XML 39 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Event
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Event SUBSEQUENT EVENTS:
PG&E Bankruptcy
On January 29, 2019, one of Quanta’s largest customers, PG&E, filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code, as amended. Quanta is monitoring the bankruptcy proceeding and evaluating the treatment of, and potential claims related to, its pre-petition receivables. As of December 31, 2018, Quanta had $102.4 million of receivables from PG&E, of which $79.9 million was unpaid and outstanding on the bankruptcy filing date. Quanta currently believes it will ultimately collect the amounts owed, whether through assumption of certain executory contracts or through amounts approved by the bankruptcy court for payment to certain of PG&E’s safety and reliability suppliers. As with any bankruptcy, that belief is based on a number of assumptions that are potentially subject to change as the bankruptcy matter progresses. Should any of those assumptions change, the amount collected could be materially less than the amount of Quanta’s pre-petition receivables. Additionally, Quanta is continuing to perform services for PG&E while the bankruptcy case is ongoing and believes that amounts billed for post-petition services will be collected in the ordinary course.
Acquisition
On January 24, 2019, Quanta acquired an electric power specialty contracting business located in the United States. The purchase price for this acquisition was approximately $47.0 million, which included the repayment of certain indebtedness of the acquired business. The results of the acquired business will generally be included in Quanta’s Electrical Power Infrastructure Services segment and consolidated financial statements beginning on the acquisition date.