Detail of Certain Accounts

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DETAIL OF CERTAIN ACCOUNTS:

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):


	December 31,
	2021		2020
Cash and cash equivalents held in domestic bank accounts	$	205,781	$	156,122
Cash and cash equivalents held in foreign bank accounts	23,316		28,498
Total cash and cash equivalents	$	229,097	$	184,620

Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Quanta considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents, which are carried at fair value. At December 31, 2021 and 2020, cash equivalents were $140.0 million and $98.0 million and consisted primarily of money market investments and money market mutual funds and are discussed further in Note 17.

Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. 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):


	December 31,
	2021		2020
Cash and cash equivalents held by domestic joint ventures	$	21,828	$	7,714
Cash and cash equivalents held by foreign joint ventures	3,461		3,973
Total cash and cash equivalents held by joint ventures	25,289		11,687
Cash and cash equivalents held by captive insurance company	133,302		85,014
Cash and cash equivalents not held by joint ventures or captive insurance company	70,506		87,919
Total cash and cash equivalents	$	229,097	$	184,620

Property and Equipment

Property and equipment consisted of the following (in thousands):


	Estimated Useful	December 31,
	Lives in Years	2021		2020
Land	N/A	$	86,013	$	69,389
Buildings and leasehold improvements	5-30	318,499		249,106
Operating machinery, equipment and vehicles	1-25	2,603,149		2,297,120
Office equipment, furniture and fixtures and information technology systems	3-10	259,776		244,113
Construction work in progress	N/A	91,502		20,900
Finance lease assets and rental purchase options (see Note 11)	5-20	64,256		52,160
Property and equipment, gross		3,423,195		2,932,788
Less — Accumulated depreciation and amortization		(1,503,498)		(1,372,132)
Property and equipment, net of accumulated depreciation		$	1,919,697	$	1,560,656

Depreciation expense related to property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets and was $255.5 million, $225.3 million and $218.1 million for the years ended December 31, 2021, 2020 and 2019. Additionally, Quanta recorded asset impairment charges of $5.7 million during the year ended December 31, 2021 related to certain equipment that was not utilized in Quanta’s core operations, some of which was sold in October 2021 and the remainder of which was classified as assets held for sale as of December 31, 2021. Quanta also recorded asset impairment

charges of $8.3 million during the year ended December 31, 2020 related to the exit of its Latin American operations and due to the planned sale of certain equipment and asset impairment charges of $13.9 million during the year ended December 31, 2019 related to the winding down and exit of certain oil-influenced operations and assets, the replacement of an internally-developed software application and the planned sale and exit of certain foreign operations and assets.

Accounts Payable and Accrued Expenses

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


	December 31,
	2021		2020
Accounts payable, trade	$	1,251,118	$	798,023
Accrued compensation and related expenses	547,161		378,002
Other accrued expenses	456,392		333,769
Accounts payable and accrued expenses	$	2,254,671	$	1,509,794