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Equity | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Equity | EQUITY: Treasury Stock General Treasury stock is recorded at cost. Under Delaware law, treasury stock is not counted for quorum purposes or entitled to vote. Shares withheld for tax withholding obligations The tax withholding obligations of employees with respect to RSUs and PSUs that are settled in common stock are typically satisfied by Quanta making tax payments and withholding the number of shares of common stock having a value equal to the tax withholding obligation that is due on the date of vesting or settlement (as applicable). With respect to these liabilities, Quanta withheld 0.6 million shares of Quanta common stock during the year ended December 31, 2024, which had a market value of $155.5 million, 0.7 million shares of Quanta common stock during the year ended December 31, 2023, which had a market value of $119.1 million, and 0.7 million shares of Quanta common stock during the year ended December 31, 2022, which had a market value of $82.9 million. These shares and the related costs to acquire them were accounted for as adjustments to the balance of treasury stock. Stock repurchases On May 23, 2023, Quanta’s Board of Directors approved a stock repurchase program that authorizes Quanta to purchase, from time to time through June 30, 2026, up to $500 million of its outstanding common stock. As of December 31, 2024, $499.7 million remained available under this repurchase program. Quanta repurchased the following shares of common stock in the open market under its stock repurchase programs (in thousands):
Year ended: |  | Shares |  | Amount
December 31, 2024 |  | — |  |  | $ | — |
December 31, 2023 |  | 2 |  |  | $ | 350 |
December 31, 2022 |  | 1,061 |  |  | $ | 127,747 |
Quanta’s policy is to record a stock repurchase as of the trade date of the transaction; however, the payment of cash related to the repurchase is made on the settlement date of the transaction. During the year ended December 31, 2024, there were no cash payments related to stock repurchases. During the years ended December 31, 2023 and 2022 cash payments related to stock repurchases were $0.4 million and $127.8 million. Repurchases may be implemented through open market repurchases or privately negotiated transactions, at management’s discretion, based on market and business conditions, applicable contractual and legal requirements and other factors. Quanta is not obligated to acquire any specific amount of common stock, and the repurchase program may be modified or terminated by Quanta’s Board of Directors at any time at its sole discretion and without notice. Dividends Quanta declared and paid the following cash dividends and cash dividend equivalents during 2024, 2023 and 2022 (in thousands, except per share amounts):
Declaration |  | Record |  | Payment |  | Dividend |  | Dividends
Date |  | Date |  | Date |  | Per Share |  | Declared
November 20, 2024 |  | January 2, 2025 |  | January 13, 2025 |  | $ | 0.10 |  |  | $ | 15,074 |
August 28, 2024 |  | October 1, 2024 |  | October 11, 2024 |  | $ | 0.09 |  |  | $ | 13,532 |
May 23, 2024 |  | July 1, 2024 |  | July 12, 2024 |  | $ | 0.09 |  |  | $ | 13,521 |
March 28, 2024 |  | April 9, 2024 |  | April 17, 2024 |  | $ | 0.09 |  |  | $ | 13,477 |
December 5, 2023 |  | January 2, 2024 |  | January 12, 2024 |  | $ | 0.09 |  |  | $ | 13,412 |
August 30, 2023 |  | October 2, 2023 |  | October 13, 2023 |  | $ | 0.08 |  |  | $ | 12,430 |
May 23, 2023 |  | July 3, 2023 |  | July 14, 2023 |  | $ | 0.08 |  |  | $ | 11,893 |
March 29, 2023 |  | April 10, 2023 |  | April 18, 2023 |  | $ | 0.08 |  |  | $ | 12,100 |
December 13, 2022 |  | January 3, 2023 |  | January 13, 2023 |  | $ | 0.08 |  |  | $ | 11,756 |
August 31, 2022 |  | October 3, 2022 |  | October 14, 2022 |  | $ | 0.07 |  |  | $ | 10,322 |
May 27, 2022 |  | July 1, 2022 |  | July 15, 2022 |  | $ | 0.07 |  |  | $ | 10,283 |
March 31, 2022 |  | April 11, 2022 |  | April 18, 2022 |  | $ | 0.07 |  |  | $ | 10,459 |
December 1, 2021 |  | January 4, 2022 |  | January 14, 2022 |  | $ | 0.07 |  |  | $ | 10,363 |
A significant majority of the dividends declared were paid on the corresponding payment dates, which are generally within two months of the declaration date. Holders of certain stock awards generally received cash dividend equivalent payments equal to the cash dividends payable on account of the underlying Quanta common stock. Holders of other stock awards receive cash dividend equivalent payments only to the extent such awards become earned and/or vest. Additionally, cash dividend equivalent payments related to certain stock-based awards that have been deferred pursuant to the terms of Quanta’s deferred compensation plan are recorded as liabilities in such plans until the deferred awards are settled.

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