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Revenue Recognition and Related Balance Sheet Accounts (Tables) | 6 Months Ended
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Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Disaggregated by Geographic Location and Contract Type | The following tables present Quanta’s revenue disaggregated by contract type and by geographic location, as determined by the job location (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
By contract type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed price contracts |  | $ | 3,092,460 |  |  | 55.3 | % |  | $ | 2,296,888 |  |  | 45.5 | % |  | $ | 5,764,775 |  |  | 54.3 | % |  | $ | 4,231,776 |  |  | 44.7 | %
Unit-price contracts |  | 1,633,701 |  |  | 29.2 |  |  | 1,697,629 |  |  | 33.6 |  |  | 3,061,208 |  |  | 28.8 |  |  | 3,195,023 |  |  | 33.7 |
Cost-plus contracts |  | 868,226 |  |  | 15.5 |  |  | 1,054,093 |  |  | 20.9 |  |  | 1,800,223 |  |  | 16.9 |  |  | 2,050,637 |  |  | 21.6 |
Total revenues |  | $ | 5,594,387 |  |  | 100.0 | % |  | $ | 5,048,610 |  |  | 100.0 | % |  | $ | 10,626,206 |  |  | 100.0 | % |  | $ | 9,477,436 |  |  | 100.0 | %
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
By primary geographic location:
United States |  | $ | 5,132,607 |  |  | 91.8 | % |  | $ | 4,282,902 |  |  | 84.8 | % |  | $ | 9,702,323 |  |  | 91.3 | % |  | $ | 7,949,267 |  |  | 83.9 | %
Canada |  | 220,085 |  |  | 3.9 |  |  | 523,258 |  |  | 10.4 |  |  | 449,512 |  |  | 4.2 |  |  | 1,065,618 |  |  | 11.2 |
Australia |  | 161,251 |  |  | 2.9 |  |  | 156,725 |  |  | 3.1 |  |  | 307,280 |  |  | 2.9 |  |  | 311,402 |  |  | 3.3 |
Others |  | 80,444 |  |  | 1.4 |  |  | 85,725 |  |  | 1.7 |  |  | 167,091 |  |  | 1.6 |  |  | 151,149 |  |  | 1.6 |
Total revenues |  | $ | 5,594,387 |  |  | 100.0 | % |  | $ | 5,048,610 |  |  | 100.0 | % |  | $ | 10,626,206 |  |  | 100.0 | % |  | $ | 9,477,436 |  |  | 100.0 | %
Contract Assets and Liabilities | Contract assets and liabilities consisted of the following (in thousands):
|  | June 30, 2024 |  | December 31, 2023
Contract assets |  | $ | 1,227,543 |  |  | $ | 1,413,057 |
Contract liabilities |  | $ | 1,483,134 |  |  | $ | 1,538,677 |
Composition of the Allowance for Credit Losses | Activity in Quanta’s allowance for credit losses consisted of the following (in thousands):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period |  | $ | 13,955 |  |  | $ | 16,530 |  |  | $ | 13,962 |  |  | $ | 15,644 |
Increase in provision for credit losses |  | 191 |  |  | 2,889 |  |  | 462 |  |  | 5,247 |
Write-offs charged against the allowance net of recoveries of amounts previously written off |  | (417) |  |  | (5,511) |  |  | (695) |  |  | (6,983) |
Balance at end of period |  | $ | 13,729 |  |  | $ | 13,908 |  |  | $ | 13,729 |  |  | $ | 13,908 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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