Income (loss) before taxes				(3,200,000)
Amortization expense			6,400,000	15,000,000
Acquisition costs				17,800,000
Acquisitions 2022
Business Acquisition [Line Items]
Cash consideration		$ 22,300,000
Post-acquisition period, financial performance objectives (in years)		5 years
Acquisitions, Multiple Periods
Business Acquisition [Line Items]
Contingent consideration payments (up to)			321,800,000	$ 321,800,000		$ 321,800,000
Construction Contracting Services Business Acquisition
Business Acquisition [Line Items]
Revenues included in consolidated results of operations			143,100,000
Income (loss) before taxes			12,900,000
Acquisition costs			$ 0

v3.23.2

Acquisitions - Aggregate Consideration Paid or Payable and Allocation of Net Assets (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Goodwill			$ 306,600
Acquisitions 2023
Business Acquisition [Line Items]
Cash paid or payable		$ 463,482
Value of Quanta common stock issued	$ 123,500	123,503
Fair value of total consideration transferred or estimated to be transferred		586,985
Cash and cash equivalents		14,832	14,832
Accounts receivable		46,389	46,389
Contract assets		195	195
Inventories		56,960	56,960
Prepaid expenses and other current assets		4,392	4,392
Property and equipment		144,217	144,217
Operating lease assets		14,189	14,189
Other assets		4,553	4,553
Identifiable intangible assets		107,430	107,430
Accounts payable and accrued liabilities		(61,739)	(61,739)
Contract liabilities		(3,071)	(3,071)
Operating lease liabilities, current		(2,552)	(2,552)
Deferred tax liabilities, net		(20,556)	(20,556)
Operating lease liabilities, non-current		(12,242)	(12,242)
Total identifiable net assets		292,997	292,997
Goodwill		293,988
Fair value of net assets acquired		$ 586,985	$ 586,985

v3.23.2

Acquisitions - Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value		$ 120,500
Acquisitions 2023
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 107,430
Weighted Average Amortization Period in Years	5 years 6 months
Acquisitions 2023 | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 79,240
Weighted Average Amortization Period in Years	4 years 7 months 6 days
Acquisitions 2023 | Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 11,095
Weighted Average Amortization Period in Years	10 months 24 days
Acquisitions 2023 | Trade names
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 12,615
Weighted Average Amortization Period in Years	15 years
Acquisitions 2023 | Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Estimated Fair Value	$ 4,480
Weighted Average Amortization Period in Years	5 years

v3.23.2

Acquisitions - Significant Estimates Used by Management in Determining Fair Values of Customer Relationships Acquired (Details) - Customer relationships	6 Months Ended
	Jun. 30, 2023
Minimum
Goodwill And Intangible Assets [Line Items]
Discount rates (in percent)	15.00%
Customer attrition rates (in percent)	10.00%
Maximum
Goodwill And Intangible Assets [Line Items]
Discount rates (in percent)	19.00%
Customer attrition rates (in percent)	20.00%
Weighted Average
Goodwill And Intangible Assets [Line Items]
Discount rates (in percent)	17.00%
Customer attrition rates (in percent)	18.00%

v3.23.2

Acquisitions - Aggregate Fair Values of Outstanding Contingent Consideration Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Total contingent consideration liabilities	$ 143,517	$ 148,517
Accounts payable and accrued expenses
Business Acquisition, Contingent Consideration [Line Items]
Accounts payable and accrued expenses	0	5,000
Insurance and other non-current liabilities
Business Acquisition, Contingent Consideration [Line Items]
Insurance and other non-current liabilities	$ 143,517	$ 143,517

v3.23.2

Acquisitions - Factors Used to Determine Fair Value of Contingent Consideration Liabilities (Details) - Level 3 - Recurring - Valuation, Market Approach	Jun. 30, 2023
Minimum | Volatility factors
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.350
Minimum | Weighted average cost of capital
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.140
Minimum | Discount rates
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.0406
Maximum | Volatility factors
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.430
Maximum | Weighted average cost of capital
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.1550
Maximum | Discount rates
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.0690
Weighted Average | Volatility factors
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.352
Weighted Average | Weighted average cost of capital
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.140
Weighted Average | Discount rates
Business Acquisition [Line Items]
Contingent consideration liability, measurement input (in percent)	0.065

v3.23.2

Acquisitions - Unaudited Supplemental Pro Forma Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Revenues	$ 5,048,610	$ 4,358,240	$ 9,477,436	$ 8,450,003
Net income attributable to common stock	$ 165,899	$ 88,671	$ 260,945	$ 173,129

v3.23.2

Investments in Affiliates and Other Entities - Equity Investments by Type (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Marketable equity securities	$ 0	$ 0
Non-marketable equity securities	53,624	54,134
Total equity investments	177,762	211,218
Integral Affiliates
Schedule of Equity Method Investments [Line Items]
Equity method investments	95,550	101,251
Non-Integral Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 28,588	$ 55,833

v3.23.2

Investments in Affiliates and Other Entities - Equity Method Investments (Details) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) investment	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions to non-controlling interests	$ 1,177	$ 8,741		$ 80	$ 538
Accounts receivable, net	4,075,206		$ 3,674,525			$ 4,075,206
Accounts payable and accrued expenses	2,516,908		$ 2,153,129			2,516,908
Revenues	5,048,610			4,232,003		9,477,436	$ 8,197,528
Cost of services	4,324,511			3,607,413		8,180,142	7,024,767
Equity in earnings of integral unconsolidated affiliates	9,370			18,565		18,990	33,717
Non-controlling Interests
Schedule of Equity Method Investments [Line Items]
Distributions to non-controlling interests	1,177	$ 8,741		80	$ 538
Non-Integral Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Number of investments sold | investment			1
Realized gain (loss) on disposal			$ 25,900
Cash received						58,500
Equity in earnings of non-integral unconsolidated affiliates	500			9,600		2,100	14,900
Non-Integral Unconsolidated Affiliates | Non-controlling Interests
Schedule of Equity Method Investments [Line Items]
Realized gain (loss) on disposal			10,400
Distributions to non-controlling interests						9,800
Integral Affiliates | Related Party
Schedule of Equity Method Investments [Line Items]
Accounts receivable, net	87,500		96,900			87,500
Accounts payable and accrued expenses	11,600		$ 9,300			11,600
Revenues	50,200			26,400		98,500	51,500
Cost of services	21,200			21,900		33,200	72,300
Integral Unconsolidated Affiliates | Related Party
Schedule of Equity Method Investments [Line Items]
Equity in earnings of integral unconsolidated affiliates	9,400			$ 18,600		19,000	$ 33,700
Integral and Non-Integral Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Undistributed earnings of unconsolidated affiliates	$ 16,600					$ 16,600

v3.23.2

Investments in Affiliates and Other Entities - Marketable and Non-Marketable Equity Securities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Equity security fair value		$ 0	$ 0
Starry Group Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Equity security fair value		0	$ 0
Unrealized loss on investment	$ 91,500,000	$ 91,500,000

v3.23.2

Per Share Information - Basic and Diluted Earnings Per Share Attributable to Common Stock (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amounts attributable to common stock:
Net income attributable to common stock, basic	$ 165,899	$ 88,020	$ 260,945	$ 172,661
Net income attributable to common stock, diluted	$ 165,899	$ 88,020	$ 260,945	$ 172,661
Weighted average shares:
Weighted average shares outstanding for basic earnings per share attributable to common stock (in shares)	145,422	143,851	144,947	143,697
Effect of dilutive unvested non-participating stock-based awards (in shares)	3,351	4,360	3,770	4,630
Weighted average shares outstanding for diluted earnings per share attributable to common stock (in shares)	148,773	148,211	148,717	148,327

v3.23.2

Debt Obligations - Long-term Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Borrowings under senior credit facility (including Term Loan)	$ 958,065	$ 786,910
Other long-term debt	97,117	92,907
Finance leases	28,367	3,542
Unamortized discount and financing costs	(24,978)	(26,432)
Total long-term debt obligations	4,257,771	3,729,927
Less — Current maturities of long-term debt	41,249	37,495
Long-term debt, net of current maturities	4,216,522	3,692,432
Senior Notes
Debt Instrument [Line Items]
Long-term debt	2,480,000
Unamortized discount and financing costs	$ (22,100)
Senior Notes Due October 2024 | Senior Notes
Debt Instrument [Line Items]
Interest rate (in percent)	0.95%
Long-term debt	$ 500,000	500,000
Senior Notes Due October 2030 | Senior Notes
Debt Instrument [Line Items]
Interest rate (in percent)	2.90%
Long-term debt	$ 1,000,000	1,000,000
Senior Notes Due January 2032 | Senior Notes
Debt Instrument [Line Items]
Interest rate (in percent)	2.35%
Long-term debt	$ 500,000	500,000
Senior Notes Due October 2041 | Senior Notes
Debt Instrument [Line Items]
Interest rate (in percent)	3.05%
Long-term debt	$ 500,000	500,000
Commercial Paper Program | Commercial Paper
Debt Instrument [Line Items]
Borrowings under senior credit facility (including Term Loan)	$ 699,200	$ 373,000

v3.23.2

Debt Obligations - Senior Notes (Details) - Senior Notes $ in Thousands	Jun. 30, 2023 USD ($)
Senior Notes Due October 2024
Debt Instrument [Line Items]
Interest rate (in percent)	0.95%
Semi-annual interest payable	$ 2,375
Senior Notes Due October 2030
Debt Instrument [Line Items]
Interest rate (in percent)	2.90%
Semi-annual interest payable	$ 14,500
Senior Notes Due January 2032
Debt Instrument [Line Items]
Interest rate (in percent)	2.35%
Semi-annual interest payable	$ 5,875
Senior Notes Due October 2041
Debt Instrument [Line Items]
Interest rate (in percent)	3.05%
Semi-annual interest payable	$ 7,625

v3.23.2

Debt Obligations - Senior Notes Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Unamortized discount and financing costs	$ 24,978	$ 26,432
Senior Notes
Debt Instrument [Line Items]
Long-term debt, fair value	2,060,000
Long-term debt	2,480,000
Unamortized discount and financing costs	$ 22,100

v3.23.2

Debt Obligations - Senior Credit Facility Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Oct. 08, 2021
Line of Credit Facility [Line Items]
Amount borrowed under the credit facility	$ 958,065		$ 958,065		$ 786,910
Deferred financing costs	7,200		7,200		$ 8,300
Amortization of deferred financing costs	1,500	$ 1,500	3,000	$ 2,900
Senior Credit Facility
Line of Credit Facility [Line Items]
Credit facility available for revolving loans or issuing new letters of credit	1,410,000		1,410,000
Senior Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Amount borrowed under the credit facility	217,400		217,400
Term Loan | Senior Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity						$ 750,000
Amount borrowed under the credit facility	740,600		740,600
Revolving Credit Facility | Senior Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Borrowing capacity						$ 2,640,000
Letters of Credit | Senior Credit Facility
Line of Credit Facility [Line Items]
Letters of credit and bank guarantees	312,700		312,700
Letters of Credit and Bank Guarantees | Senior Credit Facility | U.S. Dollar
Line of Credit Facility [Line Items]
Letters of credit and bank guarantees	223,200		223,200
Letters of Credit and Bank Guarantees | Senior Credit Facility | Canadian Dollars
Line of Credit Facility [Line Items]
Letters of credit and bank guarantees	$ 89,500		$ 89,500

v3.23.2

Debt Obligations - Borrowings under Credit Facility and Applicable Interest Rates (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Debt Disclosure [Abstract]
Maximum amount outstanding	$ 987,348	$ 1,597,744
Average daily amount outstanding	$ 909,662	$ 1,361,728
Weighted-average interest rate (in percent)	6.22%	2.04%

v3.23.2

Debt Obligations - Commercial Paper Program and Additional Letters of Credit Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount borrowed under the credit facility	$ 958,065	$ 786,910
Commercial Paper Program | Commercial Paper
Debt Instrument [Line Items]
Amount borrowed under the credit facility	$ 699,200	$ 373,000
Weighted average interest rate, at point in time	5.95%
Commercial Paper Program | Commercial Paper | Weighted Average
Debt Instrument [Line Items]
Weighted average maturity of outstanding notes under the unsecured commercial paper program (in days)	21 days
Surety-Backed Letters Of Credit
Debt Instrument [Line Items]
Letters of credit and bank guarantees	$ 212,800

v3.23.2

Debt Obligations - Commercial Paper Program Schedule (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Line of Credit Facility [Line Items]
Maximum amount outstanding	$ 987,348	$ 1,597,744
Average daily amount outstanding	$ 909,662	$ 1,361,728
Weighted-average interest rate (in percent)	6.22%	2.04%
Commercial Paper Program | Commercial Paper
Line of Credit Facility [Line Items]
Maximum amount outstanding	$ 841,400
Average daily amount outstanding	$ 622,756
Weighted-average interest rate (in percent)	5.64%

v3.23.2

Leases - Components of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease cost:
Amortization of lease assets	$ 1,102	$ 436	$ 2,013	$ 876
Interest on lease liabilities	299	28	507	55
Operating lease cost	23,140	24,248	46,363	49,125
Short-term and variable lease cost	249,868	224,088	487,946	443,387
Total lease cost	$ 274,409	$ 248,800	$ 536,829	$ 493,443

v3.23.2

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessee, Lease, Description [Line Items]
Future minimum lease payments for short-term leases	$ 19.6		$ 19.6
Related Party
Lessee, Lease, Description [Line Items]
Related party lease expense	$ 3.9	$ 3.8	$ 7.8	$ 7.4

v3.23.2

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 45,285
2024	75,927
2025	59,264
2026	43,129
2027	27,812
Thereafter	29,696
Total future minimum payments related to operating leases, finance leases and lease financing transactions	281,113
Less imputed interest	(22,760)
Total operating lease, finance lease and lease financing transaction liabilities	258,353
Finance Leases
Remainder of 2023	1,488
2024	6,504
2025	6,477
2026	6,219
2027	5,691
Thereafter	3,452
Total future minimum payments related to operating leases, finance leases and lease financing transactions	29,831
Less imputed interest	(1,464)
Total operating lease, finance lease and lease financing transaction liabilities	28,367	$ 3,542
Lease Financing Transactions
Remainder of 2023	8,361
2024	15,573
2025	13,831
2026	14,369
2027	11,756
Thereafter	25,161
Total future minimum payments related to operating leases, finance leases and lease financing transactions	89,051
Less imputed interest	0
Total operating lease, finance lease and lease financing transaction liabilities	89,051
Total
Remainder of 2023	55,134
2024	98,004
2025	79,572
2026	63,717
2027	45,259
Thereafter	58,309
Total future minimum payments related to operating leases, finance leases and lease financing transactions	399,995
Less imputed interest	(24,224)
Total operating lease, finance lease and lease financing transaction liabilities	$ 375,771

v3.23.2

Leases - Other Information Related to Leases (Details)	Jun. 30, 2023
Weighted average remaining lease term (in years):
Operating leases	4 years 3 months 3 days
Finance leases	5 years 7 months 6 days
Weighted average discount rate:
Operating leases	3.90%
Finance leases	6.10%

v3.23.2

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (in percent)	29.40%	30.00%	20.00%	20.90%
Benefits that resulted from equity incentive awards			$ 32,400	$ 21,200
Unrealized loss from mark-to-market adjustment on investment		$ 41,700	0	$ 50,047
Total amount of unrecognized tax benefits relating to uncertain tax positions	$ 46,300		46,300
Increase in the total amount of unrecognized tax benefits relating to uncertain tax positions			4,700
Increase in reserves for uncertain tax positions expected to be taken in current year			4,700
Reasonably possible reduction to the balance of unrecognized tax benefits in succeeding 12 months	$ 11,900		$ 11,900

v3.23.2

Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 23, 2023
Equity [Abstract]
Aggregate authorized amount of common stock to be repurchased (up to)					$ 500,000,000
Repurchase of common stock	$ 0	$ 84,900,000	$ 0	$ 94,364,000

v3.23.2

Equity - Repurchases of Common Stock Under Stock Repurchase Programs (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Shares (in shares)	0	0	87	158	731	85
Amount	$ 0	$ 0	$ 11,403	$ 21,033	$ 84,884	$ 10,426

v3.23.2

Equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended
	May 23, 2023	Mar. 29, 2023	Dec. 13, 2022	Aug. 31, 2022	May 27, 2022	Mar. 30, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.08	$ 0.08	$ 0.08	$ 0.07	$ 0.07	$ 0.07	$ 0.08	$ 0.08	$ 0.07	$ 0.07
Cash dividends declared	$ 11,893	$ 12,100	$ 11,756	$ 10,322	$ 10,283	$ 10,459	$ 11,893	$ 12,100	$ 10,283	$ 10,459

v3.23.2

Stock-Based Compensation - Summary of PSUs and RSUs to be Settled in Common Stock Activity (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock and RSUs to be Settled in Common Stock
Shares
Unvested, shares, beginning of period (in shares)	3,263	3,880
Shares granted (in shares)	635	801
Vested, shares (in shares)	(1,159)	(1,200)
Forfeited, shares (in shares)	(101)	(98)
Unvested, shares, end of period (in shares)	2,638	3,383
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value, beginning of period (in usd per share)	$ 78.74	$ 61.64
Granted, weighted average grant date fair value (in dollars per share)	158.93	110.73
Vested, weighted average grant date fair value (in usd per share)	67.23	48.96
Forfeited, weighted average grant date fair value (in usd per share)	111.48	77.41
Unvested, weighted average grant date fair value, end of period (in usd per share)	$ 102.44	$ 77.47
Performance Stock Units
Shares
Unvested, shares, beginning of period (in shares)	733	931
Shares granted (in shares)	177	148
Vested, shares (in shares)	(413)	(334)
Forfeited, shares (in shares)	(3)	(17)
Unvested, shares, end of period (in shares)	494	728
Weighted Average Grant Date Fair Value
Unvested, weighted average grant date fair value, beginning of period (in usd per share)	$ 65.39	$ 47.27
Granted, weighted average grant date fair value (in dollars per share)	174.50	119.04
Vested, weighted average grant date fair value (in usd per share)	35.12	40.15
Forfeited, weighted average grant date fair value (in usd per share)	90.36	58.79
Unvested, weighted average grant date fair value, end of period (in usd per share)	$ 129.66	$ 64.83

v3.23.2

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash stock compensation expense	$ 62,058	$ 51,082
Restricted Stock Units to be Settled in Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock, vested	182,800	135,700
Non-cash stock compensation expense	47,100	40,500
Unrecognized compensation cost, related to unvested RSUs to be settled in common stock, total	$ 182,900
Expected weighted average period to recognize compensation cost on RSUs to be settled in common stock (in years)	3 years 4 months 28 days
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of restricted stock, vested	$ 115,500	72,400
Non-cash stock compensation expense	15,000	$ 10,600
Unrecognized compensation cost, related to unvested RSUs to be settled in common stock, total	$ 43,400
Expected weighted average period to recognize compensation cost on RSUs to be settled in common stock (in years)	1 year 11 months 19 days
Number of common shares issued in connection with performance units (in shares)	0.7	0.7

v3.23.2

Stock-Based Compensation - Grant Date Fair Value for Awards of Performance Units Inputs (Details) - Performance Stock Units - $ / shares	Mar. 09, 2023	Mar. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Valuation date price based on closing stock prices (in dollars per share)	$ 160.55	$ 110.24
Historical volatility (in percent)	35.00%	39.00%
Risk-free interest rate (in percent)	4.62%	1.64%
Term in years	2 years 9 months 21 days	2 years 9 months 29 days

v3.23.2

Stock-Based Compensation - RSUs to be Settled in Cash (Details) - Restricted Stock Units to be Settled in Cash - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense related to RSUs to be settled in cash	$ 8.6	$ 6.7
Payments to settle liabilities under compensation plan	9.7	$ 8.7
Accrued liabilities under compensation plan	$ 10.3		$ 11.0

v3.23.2

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Postemployment Benefits [Abstract]
Deferred compensation liability, noncurrent	$ 81.4	$ 67.4
Shares needed for settlement of deferred compensation obligations (in shares)	207,512	252,026
Life insurance	$ 76.6	$ 64.0

v3.23.2

Employee Benefit Plans - Schedule of Fair Market Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Postemployment Benefits [Abstract]
(Loss) gain included in Selling, general and administrative expenses	$ (4,103)	$ 10,110	$ (8,310)	$ 14,037
Other income (expense), net	$ 3,266	$ (10,164)	$ 6,412	$ (14,304)

v3.23.2

Commitments and Contingencies - Legal Proceedings (Details) $ in Thousands	1 Months Ended			3 Months Ended	12 Months Ended		24 Months Ended	52 Months Ended
	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2020 USD ($)	Apr. 30, 2019 USD ($)	Jun. 30, 2023 USD ($)	Aug. 31, 2019 building	May 31, 2019 USD ($)
Loss Contingencies [Line Items]
Prepaid expenses and other current assets		$ 249,569			$ 249,569				$ 371,482
Other assets, net		622,736			622,736				633,569
Insurance and other non-current liabilities		567,519			567,519				595,022
Accounts payable and accrued expenses		2,153,129			2,153,129				2,516,908
Number of buildings with property damage | building										2
Lorenzo Benton v Telecom Network Specialists Inc
Loss Contingencies [Line Items]
Damages awarded					$ 17,300		$ 9,500
Reasonably possible estimate of loss									26,800
Redes | Project Contract Termination
Loss Contingencies [Line Items]
Advance payments received						$ 87,000
On-demand performance bonds						$ 25,000
Construction costs incurred								$ 157,000
Payments received on construction contracts								$ 100,000
Amount claimed in arbitration											$ 190,000
Amount awarded in arbitration			$ 177,000
Insurance recoveries	$ 6,700	$ 100,500
Charge to earnings related to legal proceedings				$ 79,200
Net receivable position on projects				$ 120,000
Redes | Insurance Recoveries
Loss Contingencies [Line Items]
Insurance and other non-current liabilities									$ 107,200
Redes | Telecommunication Networks Construction and Operation
Loss Contingencies [Line Items]
Term of post-construction operation and maintenance period						10 years
Redes | Telecommunication Networks Construction and Operation | Project Contract Termination
Loss Contingencies [Line Items]
Aggregate consideration for projects						$ 248,000
Aggregate consideration to be paid during the construction period						151,000
Aggregate consideration to be paid during the post-construction operation and maintenance period						$ 97,000

v3.23.2

Commitments and Contingencies - Silverado Wildfire Matter (Details) - Silverado Wildfire	1 Months Ended
	Mar. 31, 2019	Jun. 30, 2023 USD ($)	Oct. 31, 2020 a
Loss Contingencies [Line Items]
Damaged land (in acres) | a			13,000
Time of pole replacement before fire	19 months
Loss contingency accrual | $		$ 0

v3.23.2

Commitments and Contingencies - Insurance (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitment And Contingencies [Line Items]
Insurance and other non-current liabilities	$ 595,022	$ 567,519
Employer's Liability, Workers' Compensation, Auto Liability, General Liability and Group Health Care Claims
Commitment And Contingencies [Line Items]
Gross amount accrued for insurance claims	322,900	319,600
Insurance and other non-current liabilities	210,700	209,800
Related insurance recoveries/receivables	5,300	5,800
Related insurance recoveries/receivables included in prepaid expenses and other current assets	300	300
Long-term insurance receivables	$ 5,000	$ 5,500

v3.23.2

Commitments and Contingencies - Bonds and Parent Guarantees (Details) - Performance Bonds $ in Billions	Jun. 30, 2023 USD ($)
Guarantor Obligations [Line Items]
Total amount of outstanding performance bonds	$ 6.3
Estimate
Guarantor Obligations [Line Items]
Estimated cost to complete bonded projects	$ 2.4

v3.23.2

Commitments and Contingencies - Capital Commitments and Other Committed Expenditures (Details) - Vehicle Fleet Committed Capital $ in Millions	Jun. 30, 2023 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Estimated committed, remainder of fiscal year	$ 59.9
Estimated committed in 2024	$ 36.5

v3.23.2

Detail of Certain Accounts - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cash equivalents	$ 197.1	$ 260.1
Accumulated depreciation on property and equipment	1,740.0	1,650.0
Accumulated amortization on other intangible assets	1,170.0	1,020.0
Foreign Countries
Property, Plant and Equipment [Line Items]
Property and equipment	$ 278.6	$ 298.0

v3.23.2

Detail of Certain Accounts - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 361,966	$ 428,505	$ 150,653	$ 229,097
Domestic Joint Ventures
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	27,836	14,291
Foreign Joint Ventures
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	4,854	6,277
Investments in Joint Ventures
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	32,690	20,568
Captive Insurance Company
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	33,663	35,085
Cash Not Held by Joint Ventures
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 295,613	$ 372,852

v3.23.2

Detail of Certain Accounts - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable, trade	$ 1,672,778	$ 1,302,086
Accrued compensation and related expenses	469,661	469,048
Other accrued expenses	374,469	381,995
Accounts payable and accrued expenses	$ 2,516,908	$ 2,153,129

v3.23.2

Supplemental Cash Flow Information - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Cash, Cash Equivalents and Restricted Cash [Line Items]
Cash and cash equivalents	$ 361,966	$ 428,505	$ 150,653	$ 229,097
Total cash, cash equivalents, and restricted cash reported in the statements of cash flows	368,312	433,214	153,366	231,887
Prepaid Expenses and Other Current Assets
Cash, Cash Equivalents and Restricted Cash [Line Items]
Restricted cash and cash equivalents	5,205	3,759	1,763	1,836
Other Assets
Cash, Cash Equivalents and Restricted Cash [Line Items]
Restricted cash and cash equivalents	$ 1,141	$ 950	$ 950	$ 954

v3.23.2

Supplemental Cash Flow Information - Supplemental Cash Flow Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used by operating leases	$ (47,470)	$ (49,268)
Operating cash flows used by finance leases	(507)	(54)
Financing cash flows used by finance leases	(992)	(727)
Lease assets obtained in exchange for lease liabilities:
Operating leases	52,494	24,723
Finance leases	25,373	1,250
Lease financing transaction assets obtained in exchange for lease financing transaction liabilities	$ 7,136	$ 27,153

v3.23.2

Supplemental Cash Flow Information - Additional Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ (78,773)	$ (42,959)
Income taxes paid	(128,925)	(58,363)
Income tax refunds	$ 4,037	$ 5,470

v3.23.2

Supplemental Cash Flow Information - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Accrued capital expenditures	$ 31.2	$ 27.7

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