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Employee Benefit Plans | 9 Months Ended
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Sep. 30, 2022
Postemployment Benefits [Abstract] |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS: Collective Bargaining Agreements and Multiemployer Pension Plans Certain of Quanta’s operating companies are parties to collective bargaining agreements with unions that represent certain of their employees. Quanta contributes to a number of multiemployer defined benefit pension plans pursuant to the terms of these collective bargaining agreements. For descriptions and further information regarding these plans and Quanta’s contributions, refer to Note 15 of the Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data in Part II of the 2021 Annual Report. Quanta 401(k) Plan Quanta maintains a 401(k) plan pursuant to which employees who are not provided retirement benefits through a collective bargaining agreement may make contributions through payroll deductions. For descriptions and further information regarding this plan and Quanta’s contributions, refer to Note 15 of the Notes to Consolidated Financial Statements in Item 8. Financial Statements and Supplementary Data in Part II of the 2021 Annual Report. Deferred Compensation Plans Quanta maintains non-qualified deferred compensation plans under which eligible directors and key employees may defer their receipt of certain cash compensation and/or the settlement of certain stock-based awards. As of September 30, 2022 and December 31, 2021, the deferred compensation liability under Quanta’s deferred compensation plans, including amounts contributed by Quanta, was $62.4 million and $74.2 million, the majority of which was included in “Insurance and other non-current liabilities” in the accompanying condensed consolidated balance sheets. To provide for future obligations related to these deferred compensation plans, Quanta has invested in corporate-owned life insurance (COLI) policies covering certain participants in the deferred compensation plans, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of September 30, 2022 and December 31, 2021, the fair market values were $59.5 million and $73.8 million and were included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Changes in the fair market value of Quanta’s COLI assets and deferred compensation liabilities largely offset and are recorded in the accompanying statements of operations is as follows (in thousands):
|  |  | Three Months Ended |  | Nine Months Ended
|  |  | September 30, |  | September 30,
Classification | Change in fair market value of |  | 2022 |  | 2021 |  | 2022 |  | 2021
Gain (loss) included in Selling, general and administrative expenses | Deferred compensation liabilities |  | $ | 3,069 |  |  | $ | (51) |  |  | $ | 17,106 |  |  | $ | (6,040) |
Other income (expense), net | COLI assets |  | $ | (3,402) |  |  | $ | (204) |  |  | $ | (17,706) |  |  | $ | 5,266 |

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