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Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information
4. SEGMENT INFORMATION:
Quanta reports its results under three reportable segments described below:
•Electric Power Infrastructure Solutions (Electric Power). Quanta’s Electric Power segment provides comprehensive services for the electric power and communications markets.
•Renewable Energy Infrastructure Solutions (Renewable Energy). Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry.
•Underground Utility and Infrastructure Solutions (Underground and Infrastructure). Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products.
Corporate and Non-allocated Costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities.
The following table sets forth segment revenues and segment operating income (loss) for the three months ended March 31, 2023 and 2022. The following table shows dollars in thousands:
Three Months Ended March 31,
 20232022
Revenues:  
Electric Power Infrastructure Solutions$2,336,037 52.7 %$2,138,697 53.9 %
Renewable Energy Infrastructure Solutions1,008,300 22.8 875,632 22.1 
Underground Utility and Infrastructure Solutions
1,084,489 24.5 951,196 24.0 
Consolidated revenues$4,428,826 100.0 %$3,965,525 100.0 %
Operating income (loss):
  
Electric Power Infrastructure Solutions (1)
$215,149 9.2 %$203,419 9.5 %
Renewable Energy Infrastructure Solutions35,656 3.5 %69,942 8.0 %
Underground Utility and Infrastructure Solutions
61,573 5.7 %48,175 5.1 %
Corporate and Non-Allocated Costs (2)
(186,518)(4.2)%(204,020)(5.1)%
Consolidated operating income$125,860 2.8 %$117,516 3.0 %
(1)    Includes equity in earnings of integral unconsolidated affiliates of $9.6 million and $15.2 million for the three months ended March 31, 2023 and 2022, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA).
(2)    Includes amortization expense of $72.4 million and $115.8 million and non-cash stock-based compensation of $27.5 million and $23.0 million for the three months ended March 31, 2023 and 2022.
Depreciation Expense Allocation
Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by management to evaluate segment performance. Quanta’s fixed assets are generally used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is allocated
each quarter among Quanta’s reportable segments based on the ratio of each reportable segment’s revenue contribution to consolidated revenues. The following table shows dollars in thousands:
Three Months Ended
March 31,
20232022
Depreciation:
Electric Power Infrastructure Solutions$42,085 $36,779 
Renewable Energy Infrastructure Solutions10,858 8,233 
Underground Utility and Infrastructure Solutions
20,500 20,938 
Corporate and Non-Allocated Costs4,939 5,004 
Consolidated depreciation$78,382 $70,954 
Foreign Operations
During the three months ended March 31, 2023 and 2022, Quanta derived $762.5 million and $641.6 million of its revenues from foreign operations. Of Quanta’s foreign revenues, 71% and 86% were earned in Canada during the three months ended March 31, 2023 and 2022. In addition, Quanta held property and equipment, net of $293.4 million and $298.0 million in foreign countries, primarily Canada, as of March 31, 2023 and December 31, 2022.