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Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2023
Postemployment Benefits [Abstract] |
Employee Benefit Plans | 13. EMPLOYEE BENEFIT PLANS: 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 March 31, 2023 and December 31, 2022, the deferred compensation liability under Quanta’s deferred compensation plans, including amounts contributed by Quanta, was $76.5 million and $67.4 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 March 31, 2023 and December 31, 2022, the fair market values were $72.4 million and $64.0 million and were included in “Other assets, net” in the accompanying condensed consolidated balance sheets. The level of inputs for these fair value measurements is Level 2. 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 as follows (in thousands):
|  |  | Three Months Ended |  |
|  |  | March 31, |  |
Classification | Change in fair market value of |  | 2023 |  | 2022 |  |  |  |
(Loss) gain included in Selling, general and administrative expenses | Deferred compensation liabilities |  | $ | (4,076) |  |  | $ | 3,927 |  |  |  |  |
Other income (expense), net | COLI assets |  | $ | 3,146 |  |  | $ | (4,140) |  |  |  |  |

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