Detail of Certain Accounts

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Cash and cash equivalents held in domestic bank accounts	$	376,456	$	205,781
Cash and cash equivalents held in foreign bank accounts	52,049		23,316
Total cash and cash equivalents	$	428,505	$	229,097

As of December 31, 2022 and 2021, cash equivalents were $260.1 million and $140.0 million and consisted primarily of money market investments and money market mutual funds. Cash and cash equivalents in foreign bank accounts are primarily held in Canada and Australia.

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 consolidated or proportionately consolidated 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,
	2022		2021
Cash and cash equivalents held by domestic joint ventures	$	14,291	$	21,828
Cash and cash equivalents held by foreign joint ventures	6,277		3,461
Total cash and cash equivalents held by joint ventures	20,568		25,289
Cash and cash equivalents held by captive insurance company	35,085		133,302
Cash and cash equivalents not held by joint ventures or captive insurance company	372,852		70,506
Total cash and cash equivalents	$	428,505	$	229,097

Property and Equipment

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


	Estimated Useful	December 31,
	Lives in Years	2022		2021
Land	N/A	$	90,715	$	86,013
Buildings and leasehold improvements	5-30	396,003		318,499
Operating machinery, equipment and vehicles	1-25	2,726,546		2,603,149
Office equipment, furniture and fixtures and information technology systems	3-10	282,282		259,776
Construction work in progress	N/A	84,446		91,502
Finance lease assets and lease financing transactions	5-20	101,385		64,256
Property and equipment, gross		3,681,377		3,423,195
Less — Accumulated depreciation and amortization		(1,650,913)		(1,503,498)
Property and equipment, net of accumulated depreciation		$	2,030,464	$	1,919,697

Depreciation expense related to property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets and was $290.6 million, $255.5 million and $225.3 million for the years ended December 31, 2022, 2021 and 2020.

Accounts Payable and Accrued Expenses

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


	December 31,
	2022		2021
Accounts payable, trade	$	1,302,086	$	1,251,118
Accrued compensation and related expenses	469,048		547,161
Other accrued expenses	381,995		456,392
Accounts payable and accrued expenses	$	2,153,129	$	2,254,671

Other accrued expenses primarily include accrued insurance liabilities, income and franchise taxes payable and deferred revenues.