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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Components of Lease Costs | The components of lease costs in the accompanying consolidated statements of operations are as follows (in thousands):
|  |  | Year Ended December 31,
Lease and lease financing cost | Classification |  | 2024 |  | 2023 |  | 2022
Finance lease cost: |  |  |  |  |  |  |
Amortization of lease assets | Depreciation (1) |  | $ | 11,462 |  |  | $ | 4,944 |  |  | $ | 1,540 |
Interest on lease liabilities | Interest and other financing expenses |  | 2,798 |  |  | 1,463 |  |  | 108 |
Lease financing transactions:(2) |  |  |  |  |  |  |
Depreciation | Depreciation (1) |  | 10,396 |  |  | 7,698 |  |  | 5,303 |
Interest | Interest and other financing expenses |  | 17,600 |  |  | 12,992 |  |  | 8,405 |
Operating lease cost | Cost of services and Selling, general and administrative expenses |  | 108,879 |  |  | 93,133 |  |  | 93,539 |
Short-term and variable lease cost (3) | Cost of services and Selling, general and administrative expenses |  | 1,245,011 |  |  | 1,106,454 |  |  | 953,721 |
Total lease and lease financing cost |  |  | $ | 1,396,146 |  |  | $ | 1,226,684 |  |  | $ | 1,062,616 |
(1) Depreciation is included within “Cost of services” and “Selling, general and administrative expenses” in the accompanying consolidated statements of operations. (2) Certain of Quanta’s equipment rental agreements contain purchase options pursuant to which the purchase price is offset by a portion of the rental payments. When these purchase options are exercised by a third-party lessor on behalf of Quanta, the transaction is deemed to be a financing transaction for accounting purposes, which results in the recognition of an asset equal to the purchase price and a corresponding liability. (3) Short-term lease cost includes both leases and rentals with initial terms of one year or less. Variable lease cost is insignificant.
Components of Leases in the Balance Sheet | The components of leases in the accompanying consolidated balance sheets were as follows (in thousands):
|  |  | December 31, |  |
Lease type | Classification |  | 2024 |  | 2023 |  |
Assets: |  |  |  |  |  |  |
Operating lease right-of-use assets | Operating lease right-of-use assets |  | $ | 299,895 |  |  | $ | 249,443 |  |  |
Finance lease assets | Property and equipment, net of accumulated depreciation |  | 43,018 |  |  | 35,770 |  |  |
Lease financing transaction assets | Property and equipment, net of accumulated depreciation |  | 155,548 |  |  | 102,955 |  |  |
Total lease and lease financing assets |  |  | $ | 498,461 |  |  | $ | 388,168 |  |  |
Liabilities: |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |
Operating | Current portion of operating lease liabilities |  | $ | 94,162 |  |  | $ | 77,995 |  |  |
Finance | Current maturities of long-term debt and short-term debt |  | 11,641 |  |  | 7,767 |  |  |
Lease financing transaction liabilities | Current maturities of long-term debt and short-term debt |  | 11,307 |  |  | 7,345 |  |  |
Non-current: |  |  |  |  |  |  |
Operating | Operating lease liabilities, net of current portion |  | 222,359 |  |  | 186,996 |  |  |
Finance | Long-term debt, net of current maturities |  | 36,352 |  |  | 31,810 |  |  |
Lease financing transaction liabilities | Long-term debt, net of current maturities |  | 144,242 |  |  | 95,610 |  |  |
Total lease and lease financing liabilities |  |  | $ | 520,063 |  |  | $ | 407,523 |  |  |
Future Minimum Lease Payments - Operating Leases | Future minimum lease payments for operating leases and finance leases were as follows (in thousands):
|  | As of December 31, 2024
|  | Operating Leases |  | Finance Leases |  | Total
2025 |  | $ | 107,468 |  |  | $ | 13,225 |  |  | $ | 120,693 |
2026 |  | 86,518 |  |  | 12,244 |  |  | 98,762 |
2027 |  | 62,115 |  |  | 10,847 |  |  | 72,962 |
2028 |  | 40,801 |  |  | 8,707 |  |  | 49,508 |
2029 |  | 18,475 |  |  | 7,291 |  |  | 25,766 |
Thereafter |  | 39,456 |  |  | 2,737 |  |  | 42,193 |
Total future minimum payments related to operating leases and finance leases |  | 354,833 |  |  | 55,051 |  |  | 409,884 |
Less imputed interest |  | (38,312) |  |  | (7,058) |  |  | (45,370) |
Total |  | $ | 316,521 |  |  | $ | 47,993 |  |  | $ | 364,514 |
Future Minimum Lease Payments - Finance Leases and Equipment Lease Financing Transactions | Future minimum lease payments for operating leases and finance leases were as follows (in thousands):
|  | As of December 31, 2024
|  | Operating Leases |  | Finance Leases |  | Total
2025 |  | $ | 107,468 |  |  | $ | 13,225 |  |  | $ | 120,693 |
2026 |  | 86,518 |  |  | 12,244 |  |  | 98,762 |
2027 |  | 62,115 |  |  | 10,847 |  |  | 72,962 |
2028 |  | 40,801 |  |  | 8,707 |  |  | 49,508 |
2029 |  | 18,475 |  |  | 7,291 |  |  | 25,766 |
Thereafter |  | 39,456 |  |  | 2,737 |  |  | 42,193 |
Total future minimum payments related to operating leases and finance leases |  | 354,833 |  |  | 55,051 |  |  | 409,884 |
Less imputed interest |  | (38,312) |  |  | (7,058) |  |  | (45,370) |
Total |  | $ | 316,521 |  |  | $ | 47,993 |  |  | $ | 364,514 |
Other Information Related to Leases | The weighted average remaining lease terms (other than for short-term leases) and discount rates were as follows:
|  | As of December 31,
|  | 2024 |  | 2023
Weighted average remaining lease term (in years): |  |  |  |
Operating leases |  | 4.48 |  | 4.34
Finance leases |  | 4.35 |  | 5.69
Weighted average discount rate: |  |  |  |
Operating leases |  | 5.1 | % |  | 4.3 | %
Finance leases |  | 6.1 | % |  | 6.3 | %

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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