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Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Changes in Quanta's Goodwill | The changes in the carrying amount of goodwill of each of Quanta’s reportable segments were as follows (in thousands):
|  | Electric Power Segment |  | Renewable Energy Segment |  | Underground and Infrastructure Segment |  | Total
Balance at December 31, 2022 (1) |  | $ | 1,396,141 |  |  | $ | 1,518,149 |  |  | $ | 672,455 |  |  | $ | 3,586,745 |
Goodwill related to acquisition completed in 2023 |  | 189,777 |  |  | 263,854 |  |  | — |  |  | 453,631 |
Purchase price allocation adjustments |  | 338 |  |  | — |  |  | — |  |  | 338 |
Foreign currency translation adjustments |  | 1,243 |  |  | 2,185 |  |  | 1,763 |  |  | 5,191 |
Balance at December 31, 2023 (1) |  | 1,587,499 |  | 1,784,188 |  | 674,218 |  | 4,045,905
Goodwill related to the acquisitions completed in 2024 |  | 691,428 |  |  | 434,693 |  |  | 186,993 |  |  | 1,313,114 |
Purchase price allocation adjustments |  | (7,333) |  |  | (3,663) |  |  | — |  |  | (10,996) |
Goodwill written off due to sale of business (1) |  | — |  |  | — |  |  | (6,147) |  |  | (6,147) |
Foreign currency translation adjustments |  | (4,742) |  |  | (8,983) |  |  | (11,708) |  |  | (25,433) |
Balance at December 31, 2024 (1) |  | $ | 2,266,852 |  |  | $ | 2,206,235 |  |  | $ | 843,356 |  |  | $ | 5,316,443 |
(1) Included in the Underground and Infrastructure segment for the years ended December 31, 2024, 2023, and 2022 was accumulated impairment of $49.9 million, $96.1 million and $96.1 million. During the year ended December 31, 2024, $45.1 million of accumulated impairment was written off due to the sale of a business.
Other Intangible Assets | Quanta’s identifiable intangible assets and the remaining weighted average amortization periods related to its intangible assets subject to amortization were as follows (in thousands except for weighted average amortization periods, which are in years):
|  | As of December 31, 2024 |  | As of December 31, 2023
|  | Remaining Weighted Average Amortization Period in Years |  | Intangible Assets |  | Accumulated Amortization |  | Intangible Assets, Net |  | Intangible Assets |  | Accumulated Amortization |  | Intangible Assets, Net
Customer relationships |  | 5.1 |  | $ | 2,405,606 |  |  | $ | (1,105,099) |  |  | $ | 1,300,507 |  |  | $ | 1,852,249 |  |  | $ | (842,184) |  |  | $ | 1,010,065 |
Backlog |  | 1.6 |  | 442,459 |  |  | (358,596) |  |  | 83,863 |  |  | 336,149 |  |  | (297,868) |  |  | 38,281 |
Trade names |  | 12.9 |  | 569,307 |  |  | (113,970) |  |  | 455,337 |  |  | 378,428 |  |  | (87,572) |  |  | 290,856 |
Non-compete agreements |  | 4.5 |  | 61,589 |  |  | (51,453) |  |  | 10,136 |  |  | 59,464 |  |  | (48,687) |  |  | 10,777 |
Patented rights, developed technology, process certifications and other |  | 12.6 |  | 35,317 |  |  | (32,763) |  |  | 2,554 |  |  | 32,985 |  |  | (29,605) |  |  | 3,380 |
Curriculum |  | 3.8 |  | 15,618 |  |  | (10,478) |  |  | 5,140 |  |  | 14,794 |  |  | (8,741) |  |  | 6,053 |
Total intangible assets subject to amortization |  | 6.8 |  | 3,529,896 |  |  | (1,672,359) |  |  | 1,857,537 |  |  | 2,674,069 |  |  | (1,314,657) |  |  | 1,359,412 |
Engineering license |  |  |  | 3,000 |  |  | — |  |  | 3,000 |  |  | 3,000 |  |  | — |  |  | 3,000 |
Total intangible assets |  |  |  | $ | 3,532,896 |  |  | $ | (1,672,359) |  |  | $ | 1,860,537 |  |  | $ | 2,677,069 |  |  | $ | (1,314,657) |  |  | $ | 1,362,412 |
Estimated Future Aggregate Amortization Expense of Intangible Assets | The estimated future aggregate amortization expense of intangible assets subject to amortization as of December 31, 2024 is set forth below (in thousands):
Year Ending December 31: |  |
2025 |  | $ | 404,888 |
2026 |  | 346,348 |
2027 |  | 315,629 |
2028 |  | 249,447 |
2029 |  | 112,581 |
Thereafter |  | 428,644 |
Total |  | $ | 1,857,537 |

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