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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Aggregate Consideration Paid or Payable and Allocation Net Assets | The following table summarizes the fair value of total consideration transferred or estimated to be transferred and the fair value of assets acquired and liabilities assumed as of September 30, 2021 for acquisitions completed in the year-to-date periods shown below (in thousands).
|  | September 30, 2021 |  | December 31, 2020
Consideration: |  |  |  |
Cash paid or payable |  | $ | 59,226 |  |  | $ | 359,624 |
Value of Quanta common stock issued |  | 2,479 |  |  | 57,119 |
Contingent consideration |  | — |  |  | 2,250 |
Fair value of total consideration transferred or estimated to be transferred |  | $ | 61,705 |  |  | $ | 418,993 |
Accounts receivable |  | $ | 10,678 |  |  | $ | 74,492 |
Contract assets |  | 2,048 |  |  | 8,919 |
Other current assets |  | 7,189 |  |  | 53,302 |
Property and equipment |  | 5,651 |  |  | 143,276 |
Other assets |  | 216 |  |  | 14 |
Identifiable intangible assets |  | 18,506 |  |  | 96,827 |
Contract liabilities |  | (16) |  |  | (3,750) |
Other current liabilities |  | (10,371) |  |  | (35,112) |
Deferred tax liabilities, net |  | (2,093) |  |  | (3,185) |
Total identifiable net assets |  | 31,808 |  |  | 334,783 |
Goodwill |  | 29,897 |  |  | 84,210 |
Fair value of net assets acquired |  | $ | 61,705 |  |  | $ | 418,993 |
Estimated Fair Values of Identifiable Intangible Assets and Related Weighted Average Amortization | The following table summarizes the estimated fair values of identifiable intangible assets for the acquisitions completed in the nine months ended September 30, 2021 as of the acquisition date and the related weighted average amortization periods by asset type (in thousands, except for weighted average amortization periods, which are in years).
|  | Estimated Fair Value |  | Weighted Average Amortization Period in Years
Customer relationships |  | $ | 3,063 |  |  | 5.6
Backlog |  | 3,811 |  |  | 1.3
Trade names |  | 1,110 |  |  | 14.4
Non-compete agreements |  | 1,494 |  |  | 5.0
Patented rights, developed technology, and process certifications |  | 9,028 |  |  | 3.5
Total intangible assets subject to amortization |  | $ | 18,506 |  |  | 4.2
Discount Rates and Customer Attrition Rates | The following table includes the discount rates and customer attrition rates used to determine the fair value of customer relationship intangible assets for businesses acquired during the nine months ended September 30, 2021 and the year ended December 31, 2020 as of the respective acquisition dates:
|  | 2021 |  | 2020
|  | Range |  | Weighted Average |  | Range |  | Weighted Average
Discount rates |  | 22% to 25% |  | 22% |  | 19% to 25% |  | 20%
Customer attrition rates |  | 20% to 30% |  | 23% |  | 10% to 43% |  | 13%
Unaudited Supplemental Pro Forma Results of Operations | The following unaudited supplemental pro forma results of operations for Quanta, which incorporate the acquisitions completed in the three and nine months ended September 30, 2021 and 2020, have been provided for illustrative purposes only and do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future. Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors (in thousands, except per share amounts).
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenues |  | $ | 3,357,877 |  |  | $ | 3,069,921 |  |  | $ | 9,090,656 |  |  | $ | 8,519,226 |
Gross profit |  | $ | 535,935 |  |  | $ | 520,866 |  |  | $ | 1,367,256 |  |  | $ | 1,254,826 |
Selling, general and administrative expenses |  | $ | (275,363) |  |  | $ | (256,608) |  |  | $ | (794,249) |  |  | $ | (740,564) |
Amortization of intangible assets |  | $ | (22,836) |  |  | $ | (22,843) |  |  | $ | (68,167) |  |  | $ | (69,742) |
Net income |  | $ | 175,865 |  |  | $ | 166,326 |  |  | $ | 387,713 |  |  | $ | 287,171 |
Net income attributable to common stock |  | $ | 174,832 |  |  | $ | 165,539 |  |  | $ | 383,184 |  |  | $ | 282,718 |
Earnings per share attributable to common stock: |  |  |  |  |  |  |  |
Basic |  | $ | 1.25 |  |  | $ | 1.17 |  |  | $ | 2.73 |  |  | $ | 1.98 |
Diluted |  | $ | 1.21 |  |  | $ | 1.14 |  |  | $ | 2.65 |  |  | $ | 1.94 |

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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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