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Investments in Affiliates and Other Entities | 9 Months Ended
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Sep. 30, 2023
Investments [Abstract] |
Investments in Affiliates and Other Entities | 6. INVESTMENTS IN AFFILIATES AND OTHER ENTITIES: Equity Investments The following table presents Quanta’s equity investments by type (in thousands):
|  | September 30, 2023 |  | December 31, 2022
Equity method investments - integral unconsolidated affiliates |  | $ | 94,927 |  |  | $ | 101,251 |
Equity method investments - non-integral unconsolidated affiliates |  | 28,482 |  |  | 55,833 |
Marketable equity securities (1) |  | — |  |  | — |
Non-marketable equity securities |  | 53,246 |  |  | 54,134 |
Total equity investments |  | $ | 176,655 |  |  | $ | 211,218 |
(1) As of December 31, 2022, the fair value of Quanta’s investment in equity securities of Starry Group Holdings, Inc. (Starry) was zero, which was accounted for as an investment in marketable securities and included a loss of $91.5 million. During the three months ended September 30, 2023, a plan of reorganization in Starry’s bankruptcy proceeding pursuant to Chapter 11 of the U.S. Bankruptcy Code, as amended, went into effect and, as a result, the equity securities of Starry held by Quanta were cancelled. Equity Method Investments During the three months ended December 31, 2022, Quanta entered into an agreement to sell one of its non-integral equity method investments. The transaction was subject to certain customary closing conditions that were satisfied in early 2023. As a result, a $25.9 million gain was recognized in the fourth quarter of 2022, $10.4 million of which was attributable to non-controlling interests. During the nine months ended September 30, 2023, Quanta received cash of $58.5 million related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests. As of September 30, 2023 and December 31, 2022, Quanta had receivables of $79.6 million and $96.9 million from its integral affiliates and payables of $31.0 million and $9.3 million to its integral affiliates. Quanta recognizes revenues from services provided to its integral affiliates, primarily for services provided to LUMA at cost. Quanta recognized revenues from such services to its integral affiliates of $54.4 million and $38.2 million during the three months ended September 30, 2023 and 2022 and $152.9 million and $89.7 million during the nine months ended September 30, 2023 and 2022. In addition, during the three months ended September 30, 2023 and 2022, Quanta recognized costs of sales of $72.4 million and $38.8 million for services provided by other integral affiliates. During the nine months ended September 30, 2023 and 2022, Quanta recognized costs of sales of $107.3 million and $111.1 million for services provided by other integral affiliates. Total equity in earnings from integral unconsolidated affiliates was $11.7 million and $10.6 million for the three months ended September 30, 2023 and 2022, and $30.7 million and $44.4 million for the nine months ended September 30, 2023 and 2022. Total equity in earnings from non-integral unconsolidated affiliates was a loss of $1.0 million and earnings of $2.9 million for the three months ended September 30, 2023 and 2022 and earnings of $1.1 million and $17.9 million for the nine months ended September 30, 2023 and 2022 and was included in “Other income (expense), net” in the accompanying condensed consolidated statements of income. As of September 30, 2023, Quanta had $16.8 million of undistributed earnings related to unconsolidated affiliates.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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