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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Summary of Aggregate Consideration Paid or Payable and Allocation of Amounts to the Net Tangible and Identifiable Intangible Assets | The following table summarizes the aggregate consideration paid or payable as of September 30, 2017 for the 2017 acquisitions and 2016 acquisitions and presents the allocation of these amounts to the net tangible and identifiable intangible assets based on their estimated fair values as of the respective acquisition dates, inclusive of any purchase price adjustments. This allocation requires a significant use of estimates and is based on information that was available to management at the time these consolidated financial statements were prepared (in thousands).
| 2017 |  | 2016
| Stronghold |  | Other Acquisitions |  | All Acquisitions
Consideration: |  |  |  |  |
Cash paid or payable | $ | 360,009 |  |  | $ | 11,904 |  |  | $ | 75,941 |
Value of Quanta common stock issued | 81,337 |  |  | 8,267 |  |  | 1,508 |
Contingent consideration | 51,084 |  |  | — |  |  | 18,683 |
Fair value of total consideration transferred or estimated to be transferred | $ | 492,430 |  |  | $ | 20,171 |  |  | $ | 96,132 |
Accounts receivable | $ | 77,478 |  |  | $ | 7,157 |  |  | $ | 14,414 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 22,496 |  |  | 193 |  |  | 1,237 |
Other current assets | 20,914 |  |  | 170 |  |  | 8,582 |
Property and equipment | 51,258 |  |  | 1,480 |  |  | 44,863 |
Other assets | 1,513 |  |  | 12 |  |  | 2,553 |
Identifiable intangible assets | 95,700 |  |  | 8,091 |  |  | 11,467 |
Current liabilities | (82,418 | ) |  | (2,798 | ) |  | (12,097 | )
Deferred tax liabilities, net | — |  |  | — |  |  | (13,484 | )
Other long-term liabilities | (48 | ) |  | — |  |  | (5,326 | )
Total identifiable net assets | 186,893 |  |  | 14,305 |  |  | 52,209 |
Goodwill | 305,537 |  |  | 5,866 |  |  | 43,923 |
| $ | 492,430 |  |  | $ | 20,171 |  |  | $ | 96,132 |
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 2017 acquisitions 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).
| Estimated |  | Weighted Average
| Fair Value at |  | Amortization Period in Years
| Acquisition Dates |  | at Acquisition Dates
Customer relationships | $ | 76,213 |  |  | 6.8
Backlog | 333 |  |  | 2.0
Trade names | 18,815 |  |  | 15.0
Non-compete agreements | 8,430 |  |  | 5.0
Total intangible assets subject to amortization acquired in 2017 acquisitions | $ | 103,791 |  |  | 8.1
Unaudited Supplemental Pro Forma Results of Operations | Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Revenues | $ | 2,631,137 |  |  | $ | 2,174,123 |  |  | $ | 7,234,193 |  |  | $ | 5,970,857 |
Gross profit | $ | 355,830 |  |  | $ | 331,409 |  |  | $ | 978,446 |  |  | $ | 796,989 |
Selling, general and administrative expenses | $ | 205,025 |  |  | $ | 184,014 |  |  | $ | 614,819 |  |  | $ | 541,328 |
Amortization of intangible assets | $ | 10,022 |  |  | $ | 11,576 |  |  | $ | 29,926 |  |  | $ | 34,696 |
Net income from continuing operations | $ | 89,839 |  |  | $ | 75,866 |  |  | $ | 205,344 |  |  | $ | 118,853 |
Net income from continuing operations attributable to common stock | $ | 89,303 |  |  | $ | 75,456 |  |  | $ | 204,112 |  |  | $ | 117,913 |
Earnings per share from continuing operations: |  |  |  |  |  |  |
Basic | $ | 0.56 |  |  | $ | 0.48 |  |  | $ | 1.29 |  |  | $ | 0.73 |
Diluted | $ | 0.56 |  |  | $ | 0.48 |  |  | $ | 1.28 |  |  | $ | 0.73 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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