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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Revenue Disaggregated by Geographic Location and Contract Type

The following tables present Quanta’s revenue disaggregated by geographic location and contract type for the year ended December 31, 2018 (in thousands):

		Year Ended December 31, 2018
By primary geographic location:
United States		$	8,575,341			76.7	%
Canada		1,984,214				17.8	%
Australia		377,453				3.4	%
Latin America and Other		234,415				2.1	%
Total revenues		$	11,171,423			100.0	%

		Year Ended December 31, 2018
By contract type:
Unit-price contracts		$	3,828,997			34.3	%
Fixed price contracts		4,835,401				43.3	%
Cost-plus contracts		2,507,025				22.4	%
Total revenues		$	11,171,423			100.0	%

Contract Assets and Liabilities

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

		December 31, 2018				December 31, 2017
Contract assets		$	576,891			$	497,292
Contract liabilities		$	425,961			$	433,387

Cash and Cash Equivalents

Amounts related to Quanta’s cash and cash equivalents based on geographic location of the bank accounts were as follows (in thousands):

		December 31,
		2018				2017
Cash and cash equivalents held in domestic bank accounts		$	62,495			$	83,074
Cash and cash equivalents held in foreign bank accounts		16,192				55,211
Total cash and cash equivalents		$	78,687			$	138,285

Amounts related to cash and cash equivalents held by joint ventures, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):

		December 31,
		2018				2017
Cash and cash equivalents held by domestic joint ventures		$	8,544			$	10,042
Cash and cash equivalents held by foreign joint ventures		441				6,615
Total cash and cash equivalents held by joint ventures		8,985				16,657
Cash and cash equivalents not held by joint ventures		69,702				121,628
Total cash and cash equivalents		$	78,687			$	138,285

Significant Estimates Used by Management in Determining Fair Values of the Company's Reporting Units and Customer Relationships Acquired

The following table presents the significant estimates used by management in determining the fair values of Quanta’s reporting units for which a quantitative assessment was performed at December 31, 2018, 2017 and 2016:

		2018		2017		2016
Years of cash flows before terminal value		5 years		5 years		5 years
Weighted average cost of capital		12.0% to 15.0%		12.0% to 14.0%		12.5% to 14.5%
Transaction multiples applied to EBITDA		6.5 to 9.0		5.5 to 7.0		5.5 to 7.0
Guideline public company multiples applied to EBITDA		6.5 to 9.5		6.5 to 8.0		5.5 to 7.0
Five-year revenue compounded annual growth rates		-14% to 8%		-14% to 17%		-2% to 24%
Weighting of three methods:
Discounted cash flows		70%		70%		70%
Market multiple		15%		15%		15%
Market capitalization		15%		15%		15%

The following table presents the significant estimates used by management in determining the fair values of customer relationships associated with acquisitions in the years ended December 31, 2018, 2017 and 2016:

		2018		2017		2016
Discount rates		20% to 27%		17% to 25%		20% to 23%
Customer attrition rates		20% to 33%		15% to 78%		10% to 70%

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