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Subsequent Event | 3 Months Ended
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Mar. 31, 2019
Subsequent Events [Abstract] |
Subsequent Event | SUBSEQUENT EVENT: A subsidiary of Quanta is a party to two concession agreements for the construction and operation of telecommunication networks in rural regions of Peru. Aggregate consideration for the projects is approximately $260 million, of which $182 million has been allocated to the construction portion of the projects. During the construction phase, the projects have experienced challenges primarily related to items outside of the Quanta subsidiary’s control, including significant weather events, local opposition in certain areas to the projects, permitting delays, and the inability to acquire clear title to certain required parcels of land. The Quanta subsidiary had been working collaboratively with Peru’s FITEL (Fondo de Inversion en Telecomunicaciones / Telecommunications Investment Fund) throughout the construction phase of the projects in addressing the challenges and received extensions to contractual deadlines. Subsequent to March 31, 2019, PRONATEL (FITEL’s successor - Programa Nacional de Telecomunicaciones/National Program for Telecommunications) issued to Quanta’s subsidiary a notice of contract termination for cause based on the schedule delays and on April 30, 2019 presented a call to exercise on-demand bonds against Quanta in the amount of $25 million. Additionally, the concession agreements provide for liquidated damages in the event of default. Quanta believes it has contractual relief for much of the schedule delays and disputes the termination for cause and the exercise of the on-demand bonds. As of March 31, 2019, the construction phase of the projects was approximately 85% complete and is expected to be completed in either the fourth quarter of 2019 or the first quarter of 2020. As of March 31, 2019, Quanta’s net receivable position on the projects was $54.9 million. Although Quanta expects to seek resolution of the disputes with PRONATEL through arbitration, there can be no assurance Quanta will prevail. If Quanta is not successful, this matter could result in a significant loss that could have a material adverse effect on Quanta’s consolidated results of operations and cash flows. Based on information currently available, Quanta is not able to estimate the range of reasonably possible or probable loss, if any, and accordingly has not accrued for any such loss as of March 31, 2019.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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