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Equity | 12 Months Ended
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Dec. 31, 2020
Equity [Abstract] |
Equity | EQUITY: Exchangeable Shares In connection with certain prior acquisitions of Canadian businesses, the former owners of the acquired businesses received exchangeable shares of certain Canadian subsidiaries of Quanta, which could be exchanged at the option of the holders for Quanta common stock on a one-for-one basis. All holders of exchangeable shares had rights equivalent to Quanta common stockholders with respect to dividends and other economic rights. During 2020 and 2019, a nominal amount and 0.4 million exchangeable shares were exchanged for Quanta common stock, and as of December 31, 2020, no exchangeable shares remained outstanding. Treasury Stock General Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote. Shares withheld for tax withholding obligations The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of common shares having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.6 million shares of Quanta common stock during the year ended December 31, 2020, which had a market value of $25.5 million, 0.5 million shares of Quanta common stock during the year ended December 31, 2019, which had a market value of $17.4 million, and 0.4 million shares of Quanta common stock during the year ended December 31, 2018, which had a market value of $15.2 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Notional amounts recorded related to deferred compensation plans For RSUs and PSUs that vest but the settlement of which is deferred under a deferred compensation plan, Quanta records a notional amount to “Treasury stock” and an offsetting amount to “Additional paid-in capital.” At vesting, only shares withheld for tax liabilities other than income taxes are added to outstanding treasury shares, as the shares of Quanta common stock associated with deferred stock-based awards are not issued until settlement of the award. Upon settlement of the deferred stock-based awards and issuance of the associated Quanta common stock, the original accounting entry is reversed. The net amounts recorded to treasury stock related to the deferred compensation plans were a reduction to treasury stock of $4.4 million, an increase to treasury stock of $3.0 million and an increase to treasury stock of $2.5 million during the years ended December 31, 2020, 2019 and 2018. Stock repurchases During the second quarter of 2017, Quanta’s Board of Directors approved a stock repurchase program that authorized Quanta to purchase up to $300.0 million of its outstanding common stock, which was completed during 2018. During the third quarter of 2018, Quanta’s Board of Directors approved an additional stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2021, up to $500.0 million of its outstanding common stock. In August 2020, Quanta’s Board of Directors authorized Quanta to repurchase, from time to time through June 30, 2023, up to an additional $500.0 million in shares of its outstanding common stock under a new stock repurchase program. As of December 31, 2020, an aggregate $536.8 million remained under the stock repurchase programs. Quanta repurchased the following shares of common stock in the open market under the stock repurchase programs (in thousands):
Year ended: |  | Shares |  | Amount
December 31, 2020 |  | 6,680 |  |  | $ | 249,949 |
December 31, 2019 |  | 376 |  |  | $ | 11,954 |
December 31, 2018 |  | 13,917 |  |  | $ | 451,290 |
Repurchases under the repurchase programs may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements, including restrictions under Quanta’s senior credit facility, and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase programs may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice. Quanta’s policy is to record a stock repurchase as of the trade date; however, the payment of cash related to the repurchase is made on the settlement date of the trade. During the years ended December 31, 2020, 2019 and 2018, cash payments related to stock repurchases were $247.2 million, $20.1 million and $443.2 million. Non-controlling Interests Quanta holds interests in various entities through both joint venture entities that provide infrastructure-related services under specific customer contracts, either directly or through subcontracting relationships, and other equity investments in partially owned entities that own and operate certain infrastructure assets, including investments entered into through the partnership structure Quanta formed with certain infrastructure investors. Quanta has determined that certain of these joint ventures where Quanta provides the majority of the infrastructure services, which management believes most significantly influences the economic performance of such joint ventures, are VIEs. Management has concluded that Quanta is the primary beneficiary of these joint ventures and has accounted for each on a consolidated basis. The other parties’ equity interests in these joint ventures have been accounted for as “Non-controlling interests” in Quanta’s consolidated balance sheets. Net income attributable to the other participants in the amounts of $6.4 million, $4.8 million and $2.7 million for the years ended December 31, 2020, 2019 and 2018 have been accounted for as a reduction of net income in deriving “Net income attributable to common stock” in Quanta’s consolidated statements of operations. The carrying amount of the investments in VIEs held by Quanta was $13.2 million and $12.0 million at December 31, 2020 and 2019. The carrying amount of investments held by the non-controlling interests in these VIEs at December 31, 2020 and 2019 was $4.8 million and $3.5 million. During the years ended December 31, 2020, 2019 and 2018, net distributions to non-controlling interests were $5.4 million, $2.5 million and $4.0 million. There were no other material changes in equity as a result of transfers to/from the non-controlling interests during the years ended December 31, 2020, 2019 or 2018. See Note 14 for further disclosures related to Quanta’s joint venture arrangements. Dividends Quanta declared and paid the following cash dividends and cash dividend equivalents during 2020, 2019 and 2018 (in thousands, except per share amounts):
Declaration |  | Record |  | Payment |  | Dividend |  | Dividends
Date |  | Date |  | Date |  | Per Share |  | Declared
December 11, 2020 |  | January 4, 2021 |  | January 15, 2021 |  | $ | 0.06 |  |  | $ | 8,933 |
August 26, 2020 |  | October 1, 2020 |  | October 15, 2020 |  | $ | 0.05 |  |  | $ | 7,244 |
May 28, 2020 |  | July 1, 2020 |  | July 15, 2020 |  | $ | 0.05 |  |  | $ | 7,182 |
March 26, 2020 |  | April 6, 2020 |  | April 15, 2020 |  | $ | 0.05 |  |  | $ | 7,184 |
December 11, 2019 |  | January 2, 2020 |  | January 16, 2020 |  | $ | 0.05 |  |  | $ | 7,371 |
August 28, 2019 |  | October 1, 2019 |  | October 15, 2019 |  | $ | 0.04 |  |  | $ | 5,564 |
May 24, 2019 |  | July 1, 2019 |  | July 15, 2019 |  | $ | 0.04 |  |  | $ | 6,233 |
March 21, 2019 |  | April 5, 2019 |  | April 19, 2019 |  | $ | 0.04 |  |  | $ | 5,896 |
December 6, 2018 |  | January 2, 2019 |  | January 16, 2019 |  | $ | 0.04 |  |  | $ | 5,838 |
A significant majority of the dividends declared were paid on the corresponding payment dates. Holders of RSUs awarded under the Quanta Services, Inc. 2011 Omnibus Equity Incentive Plan (the 2011 Plan) generally received cash dividend equivalent payments equal to the cash dividend payable on account of the underlying Quanta common stock. Holders of RSUs awarded under the Quanta Services, Inc. 2019 Omnibus Equity Incentive Plan (the 2019 Plan) and holders of unearned and unvested PSUs awarded under the 2011 Plan and the 2019 Plan receive cash dividend equivalent payments only to the extent such RSUs and PSUs become earned and/or vest. Additionally, cash dividend equivalent payments related to certain stock-based awards that have been deferred pursuant to the terms of a deferred compensation plan maintained by Quanta are recorded as liabilities in such plans until the deferred awards are settled. Holders of exchangeable shares of certain Canadian subsidiaries of Quanta, while such exchangeable shares were outstanding, received a cash dividend per exchangeable share equal to the cash dividend per share paid to Quanta common stockholders. The declaration, payment and amount of future cash dividends will be at the discretion of Quanta’s Board of Directors after taking into account various factors, including Quanta’s financial condition, results of operations and cash flows from operations; current and anticipated capital requirements and expansion plans; the current and potential impact of the COVID-19 pandemic and other market, industry, economic and political conditions; income tax laws then in effect; and the requirements of Delaware law. In addition, as discussed in Note 8, Quanta’s credit agreement restricts the payment of cash dividends unless certain conditions are met.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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