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Investments in Affiliates and Other Entities | 6 Months Ended
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Jun. 30, 2024
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):
|  | June 30, 2024 |  | December 31, 2023
Equity method investments - integral unconsolidated affiliates |  | $ | 94,008 |  |  | $ | 96,124 |
Equity method investments - non-integral unconsolidated affiliates |  | 8,956 |  |  | 28,105 |
Non-marketable equity securities |  | 58,634 |  |  | 53,868 |
Total equity investments |  | $ | 161,598 |  |  | $ | 178,097 |
Equity Method Investments During the six months ended June 30, 2024, Quanta sold a non-integral equity method investment and recognized a $12.6 million gain, $5.0 million of which was attributable to non-controlling interests. Also during the six months ended June 30, 2024, Quanta received $35.4 million in cash related to the sale of this investment, $5.0 million of which was distributed to non-controlling interests. During the three months ended December 31, 2022, Quanta entered into an agreement to sell a non-integral equity method investment. 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 six months ended June 30, 2023, Quanta received $58.5 million in cash related to the sale of this investment, $9.8 million of which was distributed to non-controlling interests. As of June 30, 2024 and December 31, 2023, Quanta had receivables of $56.7 million and $96.4 million from its integral unconsolidated affiliates and payables of $18.9 million and $24.5 million to its integral unconsolidated affiliates. Quanta recognized revenues of $57.7 million and $50.2 million during the three months ended June 30, 2024 and 2023 and $116.7 million and $98.5 million during the six months ended June 30, 2024 and 2023 from services provided to its integral unconsolidated affiliates, primarily related to services provided to LUMA at cost. In addition, during the three months ended June 30, 2024 and 2023, Quanta recognized costs of services of $100.3 million and $21.2 million for services provided to Quanta by other integral unconsolidated affiliates. During the six months ended June 30, 2024 and 2023, Quanta recognized costs of services of $189.2 million and $33.2 million for services provided by other integral affiliates. Total equity in earnings from integral unconsolidated affiliates was $8.6 million and $9.4 million for the three months ended June 30, 2024 and 2023 and $20.9 million and $19.0 million for the six months ended June 30, 2024 and 2023. Total equity in losses from non-integral unconsolidated affiliates was $0.5 million for the three months ended June 30, 2024 and total equity in earnings from non-integral affiliates was $0.5 million for the three months ended June 30, 2023. Total equity in earnings from non-integral affiliates was $3.1 million and $2.1 million for the six months ended June 30, 2024 and 2023. As of June 30, 2024, Quanta had $43.5 million of undistributed earnings related to unconsolidated affiliates. The difference between Quanta’s carrying value and the underlying equity in the net assets of its equity investments is assigned to the assets and liabilities of the investment, giving rise to a basis difference, which was $28.6 million and $31.4 million as of June 30, 2024 and December 31, 2023. The amortization of the basis difference included in “Equity in earnings of integral unconsolidated affiliates” in the accompanying condensed consolidated statements of operations was $1.3 million and $1.5 million for the three months ended June 30, 2024 and 2023 and $2.7 million and $3.3 million for the six months ended June 30, 2024 and 2023.

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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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