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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,																								Nine Months Ended September 30,
						2020												2019												2020												2019
By primary geographic location:
United States						$	2,629,606					87.1		%				$	2,872,923					85.7		%				$	7,105,568					85.7		%				$	7,635,462					84.9		%
Canada						320,576						10.6		%				342,016						10.2		%				917,621						11.1		%				1,029,667						11.4		%
Australia						49,537						1.6		%				56,323						1.7		%				156,664						1.9		%				134,533						1.5		%
Latin America and Other						20,442						0.7		%				81,633						2.4		%				110,634						1.3		%				199,691						2.2		%
Total revenues						$	3,020,161					100.0		%				$	3,352,895					100.0		%				$	8,290,487					100.0		%				$	8,999,353					100.0		%

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2020												2019												2020												2019
By contract type:
Unit-price contracts						$	1,141,102					37.7		%				$	1,241,851					37.1		%				$	3,034,169					36.6		%				$	3,157,545					35.1		%
Cost-plus contracts						702,392						23.3		%				872,735						26.0		%				1,958,404						23.6		%				2,934,225						32.6		%
Fixed price contracts						1,176,667						39.0		%				1,238,309						36.9		%				3,297,914						39.8		%				2,907,583						32.3		%
Total revenues						$	3,020,161					100.0		%				$	3,352,895					100.0		%				$	8,290,487					100.0		%				$	8,999,353					100.0		%

Contract Assets and Liabilities

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

						September 30, 2020						December 31, 2019
Contract assets						$	478,483					$	601,268
Contract liabilities						$	537,048					$	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												Nine Months Ended
						September 30,												September 30,
						2020						2019						2020						2019
Balance at beginning of period						$	14,948					$	8,541					$	9,398					$	5,839
Adoption of new credit loss standard						—						—						5,067						—
Charges to bad debt expense						1,566						773						2,910						4,012
Direct write-offs charged against the allowance						(110)						(1,631)						(971)						(2,168)
Balance at end of period						$	16,404					$	7,683					$	16,404					$	7,683

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):

						September 30, 2020						December 31, 2019
Cash and cash equivalents held in domestic bank accounts						$	189,053					$	130,771
Cash and cash equivalents held in foreign bank accounts						27,882						34,027
Total cash and cash equivalents						$	216,935					$	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):

						September 30, 2020						December 31, 2019
Cash and cash equivalents held by domestic joint ventures						$	6,948					$	6,518
Cash and cash equivalents held by foreign joint ventures						3,027						16
Total cash and cash equivalents held by joint ventures						9,975						6,534
Cash and cash equivalents not held by joint ventures						206,960						158,264
Total cash and cash equivalents						$	216,935					$	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 nine months ended September 30, 2020 and year ended December 31, 2019:

2020

2019

Range

Weighted Average

Range

Weighted Average

Discount rates

19% to 23%

20%

19% to 24%

24%

Customer attrition rates

10% to 43%

11%

5% to 37%

6%

Aggregate Fair Values of Outstanding and Unearned Contingent Consideration Liabilities

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

						September 30, 2020						December 31, 2019
Accounts payable and accrued expenses						$	68,466					$	77,618
Insurance and other non-current liabilities						7,383						6,542
Total contingent consideration liabilities						$	75,849					$	84,160

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