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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Summary of Plan Information Relating to Participation in Multiemployer Pension Plans | The following table summarizes plan information relating to Quanta’s participation in multiemployer defined benefit pension plans, including company contributions for the last three years, the status of the plans under the PPA and whether the plans are subject to a funding improvement or rehabilitation plan or contribution surcharges. The most recent PPA zone status available in 2024 and 2023 generally relates to the plans’ fiscal year-ends in 2023 and 2022. Forms 5500 were not yet available for the plan years ending in 2024. The PPA zone status is based on information that Quanta received from the respective plans’ administrators, as well as publicly available information on the U.S. Department of Labor website, and is certified by each plan’s actuary. Although multiple factors or tests may result in red zone or yellow zone status, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone generally are less than 80 percent funded, and plans in the green zone generally are at least 80 percent funded. Under the PPA, red zone plans are classified as “critical” status, yellow zone plans are classified as “endangered” status and green zone plans are classified as neither “endangered” nor “critical” status. The “Subject to Financial Improvement/ Rehabilitation Plan” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. The last column lists the expiration dates of Quanta’s collective-bargaining agreements to which the plans are subject. Total contributions to these plans correspond to the number of union employees employed at any given time and the plans in which they participate and vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with such projects. Information has been presented separately for individually significant plans, based on PPA funding status classification, and in the aggregate for all other plans.
|  | Employee Identification Number/ Pension Plan Number |  | PPA Zone Status |  | Subject to Financial Improve- ment/ Reha- bilitation Plan |  | Contributions (in thousands) | Sur-charge Imposed |  | Expiration Date of Collective Bargaining Agreement
Fund |  |  | 2024 |  | 2023 |  |  | 2024 |  | 2023 |  | 2022 |
National Electrical Benefit Fund |  | 53-0181657 |  | Green |  | Green |  | No |  | $ | 41,321 |  |  | $ | 47,126 |  |  | $ | 47,390 |  |  | No |  | Varies through January 2029
Eighth District Electrical Pension Fund |  | 84-6100393 |  | Green |  | Green |  | No |  | 13,820 |  |  | 6,169 |  |  | 5,119 |  |  | No |  | Varies through August 2027
Excavators Union Local 731 Pension Fund |  | 13-1809825 |  | Green |  | Green |  | No |  | 11,974 |  |  | 11,411 |  |  | 20,733 |  |  | No |  | April 2026
Central Pension Fund of the IUOE & Participating Employers |  | 36-6052390 |  | Green |  | Green |  | No |  | 8,496 |  |  | 7,396 |  |  | 11,989 |  |  | No |  | Varies through May 2027
IBEW 332 Pension Plan - Part A |  | 94-2688032 |  | Green |  | Green |  | No |  | 8,404 |  |  | — |  |  | — |  |  | No |  | May 2027
Local Union No. 124 I.B.E.W. Pension Trust Fund |  | 43-0817626 |  | Green |  | Green |  | No |  | 5,836 |  |  | — |  |  | — |  |  | No |  | December 2027
IBEW Local 683 Pension Fund Pension Plan |  | 34-1442087 |  | Green |  | Green |  | No |  | 5,828 |  |  | 731 |  |  | 12 |  |  | No |  | Varies through May 2027
Locals 302 & 612 of the IUOE - Employers Construction Industry Retirement Plan |  | 91-6028571 |  | Green |  | Green |  | No |  | 3,644 |  |  | 2,707 |  |  | 1,675 |  |  | No |  | Varies through May 2027
Laborers Pension Trust Fund for Northern California |  | 94-6277608 |  | Green |  | Green |  | No |  | 3,468 |  |  | 3,342 |  |  | 4,849 |  |  | No |  | Varies through June 2027
Operating Engineers’ Local 324 Pension Fund |  | 38-1900637 |  | Red |  | Red |  | Yes |  | 3,367 |  |  | 3,193 |  |  | 2,951 |  |  | Yes |  | Varies through May 2026
Local 697 I.B.E.W. and Electrical Industry Pension Plan |  | 51-6133048 |  | Green |  | Green |  | No |  | 3,228 |  |  | 2,227 |  |  | 2,509 |  |  | No |  | May 2025
Kern County Electrical Workers Pension Fund |  | 95-6123049 |  | Green |  | Green |  | No |  | 2,675 |  |  | 325 |  |  | 31 |  |  | No |  | Varies through November 2027
Pension Trust Fund for Operating Engineers |  | 94-6090764 |  | Green |  | Yellow |  | No |  | 2,504 |  |  | 2,176 |  |  | 1,898 |  |  | No |  | Varies through May 2026
Pipeline Industry Pension Fund |  | 73-6146433 |  | Green |  | Green |  | No |  | 2,478 |  |  | 2,733 |  |  | 2,477 |  |  | No |  | Varies through December 2026
Construction Laborers Pension Trust Fund for Southern California |  | 43-6159056 |  | Green |  | Green |  | No |  | 1,764 |  |  | 2,729 |  |  | 1,355 |  |  | No |  | Varies through June 2026
Central Laborers’ Pension Fund |  | 37-6052379 |  | Yellow |  | Yellow |  | Yes |  | 1,484 |  |  | 2,342 |  |  | 739 |  |  | No |  | Varies through May 2026
Alaska Teamster - Employer Pension Plan |  | 92-6003463 |  | Red |  | Red |  | Yes |  | 1,222 |  |  | 80 |  |  | — |  |  | Yes |  | May 2026
Laborers National Pension Fund |  | 75-1280827 |  | Red |  | Red |  | Yes |  | 1,205 |  |  | 746 |  |  | 667 |  |  | Yes |  | Varies through November 2028
Alaska Plumbing and Pipefitting Industry Pension Plan |  | 52-6103810 |  | Red |  | Red |  | Yes |  | 986 |  |  | 83 |  |  | — |  |  | Yes |  | May 2026
Employer - Teamsters Local Nos. 175 & 505 Pension Trust Fund |  | 55-6021850 |  | Red |  | Red |  | Yes |  | 900 |  |  | 1,027 |  |  | 52 |  |  | Yes |  | May 2026
Operating Engineers Pension Trust |  | 95-6032478 |  | Green |  | Yellow |  | No |  | 871 |  |  | 1,473 |  |  | 1,360 |  |  | No |  | Varies through June 2025
IBEW Local 1249 Pension Plan |  | 15-6035161 |  | Green |  | Green |  | No |  | 505 |  |  | 1,931 |  |  | 4,558 |  |  | No |  | May 2025
All other plans - U.S. |  |  |  |  |  |  |  |  |  | 51,303 |  |  | 37,302 |  |  | 37,790 |  |  |  |  |
All other plans - Canada (1) |  |  |  |  |  |  |  |  |  | 6,473 |  |  | 12,515 |  |  | 19,245 |  |  |  |  |
Total contributions |  |  |  |  |  |  |  |  |  | $ | 183,756 |  |  | $ | 149,764 |  |  | $ | 167,399 |  |  |  |  |
(1) Multiemployer defined benefit pension plans in Canada are not subject to the reporting requirements under the PPA. Accordingly, certain information was not publicly available. Quanta’s contributions to the following individually significant plans were five percent or more of the total contributions to these plans for the periods indicated based on the Forms 5500 for these plans for the years ended December 31, 2023 and 2022. Forms 5500 were not yet available for these plans for the year ended December 31, 2024.
Pension Fund |  | Plan Years in which Quanta Contributions Were Five Percent or More of Total Plan Contributions
National Electrical Benefit Fund |  | 2023 and 2022
Eighth District Electrical Pension Fund |  | 2023 and 2022
Excavators Union Local 731 Pension Fund |  | 2023 and 2022
Local 697 I.B.E.W. and Electrical Industry Pension Plan |  | 2023 and 2022
Pipeline Industry Pension Fund |  | 2023 and 2022
IBEW Local 1249 Pension Plan |  | 2022
Local Union No 9 I.B.E.W and Outside Contractors Pension Fund (1) |  | 2022
I.B.E.W. Local 456 Pension Plan (1) |  | 2023 and 2022
Teamster National Pipe Line Pension Plan (1) |  | 2023 and 2022
(1) This plan is included in the “All other plans - U.S.” category in the prior table.
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation | Changes in the fair market value of Quanta’s COLI assets and deferred compensation liabilities largely offset and are recorded in the accompanying statements of operations as follows (in thousands):
|  |  | Year Ended December 31,
Classification | Change in fair market value of |  | 2024 |  | 2023 |  | 2022
(Loss) gain included in Selling, general and administrative expenses | Deferred compensation liabilities |  | $ | (14,108) |  |  | $ | (13,325) |  |  | $ | 13,192 |
Other income (expense), net | COLI assets |  | $ | 12,446 |  |  | $ | 11,587 |  |  | $ | (13,757) |

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