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Summary of Significant Accounting Policies (Tables)

6 Months Ended

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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