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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 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 June 30,																								Six Months Ended June 30,
						2021												2020												2021												2020
By primary geographic location:
United States						$	2,570,798					85.7		%				$	2,207,876					88.1		%				$	4,776,914					83.7		%				$	4,475,962					85.0		%
Canada						327,159						10.9		%				212,820						8.5		%				741,005						13.0		%				597,045						11.3		%
Australia						62,808						2.1		%				56,077						2.2		%				117,915						2.1		%				107,127						2.0		%
Others						39,051						1.3		%				29,458						1.2		%				67,563						1.2		%				90,192						1.7		%
Total revenues						$	2,999,816					100.0		%				$	2,506,231					100.0		%				$	5,703,397					100.0		%				$	5,270,326					100.0		%

						Three Months Ended June 30,																								Six Months Ended June 30,
						2021												2020												2021												2020
By contract type:
Unit-price contracts						$	1,217,724					40.6		%				$	918,416					36.6		%				$	2,194,286					38.5		%				$	1,893,067					36.0		%
Cost-plus contracts						759,485						25.3		%				567,928						22.7		%				1,422,257						24.9		%				1,256,012						23.8		%
Fixed price contracts						1,022,607						34.1		%				1,019,887						40.7		%				2,086,854						36.6		%				2,121,247						40.2		%
Total revenues						$	2,999,816					100.0		%				$	2,506,231					100.0		%				$	5,703,397					100.0		%				$	5,270,326					100.0		%

Contract Assets and Liabilities

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

						June 30, 2021						December 31, 2020
Contract assets						$	669,313					$	453,832
Contract liabilities						$	503,219					$	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												Six Months Ended
						June 30,												June 30,
						2021						2020						2021						2020
Balance at beginning of period						$	16,449					$	14,446					$	16,546					$	9,398
Cumulative effect of adoption of new credit loss standard						—						—						—						5,067
Provision for credit losses						23,877						1,071						23,920						1,344
Direct write-offs charged against the allowance						(613)						(569)						(753)						(861)
Balance at end of period						$	39,713					$	14,948					$	39,713					$	14,948

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, 2021						December 31, 2020
Cash and cash equivalents held in domestic bank accounts						$	176,905					$	156,122
Cash and cash equivalents held in foreign bank accounts						35,568						28,498
Total cash and cash equivalents						$	212,473					$	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):

						June 30, 2021						December 31, 2020
Cash and cash equivalents held by domestic joint ventures						$	13,871					$	7,714
Cash and cash equivalents held by foreign joint ventures						4,873						3,973
Total cash and cash equivalents held by joint ventures						18,744						11,687
Cash and cash equivalents held by captive insurance company						132,024						85,014
Cash and cash equivalents not held by joint ventures or captive insurance company						61,705						87,919
Total cash and cash equivalents						$	212,473					$	184,620

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following (in thousands):

						June 30, 2021						December 31, 2020
Accounts payable, trade						$	879,578					$	798,023
Accrued compensation and related expenses						400,033						378,002
Other accrued expenses						255,723						333,769
Accounts payable and accrued expenses						$	1,535,334					$	1,509,794

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