XML 35 R24.htm IDEA: XBRL DOCUMENT v3.21.1

Summary of Significant Accounting Policies (Tables)

3 Months Ended

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

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919249-210447

+ Details

Name:	us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of cash and cash equivalents.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration