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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS: Unions’ Multiemployer Pension Plans Quanta contributes to a number of multiemployer defined benefit pension plans under the terms of collective bargaining agreements with various unions that represent certain of Quanta’s employees. Approximately 32% of Quanta’s employees as of December 31, 2024 were covered by collective bargaining agreements. Quanta’s multiemployer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on a monthly or annual basis), and contributions are made to the plans on a “pay-as-you-go” basis based on its union employee payrolls. Quanta may also have additional liabilities imposed by law as a result of its participation in multiemployer defined benefit pension plans. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980, imposes certain liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws or is deemed to have withdrawn from the plan or the plan is terminated or experiences a mass withdrawal. The Pension Protection Act of 2006 (PPA) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans in the United States that are classified as “endangered,” “seriously endangered” or “critical” status based on multiple factors (including, for example, the plan’s funded percentage, cash flow position and whether a projected minimum funding deficiency exists). Plans in these classifications must adopt remedial measures to improve their funded status through a funding improvement or rehabilitation plan, as applicable, which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. Certain plans to which Quanta contributes or may contribute in the future are in “endangered,” “seriously endangered” or “critical” status. The amount of additional funds, if any, that Quanta may be obligated to contribute to these plans cannot be reasonably estimated due to uncertainty regarding the amount of future work involving covered union employees, future contribution levels and possible surcharges on plan contributions. 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. In addition to the contributions made to multiemployer defined benefit pension plans noted above, Quanta also contributed to multiemployer defined contribution or other postretirement benefit plans on behalf of certain union employees. Contributions to union multiemployer defined contribution or other postretirement benefit plans by Quanta were $282.5 million, $254.7 million and $234.3 million for the years ended December 31, 2024, 2023 and 2022. Total contributions made to all of these multiemployer plans correspond to the number of union employees employed at any given time and the plans in which they participate and participation in project labor agreements and vary depending upon the location and number of ongoing projects at a given time and the need for union resources or project labor agreements in connection with such projects. Contributions to such plans are also impacted by business combinations and changes in employer contribution rates. Quanta 401(k) Plan Quanta maintains a 401(k) plan pursuant to which employees who are not provided retirement benefits through a collective bargaining agreement may make contributions through payroll deductions. Quanta makes matching cash contributions of 100% of each employee’s contribution up to 3% of that employee’s salary and 50% of each employee’s contribution between 3% and 6% of such employee’s salary, up to the maximum amount permitted by law. Contributions to the 401(k) plan by Quanta were $93.9 million, $75.9 million and $61.7 million for the years ended December 31, 2024, 2023 and 2022. Deferred Compensation Plans Quanta maintains non-qualified deferred compensation plans under which eligible directors and key employees may defer their receipt of certain cash compensation and/or the settlement of certain stock-based awards. These plans are unfunded and unsecured compensation arrangements. Individuals participating in these plans may allocate deferred cash amounts among a group of notional accounts that mirror the gains and losses of various investment alternatives. Generally, participants receive distributions of deferred balances based on predetermined payout schedules or other events. The plan covering key employees provides for employer matching contributions for certain officers and employees whose benefits under the 401(k) plan are limited by federal tax law. Quanta may also make discretionary employer contributions to such plan. Matching contributions vest immediately, and discretionary employer contributions may be subject to a vesting schedule determined at the time of the contribution, provided that vesting accelerates upon a change in control or the participant’s death or retirement. All matching and discretionary employer contributions, whether vested or not, are forfeited upon a participant’s termination of employment for cause or upon the participant engaging in competition with Quanta or any of its affiliates. Quanta made matching contributions to the eligible participants’ accounts under the deferred compensation plans of $2.3 million, $1.8 million and $1.5 million during the years ended December 31, 2024, 2023 and 2022 and did not make discretionary contributions during those years. As of December 31, 2024 and 2023, the liability related to deferred cash compensation under these plans, including amounts contributed by Quanta, was $110.2 million and $88.9 million, the majority of which was included in “Insurance and other non-current liabilities” in the accompanying consolidated balance sheets. Additionally, as of December 31, 2024 and 2023, the settlement and issuance of 154,991 and 174,079 shares of common stock underlying certain stock-based awards had been deferred under these plans, and such issuances are scheduled to occur in future periods. To provide for future obligations related to deferred cash compensation under these plans, Quanta has invested in corporate-owned life insurance (COLI) policies covering certain participants in the deferred compensation plans, the underlying investments of which are intended to be aligned with the investment alternatives elected by plan participants. The COLI assets are recorded at their cash surrender value, which is considered their fair market value, and as of December 31, 2024 and 2023, the fair market values were $102.7 million and $83.4 million and were included in “Other assets, net” in the accompanying consolidated balance sheets. The level of inputs for these fair value measurements is Level 2. 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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