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Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Costs The components of lease costs in the accompanying consolidated statements of operations are as follows (in thousands):
 Year Ended December 31,
Lease costClassification202220212020
Finance lease cost:
Amortization of lease assets
Depreciation (1)
$1,540 $1,097 $1,234 
Interest on lease liabilitiesInterest and other financing expenses108 90 107 
Operating lease costCost of services and Selling, general and administrative expenses93,539 104,668 116,672 
Short-term and variable lease cost (2)
Cost of services and Selling, general and administrative expenses953,721 716,722 656,649 
Total lease cost $1,048,908 $822,577 $774,662 
(1)     Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying consolidated statements of operations.
(2) Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant.
Components of Leases in the Balance Sheet
The components of leases in the accompanying consolidated balance sheets were as follows (in thousands):
December 31,
Lease typeClassification20222021
Assets:
Operating lease right-of-use assetsOperating lease right-of-use assets$229,691 $240,605 
Finance lease assetsProperty and equipment, net of accumulated depreciation3,238 2,415 
Lease financing transaction assets (1)
Property and equipment, net of accumulated depreciation83,591 53,950 
Total lease assets $316,520 $296,970 
Liabilities:
Current:
OperatingCurrent portion of operating lease liabilities$74,052 $78,251 
FinanceCurrent maturities of long-term debt and short-term debt1,433 1,156 
Lease financing transaction liabilities (1)
Current maturities of long-term debt and short-term debt15,034 9,782 
Non-current:
OperatingOperating lease liabilities, net of current portion171,512 170,427 
FinanceLong-term debt, net of current maturities2,109 1,390 
Lease financing transaction liabilities (1)
Long-term debt, net of current maturities68,557 44,168 
Total lease liabilities $332,697 $305,174 
(1) Certain of Quanta’s equipment rental agreements contain purchase options pursuant to which the purchase price is offset by a portion of the rental payments. When these purchase options are exercised by a third-party lessor on behalf of Quanta, the transaction is deemed to be a financing transaction for accounting purposes, which results in the recognition of an asset equal to the purchase price and a corresponding liability.
Future Minimum Lease Payments - Operating Leases
Future minimum lease payments for operating, finance leases and lease financing transactions were as follows (in thousands):
As of December 31, 2022
 Operating LeasesFinance LeasesLease Financing TransactionsTotal
2023$80,899 $1,517 $15,034 $97,450 
202461,186 1,002 19,058 81,246 
202545,363 638 15,331 61,332 
202633,227 431 13,998 47,656 
202719,835 40 10,460 30,335 
Thereafter24,631 — 9,710 34,341 
Total future minimum payments related to operating leases, finance leases and lease financing transactions265,141 3,628 83,591 352,360 
Less imputed interest(19,577)(86)— (19,663)
Total operating lease, finance lease and lease financing transaction liabilities$245,564 $3,542 $83,591 $332,697 
Future Minimum Lease Payments - Finance Leases and Equipment Lease Financing Transactions
Future minimum lease payments for operating, finance leases and lease financing transactions were as follows (in thousands):
As of December 31, 2022
 Operating LeasesFinance LeasesLease Financing TransactionsTotal
2023$80,899 $1,517 $15,034 $97,450 
202461,186 1,002 19,058 81,246 
202545,363 638 15,331 61,332 
202633,227 431 13,998 47,656 
202719,835 40 10,460 30,335 
Thereafter24,631 — 9,710 34,341 
Total future minimum payments related to operating leases, finance leases and lease financing transactions265,141 3,628 83,591 352,360 
Less imputed interest(19,577)(86)— (19,663)
Total operating lease, finance lease and lease financing transaction liabilities$245,564 $3,542 $83,591 $332,697 
Other Information Related to Leases
The weighted average remaining lease terms and discount rates were as follows:
 As of December 31,
20222021
Weighted average remaining lease term (in years):
Operating leases4.394.25
Finance leases2.932.57
Weighted average discount rate:
Operating leases3.5 %3.7 %
Finance leases3.1 %3.3 %