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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
By primary geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,207,876 |  |  | 88.1 | % |  | $ | 2,561,924 |  |  | 90.3 | % |  | $ | 4,475,962 |  |  | 85.0 | % |  | $ | 4,762,539 |  |  | 84.3 | %
Canada |  | 212,820 |  |  | 8.5 | % |  | 202,221 |  |  | 7.1 | % |  | 597,045 |  |  | 11.3 | % |  | 687,651 |  |  | 12.2 | %
Australia |  | 56,077 |  |  | 2.2 | % |  | 36,886 |  |  | 1.3 | % |  | 107,127 |  |  | 2.0 | % |  | 78,210 |  |  | 1.4 | %
Latin America and Other |  | 29,458 |  |  | 1.2 | % |  | 38,168 |  |  | 1.3 | % |  | 90,192 |  |  | 1.7 | % |  | 118,058 |  |  | 2.1 | %
Total revenues |  | $ | 2,506,231 |  |  | 100.0 | % |  | $ | 2,839,199 |  |  | 100.0 | % |  | $ | 5,270,326 |  |  | 100.0 | % |  | $ | 5,646,458 |  |  | 100.0 | %
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
By contract type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unit-price contracts |  | $ | 918,416 |  |  | 36.6 | % |  | $ | 1,020,650 |  |  | 35.9 | % |  | $ | 1,893,067 |  |  | 36.0 | % |  | $ | 1,915,694 |  |  | 33.9 | %
Cost-plus contracts |  | 567,928 |  |  | 22.7 | % |  | 1,103,135 |  |  | 38.9 | % |  | 1,256,012 |  |  | 23.8 | % |  | 2,061,490 |  |  | 36.5 | %
Fixed price contracts |  | 1,019,887 |  |  | 40.7 | % |  | 715,414 |  |  | 25.2 | % |  | 2,121,247 |  |  | 40.2 | % |  | 1,669,274 |  |  | 29.6 | %
Total revenues |  | $ | 2,506,231 |  |  | 100.0 | % |  | $ | 2,839,199 |  |  | 100.0 | % |  | $ | 5,270,326 |  |  | 100.0 | % |  | $ | 5,646,458 |  |  | 100.0 | %
Contract Assets and Liabilities | Contract assets and liabilities consisted of the following (in thousands):
|  | June 30, 2020 |  | December 31, 2019
Contract assets |  | $ | 489,803 |  |  | $ | 601,268 |
Contract liabilities |  | $ | 613,188 |  |  | $ | 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 |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Balance at beginning of period |  | $ | 14,446 |  |  | $ | 8,476 |  |  | $ | 9,398 |  |  | $ | 5,839 |
Adoption of new credit loss standard |  | — |  |  | — |  |  | 5,067 |  |  | — |
Charges to bad debt expense |  | 1,071 |  |  | 416 |  |  | 1,344 |  |  | 3,239 |
Direct write-offs charged against the allowance |  | (569 | ) |  | (351 | ) |  | (861 | ) |  | (537 | )
Balance at end of period |  | $ | 14,948 |  |  | $ | 8,541 |  |  | $ | 14,948 |  |  | $ | 8,541 |
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):
|  | June 30, 2020 |  | December 31, 2019
Cash and cash equivalents held in domestic bank accounts |  | $ | 480,179 |  |  | $ | 130,771 |
Cash and cash equivalents held in foreign bank accounts |  | 50,491 |  |  | 34,027 |
Total cash and cash equivalents |  | $ | 530,670 |  |  | $ | 164,798 |
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):
|  | June 30, 2020 |  | December 31, 2019
Cash and cash equivalents held by domestic joint ventures |  | $ | 9,281 |  |  | $ | 6,518 |
Cash and cash equivalents held by foreign joint ventures |  | 7 |  |  | 16 |
Total cash and cash equivalents held by joint ventures |  | 9,288 |  |  | 6,534 |
Cash and cash equivalents not held by joint ventures |  | 521,382 |  |  | 158,264 |
Total cash and cash equivalents |  | $ | 530,670 |  |  | $ | 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 six months ended June 30, 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):
|  | June 30, 2020 |  | December 31, 2019
Accounts payable and accrued expenses |  | $ | 68,466 |  |  | $ | 77,618 |
Insurance and other non-current liabilities |  | 7,304 |  |  | 6,542 |
Total contingent consideration liabilities |  | $ | 75,770 |  |  | $ | 84,160 |

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