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Equity | 12 Months Ended
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Dec. 31, 2017
Equity [Abstract] |
Equity | EQUITY: Exchangeable Shares and Series F and Series G Preferred Stock In connection with certain Canadian acquisitions, the former owners of the acquired companies received exchangeable shares of certain Canadian subsidiaries of Quanta, which may be exchanged at the option of the holders for Quanta common stock on a one-for-one basis. The holders of exchangeable shares can make an exchange only once in any calendar quarter and must exchange a minimum of either 50,000 shares or, if less, the total number of remaining exchangeable shares registered in the name of the holder making the request. Additionally, in connection with two of such acquisitions, Quanta issued one share of Quanta Series F preferred stock and one share of Quanta Series G preferred stock to voting trusts on behalf of the respective holders of the exchangeable shares issued in such acquisitions. The one share of Quanta Series F preferred stock was subsequently redeemed and retired effective October 6, 2017. The share of Quanta Series G preferred stock provides the holder of such exchangeable shares voting rights in Quanta common stock equivalent to the number of exchangeable shares outstanding. The holder of exchangeable shares associated with the Quanta Series G preferred stock has rights equivalent to Quanta common stockholders with respect to voting, dividends and other economic rights. The holders of exchangeable shares not associated with the Quanta Series G preferred stock have rights equivalent to Quanta common stockholders with respect to dividends and other economic rights but do not have voting rights. During 2017, 2016 and 2015, 6.0 million, 0.4 million and 0.4 million exchangeable shares were exchanged for Quanta common stock. As of December 31, 2017, the Quanta Series G preferred stock remained outstanding and 0.5 million exchangeable shares remained outstanding, of which 0.4 million were associated with the Quanta Series G preferred stock. Treasury Stock General Treasury stock is recorded at cost. Under Delaware corporate law, treasury stock is not counted for quorum purposes or entitled to vote. Shares withheld for tax withholding obligations Under the stock incentive plans described in Note 12, the tax withholding obligations of employees upon vesting of restricted stock, RSUs and performance units settled in common stock are typically satisfied by Quanta making such tax payments and withholding the number of vested shares having a value on the date of vesting equal to the tax withholding obligation. For the settlement of these employee tax liabilities, Quanta withheld 0.5 million shares of Quanta common stock during the year ended December 31, 2017, with a total market value of $18.6 million, 0.4 million shares of Quanta common stock during the year ended December 31, 2016 with a total market value of $8.3 million, and 0.4 million shares of Quanta common stock during the year ended December 31, 2015 with a total market value of $10.4 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Notional amounts recorded related to deferred compensation plans For RSUs and performance units that vest but the settlement of which is deferred under Quanta’s deferred compensation plans, Quanta records an amount to treasury stock and an offsetting amount to APIC. No shares are recorded as treasury stock at vesting as the shares of Quanta common stock associated with deferred equity awards are not issued. Upon settlement of the deferred equity awards and issuance of the associated Quanta common stock, the original accounting entry is reversed. The net amounts recorded to treasury stock related to the deferred compensation plans during the years ended December 31, 2017, 2016 and 2015 were $2.6 million, $6.8 million and $6.6 million, respectively. An aggregate $16.9 million was included in treasury stock for notional amounts related to deferred compensation plans at December 31, 2017. Retirement of Treasury Stock Effective December 1, 2016, Quanta retired 84.8 million shares of treasury stock. These retired shares were restored to the status of authorized and unissued shares as permitted by Delaware law. The retired stock had a carrying amount of $1.95 billion. In accordance with Quanta’s policy, Quanta recorded the formal retirement of treasury stock by deducting the par value from common stock and the excess of cost over par value from APIC. Stock repurchases During the second quarter of 2017, Quanta’s board of directors approved a stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2020, up to $300.0 million of its outstanding common stock (the 2017 Repurchase Program). Repurchases under the 2017 Repurchase Program can be made in open market and privately negotiated transactions. As of December 31, 2017, Quanta had repurchased 1.4 million shares of its common stock at a cost of $50.0 million in the open market under the 2017 Repurchase Program. During the third quarter of 2015, Quanta’s board of directors approved a stock repurchase program that authorized Quanta to purchase, from time to time through February 28, 2017, up to $1.25 billion of its outstanding common stock (the 2015 Repurchase Program). During 2015, Quanta repurchased 19.2 million shares of its common stock at a cost of $449.9 million in the open market under the 2015 Repurchase Program. During the third quarter of 2015, Quanta also entered into an accelerated share repurchase arrangement (the ASR) to repurchase $750.0 million of its common stock under the 2015 Repurchase Program. Pursuant to the terms of the ASR, based on the final volume-weighted average share price during the term of the ASR, minus a discount and subject to other adjustments, Quanta paid $750.0 million to JPMorgan Chase Bank, National Association, London Branch (JPMorgan) and received 25.7 million shares of its common stock in the third quarter of 2015 and 9.4 million shares of its common stock in the second quarter of 2016. As a result, Quanta repurchased a total of 54.3 million shares of its common stock at a cost of $1.20 billion under the 2015 Repurchase Program prior to its termination on February 28, 2017. During the fourth quarter of 2013, Quanta’s board of directors approved a stock repurchase program authorizing Quanta to purchase, from time to time through December 31, 2016, up to $500 million of its outstanding common stock (the 2013 Repurchase Program). During the year ended December 31, 2015, Quanta repurchased 14.3 million shares of its common stock at a cost of $406.5 million in the open market and completed the 2013 Repurchase Program. Non-controlling Interests Quanta holds investments in several joint ventures that provide infrastructure services under specific customer contracts. Quanta has determined that certain of these joint ventures are VIEs, with Quanta providing the majority of the infrastructure services to the joint venture, which management believes most significantly influences the economic performance of the joint venture. Management has concluded that Quanta is the primary beneficiary of each of the joint ventures determined to be VIEs and has accounted for each on a consolidated basis. The other parties’ equity interests in these joint ventures have been accounted for as “Non-controlling interests” in Quanta’s consolidated balance sheets. Net income attributable to the other joint venture members in the amounts of $3.2 million, $1.7 million and $10.9 million for the years ended December 31, 2017, 2016 and 2015, respectively, has been accounted for as a reduction of net income in deriving “Net income attributable to common stock” in Quanta’s consolidated statements of operations. The carrying amount of the investments held by Quanta in all of its VIEs was $7.8 million and $3.3 million at December 31, 2017 and 2016. The carrying amount of investments held by the non-controlling interests in these VIEs at December 31, 2017 and 2016 was $4.1 million and $3.3 million. During the years ended December 31, 2017, 2016 and 2015, net distributions to non-controlling interests were $2.0 million, $0.8 million and $18.9 million. There were also a discharge of a note receivable from a joint venture partner of $0.5 million, which was accounted for as a “Buyout of a non-controlling interest” in the accompanying consolidated statement of equity for the year ended December 31, 2017. There were no other changes in equity as a result of transfers to/from the non-controlling interests during the years ended December 31, 2017, 2016 and 2015. See Note 15 for further disclosures related to Quanta’s joint venture arrangements.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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