XML 28 R16.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Debt Obligations | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Debt Obligations | 8. DEBT OBLIGATIONS: Quanta’s long-term debt obligations consisted of the following (in thousands):
|  | March 31, 2024 |  | December 31, 2023
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) |  | 854,364 |  |  | 867,137 |
Borrowings under commercial paper program |  | 208,350 |  |  | 705,900 |
Lease financing transactions |  | 126,409 |  |  | 102,955 |
Other long-term debt |  | 6,219 |  |  | 6,279 |
Finance leases |  | 46,373 |  |  | 39,577 |
Unamortized discount and financing costs |  | (20,991) |  |  | (23,142) |
Total long-term debt obligations |  | 3,720,724 |  |  | 4,198,706 |
Less — Current maturities of long-term debt |  | 546,543 |  |  | 535,202 |
Total long-term debt obligations, net of current maturities |  | $ | 3,174,181 |  |  | $ | 3,663,504 |
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 $2.13 billion as of March 31, 2024, compared to a carrying value of $2.48 billion net of unamortized bond discount, underwriting discounts and deferred financing costs of $19.7 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,
|  |  |  |  |  | 2024 |  | 2023
Maximum amount outstanding |  |  |  |  |  | $ | 867,204 |  |  | $ | 956,308 |
Average daily amount outstanding |  |  |  |  |  | $ | 841,295 |  |  | $ | 859,270 |
Weighted-average interest rate |  |  |  |  |  | 6.80 | % |  | 5.99 | %
As of March 31, 2024, Quanta was in compliance with all of the financial covenants under the credit agreement. Term Loan. As of March 31, 2024, Quanta had $726.6 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, 2024, Quanta had $127.8 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, 2024, Quanta also had $251.2 million of letters of credit issued under the senior credit facility, of which $94.6 million were denominated in U.S. dollars and $156.6 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, 2024, $2.05 billion remained available under the senior credit facility for new revolving loans, letters of credit and support of the commercial paper program. Commercial Paper Program As of March 31, 2024, Quanta had $208.4 million of outstanding unsecured notes under its commercial paper program, with a weighted average interest rate of 5.75%. The carrying amounts of the notes issued under Quanta’s commercial paper program approximate fair value, and all notes currently have a short maturity. Borrowings under the commercial paper program and the applicable interest rates were as follows (dollars in thousands):
|  |  |  | Three Months Ended
|  |  |  | March 31,
|  |  |  |  |  | 2024 |  | 2023
Maximum amount outstanding |  |  |  |  |  | $ | 705,900 |  |  | $ | 747,700 |
Average daily amount outstanding |  |  |  |  |  | $ | 216,075 |  |  | $ | 494,600 |
Weighted-average interest rate |  |  |  |  |  | 5.80 | % |  | 5.38 | %
Additional Letters of Credit As of March 31, 2024, Quanta had $488.7 million of letters of credit issued outside of its senior credit facility, which were denominated in U.S. dollars.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration