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Revenue Recognition and Related Balance Sheet Accounts (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
By contract type: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed price contracts |  | $ | 3,725,174 |  |  | 57.4 | % |  | $ | 2,718,921 |  |  | 48.4 | % |  | $ | 9,489,949 |  |  | 55.4 | % |  | $ | 6,950,697 |  |  | 46.0 | %
Unit-price contracts |  | 1,769,369 |  |  | 27.2 |  |  | 1,803,764 |  |  | 32.1 |  |  | 4,830,577 |  |  | 28.2 |  |  | 4,998,787 |  |  | 33.1 |
Cost-plus contracts |  | 998,624 |  |  | 15.4 |  |  | 1,098,137 |  |  | 19.5 |  |  | 2,798,847 |  |  | 16.4 |  |  | 3,148,774 |  |  | 20.9 |
Total revenues |  | $ | 6,493,167 |  |  | 100.0 | % |  | $ | 5,620,822 |  |  | 100.0 | % |  | $ | 17,119,373 |  |  | 100.0 | % |  | $ | 15,098,258 |  |  | 100.0 | %
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
By primary geographic location:
United States |  | $ | 5,871,453 |  |  | 90.4 | % |  | $ | 4,816,825 |  |  | 85.8 | % |  | $ | 15,573,776 |  |  | 91.1 | % |  | $ | 12,766,092 |  |  | 84.6 | %
Canada |  | 329,066 |  |  | 5.1 |  |  | 574,536 |  |  | 10.2 |  |  | 778,578 |  |  | 4.5 |  |  | 1,640,154 |  |  | 10.9 |
Australia |  | 195,815 |  |  | 3.0 |  |  | 148,499 |  |  | 2.6 |  |  | 503,095 |  |  | 2.9 |  |  | 459,901 |  |  | 3.0 |
Others |  | 96,833 |  |  | 1.5 |  |  | 80,962 |  |  | 1.4 |  |  | 263,924 |  |  | 1.5 |  |  | 232,111 |  |  | 1.5 |
Total revenues |  | $ | 6,493,167 |  |  | 100.0 | % |  | $ | 5,620,822 |  |  | 100.0 | % |  | $ | 17,119,373 |  |  | 100.0 | % |  | $ | 15,098,258 |  |  | 100.0 | %
Contract Assets and Liabilities | Contract assets and liabilities consisted of the following (in thousands):
|  | September 30, 2024 |  | December 31, 2023
Contract assets |  | $ | 1,328,833 |  |  | $ | 1,413,057 |
Contract liabilities |  | $ | 1,875,388 |  |  | $ | 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 |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period |  | $ | 13,955 |  |  | $ | 13,908 |  |  | $ | 13,962 |  |  | $ | 15,644 |
Increase in provision for credit losses |  | 1,588 |  |  | 181 |  |  | 1,859 |  |  | 5,428 |
Write-offs charged against the allowance net of recoveries of amounts previously written off |  | (1,962) |  |  | (146) |  |  | (2,240) |  |  | (7,129) |
Balance at end of period |  | $ | 13,581 |  |  | $ | 13,943 |  |  | $ | 13,581 |  |  | $ | 13,943 |

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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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