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Debt Obligations | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Debt Obligations | 8. DEBT OBLIGATIONS: Quanta’s long-term debt obligations consisted of the following (in thousands):
|  | March 31, 2023 |  | December 31, 2022
0.950% Senior Notes due October 2024 |  | $ | 500,000 |  |  | $ | 500,000 |
2.900% Senior Notes due October 2030 |  | 1,000,000 |  |  | 1,000,000 |
2.350% Senior Notes due January 2032 |  | 500,000 |  |  | 500,000 |
3.050% Senior Notes due October 2041 |  | 500,000 |  |  | 500,000 |
Borrowings under senior credit facility (including Term Loan) |  | 942,100 |  |  | 786,910 |
Borrowings under commercial paper program |  | 598,750 |  |  | 373,000 |
Other long-term debt |  | 92,268 |  |  | 92,907 |
Finance leases |  | 16,577 |  |  | 3,542 |
Unamortized discount and financing costs |  | (25,596) |  |  | (26,432) |
Total long-term debt obligations |  | 4,124,099 |  |  | 3,729,927 |
Less — Current maturities of long-term debt |  | 39,691 |  |  | 37,495 |
Total long-term debt obligations, net of current maturities |  | $ | 4,084,408 |  |  | $ | 3,692,432 |
Senior Notes The interest amounts due on Quanta’s senior notes on each payment date are set forth below (dollars in thousands):
Title of the Notes |  | Interest Amount |  | Payment Dates |  | Commencement Date
0.950% Senior Notes due October 2024 |  | $ | 2,375 |  |  | April 1 and October 1 |  | April 1, 2022
2.900% Senior Notes due October 2030 |  | $ | 14,500 |  |  | April 1 and October 1 |  | April 1, 2021
2.350% Senior Notes due January 2032 |  | $ | 5,875 |  |  | January 15 and July 15 |  | July 15, 2022
3.050% Senior Notes due October 2041 |  | $ | 7,625 |  |  | April 1 and October 1 |  | April 1, 2022
The fair value of Quanta’s senior notes was $2.08 billion as of March 31, 2023, compared to a carrying value of $2.48 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $23.0 million. The fair value of the senior notes is based on the quoted market prices for the same issue, and the senior notes are categorized as Level 1 liabilities. Senior Credit Facility The credit agreement for Quanta’s senior credit facility (as amended, the credit agreement) provides for a $750.0 million term loan facility and aggregate revolving commitments of $2.64 billion, with a maturity date of October 8, 2026. Borrowings under the senior credit facility and the applicable interest rates were as follows (dollars in thousands):
|  | Three Months Ended |  |
|  | March 31, |  |
|  | 2023 |  | 2022 |  |  |  |
Maximum amount outstanding |  | $ | 956,308 |  |  | $ | 1,451,597 |  |  |  |  |
Average daily amount outstanding |  | $ | 859,270 |  |  | $ | 1,256,150 |  |  |  |  |
Weighted-average interest rate |  | 5.99 | % |  | 1.71 | % |  |  |  |
As of March 31, 2023, Quanta was in compliance with all of the financial covenants under the credit agreement. Term Loan. As of March 31, 2023, Quanta had $745.3 million outstanding under its term loan facility. The carrying amount of the term loan under Quanta’s senior credit facility approximates fair value due to its variable interest rate. Revolving Loans. As of March 31, 2023, Quanta had $196.8 million of outstanding revolving loans under the senior credit facility, all of which were denominated in Canadian dollars. The carrying amounts of the revolving borrowings under Quanta’s senior credit facility approximate fair value, as all revolving borrowings have a variable interest rate. As of March 31, 2023, Quanta also had $272.2 million of letters of credit issued under the senior credit facility, of which $175.3 million were denominated in U.S. dollars and $96.9 million were denominated in currencies other than the U.S. dollar, primarily Australian and Canadian dollars. Additionally, available commitments for revolving loans under the senior credit facility must be maintained in order to provide credit support for notes issued under Quanta’s commercial paper program, and therefore such notes effectively reduce the available borrowing capacity under the senior credit facility. As of March 31, 2023, $1.57 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program. Deferred Financing Costs. As of March 31, 2023 and December 31, 2022, capitalized deferred financing costs, net of accumulated amortization, related to Quanta’s revolving loans under its senior credit facility and commercial paper program were $7.8 million and $8.3 million and are included in “Other assets, net” in the accompanying condensed consolidated balance sheets. Amortization of deferred financing costs for all debt instruments and the discount related to notes issued under the commercial paper program are included in interest and other financing expenses and were, in the aggregate, $8.1 million and $1.5 million for the three months ended March 31, 2023 and 2022. Commercial Paper Program Quanta had $598.8 million of outstanding notes under its unsecured commercial paper program as of March 31, 2023, with a weighted average interest rate of 5.9%. During the three months ended March 31, 2023, under this program, Quanta had maximum borrowings outstanding of $747.7 million, weighted average borrowings outstanding of $494.6 million, a weighted average interest rate of 5.4% and a weighted average maturity of 14 days. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, as all notes currently have a short maturity. Additional Letters of Credit As of March 31, 2023 Quanta had $190.1 million of surety-backed letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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