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Detail of Certain Accounts | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Detail of Certain Accounts | DETAIL OF CERTAIN ACCOUNTS: Cash and Cash Equivalents As of December 31, 2024 and 2023, cash equivalents were $347.5 million and $610.8 million and consisted primarily of money market investments, money market mutual funds and short-term deposits. Cash and cash equivalents held by joint ventures, which are either consolidated or proportionately consolidated, are available to support joint venture operations, but Quanta cannot utilize those assets to support its other operations. Quanta generally has no right to cash and cash equivalents held by a joint venture other than participating in distributions, to the extent made, and in the event of dissolution. Cash and cash equivalents held by Quanta’s wholly-owned captive insurance company are generally not available for use in support of its other operations. Amounts related to cash and cash equivalents held by consolidated or proportionately consolidated joint ventures and the captive insurance company, which are included in Quanta’s total cash and cash equivalents balances, were as follows (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Cash and cash equivalents held by domestic joint ventures |  | $ | 71,646 |  |  | $ | 41,427 |
Cash and cash equivalents held by foreign joint ventures |  | 10,088 |  |  | 10,968 |
Total cash and cash equivalents held by joint ventures |  | 81,734 |  |  | 52,395 |
Cash and cash equivalents held by captive insurance company |  | 19,445 |  |  | 19,088 |
Cash and cash equivalents not held by joint ventures or captive insurance company |  | 640,781 |  |  | 1,218,765 |
Total cash and cash equivalents |  | $ | 741,960 |  |  | $ | 1,290,248 |
Property and Equipment Property and equipment consisted of the following (in thousands):
| Estimated Useful |  | December 31,
| Lives in Years |  | 2024 |  | 2023
Land | N/A |  | $ | 134,590 |  |  | $ | 102,839 |
Buildings and leasehold improvements | 5-30 |  | 514,888 |  |  | 456,004 |
Operating machinery, equipment and vehicles | 1-25 |  | 3,347,871 |  |  | 3,069,882 |
Office equipment, furniture and fixtures and information technology systems | 3-10 |  | 298,878 |  |  | 290,687 |
Construction work in progress | N/A |  | 125,676 |  |  | 73,018 |
Finance lease assets and lease financing transactions | 5-20 |  | 239,806 |  |  | 165,923 |
Property and equipment, gross |  |  | 4,661,709 |  |  | 4,158,353 |
Less — Accumulated depreciation and amortization |  |  | (1,961,432) |  |  | (1,821,410) |
Property and equipment, net of accumulated depreciation |  |  | $ | 2,700,277 |  |  | $ | 2,336,943 |
Depreciation expense related to property and equipment is recognized on a straight-line basis over the estimated useful lives of the assets and was $359.4 million, $324.8 million and $290.6 million for the years ended December 31, 2024, 2023 and 2022. In addition, Quanta held property and equipment, net of $177.9 million and $245.7 million in foreign countries, primarily Canada, as of December 31, 2024 and 2023. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Accounts payable, trade |  | $ | 2,096,125 |  |  | $ | 2,027,588 |
Accrued compensation and related expenses |  | 651,893 |  |  | 526,221 |
Other accrued expenses |  | 974,325 |  |  | 507,433 |
Accounts payable and accrued expenses |  | $ | 3,722,343 |  |  | $ | 3,061,242 |
Other accrued expenses primarily include the current portion of accrued insurance liabilities, income and franchise taxes payable and unearned revenues as of December 31, 2023. Other accrued expenses as of December 31, 2024 primarily includes these items, as well as the current portion of contingent consideration as further described in Note 6.

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