XML 27 R23.htm IDEA: XBRL DOCUMENT v3.20.1

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2020

Accounting Policies [Abstract]

Revenue Disaggregated by Geographic Location and Contract Type

The following tables present Quanta’s revenue disaggregated by geographic location, as determined by the job location, and contract type (in thousands):

		Three Months Ended March 31,
		2020							2019
By primary geographic location:
United States		$	2,268,086			82.1	%		$	2,200,615			78.4	%
Canada		384,225				13.9	%		485,430				17.3	%
Australia		51,050				1.8	%		41,324				1.5	%
Latin America and Other		60,734				2.2	%		79,890				2.8	%
Total revenues		$	2,764,095			100.0	%		$	2,807,259			100.0	%

		Three Months Ended March 31,
		2020							2019
By contract type:
Unit-price contracts		$	974,651			35.3	%		$	895,044			31.9	%
Cost-plus contracts		688,084				24.9	%		958,355				34.1	%
Fixed price contracts		1,101,360				39.8	%		953,860				34.0	%
Total revenues		$	2,764,095			100.0	%		$	2,807,259			100.0	%

Contract Assets and Liabilities

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

		March 31, 2020				December 31, 2019
Contract assets		$	569,180			$	601,268
Contract liabilities		$	591,087			$	606,146

Composition of the Allowance for Credit Losses

Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):

		Three Months Ended
		March 31,
		2020				2019
Balance at beginning of period		$	9,398			$	5,839
Adoption of new credit loss standard		5,067				—
Charges to bad debt expense		273				2,823
Direct write-offs charged against the allowance		(292		)		(186		)
Balance at end of period		$	14,446			$	8,476

Cash and Cash Equivalents

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):

		March 31, 2020				December 31, 2019
Cash and cash equivalents held by domestic joint ventures		$	9,097			$	6,518
Cash and cash equivalents held by foreign joint ventures		104				16
Total cash and cash equivalents held by joint ventures		9,201				6,534
Cash and cash equivalents not held by joint ventures		368,004				158,264
Total cash and cash equivalents		$	377,205			$	164,798

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

		March 31, 2020				December 31, 2019
Cash and cash equivalents held in domestic bank accounts		$	350,393			$	130,771
Cash and cash equivalents held in foreign bank accounts		26,812				34,027
Total cash and cash equivalents		$	377,205			$	164,798

Significant Estimates Used by Management in Determining Fair Values of Intangible Assets

The following table presents the range and weighted average based on acquisition date fair value for discount and attrition rates used in the valuation of customer relationship intangible assets during the three months ended March 31, 2020 and year ended December 31, 2019:

		2020				2019
		Range		Weighted Average		Range		Weighted Average
Discount rates		20% to 23%		22%		19% to 24%		24%
Customer attrition rates		23% to 41%		29%		5% to 37%		6%

Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities

Aggregate fair values of these outstanding and unearned contingent consideration liabilities and their classification in the accompanying condensed consolidated balance sheets were as follows (in thousands):

		March 31, 2020				December 31, 2019
Accounts payable and accrued expenses		$	80,947			$	77,618
Insurance and other non-current liabilities		7,060				6,542
Total contingent consideration liabilities		$	88,007			$	84,160

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919249-210447

+ Details

Name:	us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of contract balances and changes in contract balances.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130551-203045

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118956577&loc=SL49130545-203045

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of cash and cash equivalents.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration