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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 31, 2021
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, |  |
|  | 2021 |  | 2020 |  |  |  |
By primary geographic location: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,206,116 |  |  | 81.6 | % |  | $ | 2,268,086 |  |  | 82.1 | % |  |  |  |  |  |  |  |
Canada |  | 413,846 |  |  | 15.3 | % |  | 384,225 |  |  | 13.9 | % |  |  |  |  |  |  |  |
Australia |  | 55,107 |  |  | 2.0 | % |  | 51,050 |  |  | 1.8 | % |  |  |  |  |  |  |  |
Others |  | 28,512 |  |  | 1.1 | % |  | 60,734 |  |  | 2.2 | % |  |  |  |  |  |  |  |
Total revenues |  | $ | 2,703,581 |  |  | 100.0 | % |  | $ | 2,764,095 |  |  | 100.0 | % |  |  |  |  |  |  |  |
|  | Three Months Ended March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
By contract type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unit-price contracts |  | $ | 976,562 |  |  | 36.1 | % |  | $ | 974,651 |  |  | 35.3 | % |  |  |  |  |  |  |  |
Cost-plus contracts |  | 662,772 |  |  | 24.5 | % |  | 688,084 |  |  | 24.9 | % |  |  |  |  |  |  |  |
Fixed price contracts |  | 1,064,247 |  |  | 39.4 | % |  | 1,101,360 |  |  | 39.8 | % |  |  |  |  |  |  |  |
Total revenues |  | $ | 2,703,581 |  |  | 100.0 | % |  | $ | 2,764,095 |  |  | 100.0 | % |  |  |  |  |  |  |  |
Contract Assets and Liabilities | Contract assets and liabilities consisted of the following (in thousands):
|  | March 31, 2021 |  | December 31, 2020
Contract assets |  | $ | 518,256 |  |  | $ | 453,832 |
Contract liabilities |  | $ | 499,527 |  |  | $ | 528,864 |
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, |  |
|  | 2021 |  | 2020 |  |  |  |
Balance at beginning of period |  | $ | 16,546 |  |  | $ | 9,398 |  |  |  |  |
Cumulative effect of adoption of new credit loss standard |  | — |  |  | 5,067 |  |  |  |  |
Provision for credit losses |  | 43 |  |  | 273 |  |  |  |  |
Direct write-offs charged against the allowance |  | (140) |  |  | (292) |  |  |  |  |
Balance at end of period |  | $ | 16,449 |  |  | $ | 14,446 |  |  |  |  |
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):
|  | March 31, 2021 |  | December 31, 2020
Cash and cash equivalents held in domestic bank accounts |  | $ | 170,128 |  |  | $ | 156,122 |
Cash and cash equivalents held in foreign bank accounts |  | 30,090 |  |  | 28,498 |
Total cash and cash equivalents |  | $ | 200,218 |  |  | $ | 184,620 |
Amounts related to cash and cash equivalents held by joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):
|  | March 31, 2021 |  | December 31, 2020
Cash and cash equivalents held by domestic joint ventures |  | $ | 4,091 |  |  | $ | 7,714 |
Cash and cash equivalents held by foreign joint ventures |  | 3,780 |  |  | 3,973 |
Total cash and cash equivalents held by joint ventures |  | 7,871 |  |  | 11,687 |
Cash and cash equivalents held by captive insurance company |  | 131,839 |  |  | 85,014 |
Cash and cash equivalents not held by joint ventures or captive insurance company |  | 60,508 |  |  | 87,919 |
Total cash and cash equivalents |  | $ | 200,218 |  |  | $ | 184,620 |
Significant Estimates Used by Management in Determining Fair Values of Intangible Assets | The following table presents the rates during the three months ended March 31, 2021 and the ranges of rates and weighted average rates for the year ended December 31, 2020 based on acquisition date fair values for discount and attrition rates used in the valuation of customer relationship intangible assets:
|  | 2021 |  | 2020
|  | Rate |  |  |  | Range |  | Weighted Average
Discount rates |  | 22% |  |  |  | 19% to 25% |  | 20%
Customer attrition rates |  | 25% |  |  |  | 10% to 43% |  | 13%
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following (in thousands):
|  | March 31, 2021 |  | December 31, 2020
Accounts payable, trade |  | $ | 842,110 |  |  | $ | 798,023 |
Accrued compensation and related expenses |  | 353,391 |  |  | 378,002 |
Other accrued expenses |  | 310,524 |  |  | 333,769 |
Accounts payable and accrued expenses |  | $ | 1,506,025 |  |  | $ | 1,509,794 |

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