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Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 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 September 30,																								Nine Months Ended September 30,
						2021												2020												2021												2020
By primary geographic location:
United States						$	2,892,446					86.2		%				$	2,629,606					87.1		%				$	7,669,360					84.7		%				$	7,105,568					85.7		%
Canada						382,072						11.4		%				320,576						10.6		%				1,123,077						12.4		%				917,621						11.1		%
Australia						52,804						1.6		%				49,537						1.6		%				170,719						1.9		%				156,664						1.9		%
Others						25,956						0.8		%				20,442						0.7		%				93,519						1.0		%				110,634						1.3		%
Total revenues						$	3,353,278					100.0		%				$	3,020,161					100.0		%				$	9,056,675					100.0		%				$	8,290,487					100.0		%

						Three Months Ended September 30,																								Nine Months Ended September 30,
						2021												2020												2021												2020
By contract type:
Unit-price contracts						$	1,399,358					41.8		%				$	1,141,102					37.7		%				$	3,593,644					39.7		%				$	3,034,169					36.6		%
Cost-plus contracts						825,622						24.6		%				702,392						23.3		%				2,247,879						24.8		%				1,958,404						23.6		%
Fixed price contracts						1,128,298						33.6		%				1,176,667						39.0		%				3,215,152						35.5		%				3,297,914						39.8		%
Total revenues						$	3,353,278					100.0		%				$	3,020,161					100.0		%				$	9,056,675					100.0		%				$	8,290,487					100.0		%

Contract Assets and Liabilities

Contract assets and liabilities, recorded as current assets and liabilities, respectively, consisted of the following (in thousands):

						September 30, 2021						December 31, 2020
Contract assets						$	760,279					$	453,832
Contract liabilities						$	501,142					$	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												Nine Months Ended
						September 30,												September 30,
						2021						2020						2021						2020
Balance at beginning of period						$	39,713					$	14,948					$	16,546					$	9,398
Cumulative effect of adoption of new credit loss standard						—						—						—						5,067
Provision for credit losses						249						1,566						24,169						2,910
Direct write-offs charged against the allowance						(253)						(110)						(1,006)						(971)
Balance at end of period						$	39,709					$	16,404					$	39,709					$	16,404

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):

						September 30, 2021						December 31, 2020
Cash and cash equivalents held in domestic bank accounts						$	1,664,990					$	156,122
Cash and cash equivalents held in foreign bank accounts						31,220						28,498
Total cash and cash equivalents						$	1,696,210					$	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):

						September 30, 2021						December 31, 2020
Cash and cash equivalents held by domestic joint ventures						$	13,377					$	7,714
Cash and cash equivalents held by foreign joint ventures						4,568						3,973
Total cash and cash equivalents held by joint ventures						17,945						11,687
Cash and cash equivalents held by captive insurance company						132,916						85,014
Cash and cash equivalents not held by joint ventures or captive insurance company						1,545,349						87,919
Total cash and cash equivalents						$	1,696,210					$	184,620

Accounts Payable and Accrued Expenses

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

						September 30, 2021						December 31, 2020
Accounts payable, trade						$	956,873					$	798,023
Accrued compensation and related expenses						497,451						378,002
Other accrued expenses						306,465						333,769
Accounts payable and accrued expenses						$	1,760,789					$	1,509,794

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