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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Summarized Financial Information | The following table sets forth segment revenues and segment operating income (loss) for the three and nine months ended September 30, 2024 and 2023. 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,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Power |  | $ | 2,982,032 |  |  | 45.9 | % |  | $ | 2,489,547 |  |  | 44.3 | % |  | $ | 7,761,480 |  |  | 45.3 | % |  | $ | 7,240,838 |  |  | 48.0 | %
Renewable Energy |  | 2,251,855 |  |  | 34.7 |  |  | 1,746,636 |  |  | 31.1 |  |  | 5,870,411 |  |  | 34.3 |  |  | 4,144,304 |  |  | 27.4 |
Underground and Infrastructure |  | 1,259,280 |  |  | 19.4 |  |  | 1,384,639 |  |  | 24.6 |  |  | 3,487,482 |  |  | 20.4 |  |  | 3,713,116 |  |  | 24.6 |
Consolidated revenues |  | $ | 6,493,167 |  |  | 100.0 | % |  | $ | 5,620,822 |  |  | 100.0 | % |  | $ | 17,119,373 |  |  | 100.0 | % |  | $ | 15,098,258 |  |  | 100.0 | %
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Power (1) |  | $ | 354,505 |  |  | 11.9 | % |  | $ | 296,176 |  |  | 11.9 | % |  | $ | 846,390 |  |  | 10.9 | % |  | $ | 755,342 |  |  | 10.4 | %
Renewable Energy |  | 221,509 |  |  | 9.8 | % |  | 151,389 |  |  | 8.7 | % |  | 459,076 |  |  | 7.8 | % |  | 297,532 |  |  | 7.2 | %
Underground and Infrastructure |  | 93,956 |  |  | 7.5 | % |  | 123,764 |  |  | 8.9 | % |  | 222,437 |  |  | 6.4 | % |  | 292,544 |  |  | 7.9 | %
Corporate and Non-Allocated Costs (2) |  | (238,809) |  |  | (3.7) | % |  | (171,000) |  |  | (3.0) | % |  | (634,158) |  |  | (3.7) | % |  | (539,956) |  |  | (3.6) | %
Consolidated operating income |  | $ | 431,161 |  |  | 6.6 | % |  | $ | 400,329 |  |  | 7.1 | % |  | $ | 893,745 |  |  | 5.2 | % |  | $ | 805,462 |  |  | 5.3 | %
(1) Includes equity in earnings of integral unconsolidated affiliates of $14.0 million and $11.7 million for the three months ended September 30, 2024 and 2023 and $34.9 million and $30.7 million for the nine months ended September 30, 2024 and 2023, primarily related to Quanta’s equity interest in LUMA Energy, LLC (LUMA). (2) Includes amortization expense of $110.4 million and $71.4 million and non-cash stock-based compensation of $38.2 million and $32.5 million for the three months ended September 30, 2024 and 2023. Includes amortization expense of $267.1 million and $213.8 million and non-cash stock-based compensation of $110.8 million and $94.6 million for the nine months ended September 30, 2024 and 2023. The following table sets forth depreciation expense by segment for the three and nine months ended September 30, 2024 and 2023. The table shows dollars in thousands:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Depreciation: |  |  |  |  |  |  |  |
Electric Power |  | $ | 42,120 |  |  | $ | 38,228 |  |  | $ | 122,775 |  |  | $ | 121,670 |
Renewable Energy |  | 20,619 |  |  | 15,812 |  |  | 58,298 |  |  | 37,351 |
Underground and Infrastructure |  | 21,414 |  |  | 23,940 |  |  | 64,144 |  |  | 63,575 |
Corporate and Non-Allocated Costs |  | 5,826 |  |  | 3,508 |  |  | 17,308 |  |  | 17,150 |
Consolidated depreciation |  | $ | 89,979 |  |  | $ | 81,488 |  |  | $ | 262,525 |  |  | $ | 239,746 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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