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Segment Information
 9 Months Ended
Sep. 30, 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) and operating margins for the three and nine months ended September 30, 2023 and 2022. Operating margin is calculated by dividing operating income (loss) by
revenues. The following table shows dollars in thousands:
Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Revenues:  
Electric Power
$2,489,547 44.3 %$2,282,332 51.2 %$7,240,838 48.0 %$6,620,459 52.3 %
Renewable Energy
1,746,636 31.1 978,779 21.9 4,144,304 27.4 2,778,647 22.0 
Underground and Infrastructure
1,384,639 24.6 1,198,646 26.9 3,713,116 24.6 3,258,179 25.7 
Consolidated revenues$5,620,822 100.0 %$4,459,757 100.0 %$15,098,258 100.0 %$12,657,285 100.0 %
Operating income (loss):
  
Electric Power(1)
$296,176 11.9 %$255,457 11.2 %$755,342 10.4 %$691,026 10.4 %
Renewable Energy
151,389 8.7 %88,885 9.1 %297,532 7.2 %240,514 8.7 %
Underground and Infrastructure
123,764 8.9 %101,351 8.5 %292,544 7.9 %239,469 7.3 %
Corporate and Non-Allocated Costs (2)
(171,000)(3.0)%(158,902)(3.6)%(539,956)(3.6)%(558,346)(4.4)%
Consolidated operating income$400,329 7.1 %$286,791 6.4 %$805,462 5.3 %$612,663 4.8 %
(1)    Includes equity in earnings of integral unconsolidated affiliates of $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, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA).
(2)    Includes amortization expense of $71.4 million and $67.1 million and non-cash stock-based compensation of $32.5 million and $26.6 million for the three months ended September 30, 2023 and 2022. Includes amortization expense of $213.8 million and $290.8 million and non-cash stock-based compensation of $94.6 million and $77.7 million for the nine months ended September 30, 2023 and 2022.
Depreciation Expense
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. Certain of Quanta’s fixed assets are used on an interchangeable basis across its reportable segments. The following table sets forth depreciation expense by segment for the three and nine months ended September 30, 2023 and 2022. The table shows dollars in thousands:
Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Depreciation:
Electric Power
$38,228 $35,896 $121,670 $109,456 
Renewable Energy
15,812 11,214 37,351 29,625 
Underground and Infrastructure
23,940 20,311 63,575 61,916 
Corporate and Non-Allocated Costs3,508 6,086 17,150 17,423 
Consolidated depreciation$81,488 $73,507 $239,746 $218,420