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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION: Quanta’s operations are managed by senior executives who report to its Chief Executive Officer, the chief operating decision maker. The Chief Executive Officer uses operating income for each of Quanta’s reportable segments and considers forecast to actual variances to assess performance and when making decisions about allocating capital, craft skill labor and other resources. Quanta’s reportable segments are: Electric Power Infrastructure Solutions (Electric Power), Renewable Energy and Underground and Infrastructure. The Electric Power segment reflects the aggregation of the Electric Power and Telecommunication operating segments. Electric Power. Quanta’s Electric Power segment provides comprehensive services for the electric power, technology and communications markets. Services include, but are not limited to, the design, procurement, new construction, upgrade and repair and maintenance services for electric power transmission and distribution infrastructure, both overhead and underground, and substation facilities, along with other engineering and technical services, including services that support the implementation of upgrades by utilities to modernize and harden the electric power grid in order to ensure its safety and enhance reliability and to accommodate increased residential and commercial use of electric vehicles. In addition, this segment provides emergency restoration services, including the repair of infrastructure damaged by fire and inclement weather and the installation of “smart grid” technologies on electric power networks. This segment also provides comprehensive design and construction solutions to wireline and wireless communications companies; electrical systems for data center, commercial and industrial facilities; and cable multi-system operators and other customers within the communications industry, as well as other related services. Additionally, this segment manufactures power transformers and components for the electric utility, municipal power and industrial markets. Renewable Energy. Quanta’s Renewable Energy segment provides comprehensive infrastructure solutions to customers that are involved in the renewable energy industry. Services include, but are not limited to, engineering, procurement, new construction, repowering and repair and maintenance services for renewable generation facilities, such as utility-scale wind, solar and hydropower generation facilities and battery storage facilities, and engineering and construction services for transmission and other electrical infrastructure needed to interconnect and transmit electricity from renewable energy generation and battery storage facilities. Underground and Infrastructure. Quanta’s Underground and Infrastructure segment provides comprehensive infrastructure solutions to customers involved in the transportation, distribution, storage, development and processing of natural gas, oil and other products. Services include, but are not limited to design, engineering, procurement, new construction, upgrade and repair and maintenance services for natural gas systems for gas utility customers; and pipeline protection, integrity testing, rehabilitation and replacement services. Additionally, Quanta serves the midstream and downstream industrial energy markets through catalyst replacement services, high-pressure and critical-path turnaround services, instrumentation and electrical services, piping, fabrication and storage tank services. Quanta’s segment results are derived from the types of services provided across its operating companies in each of its end user markets. Quanta’s entrepreneurial business model allows multiple operating companies to serve the same or similar customers and to provide a range of services across end user markets. Reportable segment information, including revenues and operating income by type of work, is gathered from each operating company. Classification of operating company revenues by type of work for segment reporting purposes can require judgment on the part of management. Segment operating expenses (excluding depreciation expense) primarily includes cost of services, such as wages and benefits; subcontractor costs; materials; certain equipment rental and maintenance costs, and other direct and indirect project costs, as well as allocated segment selling, general and administrative expenses. Integrated operations and common administrative support for Quanta’s operating companies require that allocations be made to determine segment profitability, including allocations of certain corporate shared and indirect operating costs as well as general and administrative costs. Separate measures of Quanta’s assets and cash flows by reportable segment, including capital expenditures, are not produced or utilized by the Chief Executive Officer to evaluate segment performance since certain of Quanta’s fixed assets are used on an interchangeable basis across its reportable segments. As such, for reporting purposes, total depreciation expense is determined quarterly by allocating depreciation expense at each legal entity to Quanta’s reportable segments based on the ratio of each legal entity’s revenue contribution to each of Quanta’s segments. Corporate and non-allocated costs include corporate facility costs; non-allocated corporate salaries, benefits and incentive compensation; acquisition and integration costs; non-cash stock-based compensation; amortization related to intangible assets; asset impairment related to goodwill and intangible assets; and change in fair value of contingent consideration liabilities. The following table shows segment financial information in thousands of dollars for the periods presented. All revenues are from external customers. Segment operating margin is calculated by dividing operating income by revenues.
Year Ended December 31, 2024 |  | Electric Power (1) |  | Renewable Energy |  | Underground and Infrastructure (2) |  | Total
Revenues |  | $ | 11,166,495 |  |  | $ | 7,845,884 |  |  | $ | 4,660,416 |  |  | $ | 23,672,795 |
Segment operating expenses (excluding depreciation expense) |  | 9,757,100 |  |  | 7,098,309 |  |  | 4,308,470 |  |  | 21,163,879 |
Depreciation expense |  | 168,299 |  |  | 80,463 |  |  | 86,916 |  |  | 335,678 |
Segment operating expenses |  | 9,925,399 |  |  | 7,178,772 |  |  | 4,395,386 |  |  | 21,499,557 |
Equity in earnings on integral unconsolidated affiliates |  | 50,484 |  |  | — |  |  | — |  |  | 50,484 |
Segment operating income |  | $ | 1,291,580 |  |  | $ | 667,112 |  |  | $ | 265,030 |  |  | $ | 2,223,722 |
Segment operating margin |  | 11.6 | % |  | 8.5 | % |  | 5.7 | % |  |
Corporate and non-allocated costs (3) |  |  |  |  |  |  |  | (877,254) |
Total consolidated operating income |  |  |  |  |  |  |  | $ | 1,346,468 |
Year Ended December 31, 2023 |  | Electric Power |  | Renewable Energy |  | Underground and Infrastructure |  | Total
Revenues |  | $ | 9,696,897 |  |  | $ | 6,170,301 |  |  | $ | 5,015,008 |  |  | $ | 20,882,206 |
Segment operating expenses (excluding depreciation expense) |  | 8,556,670 |  |  | 5,638,724 |  |  | 4,559,507 |  |  | 18,754,901 |
Depreciation expense |  | 168,486 |  |  | 54,369 |  |  | 77,524 |  |  | 300,379 |
Segment operating expenses |  | 8,725,156 |  |  | 5,693,093 |  |  | 4,637,031 |  |  | 19,055,280 |
Equity in earnings on integral unconsolidated affiliates |  | 41,609 |  |  | — |  |  | — |  |  | 41,609 |
Segment operating income |  | $ | 1,013,350 |  |  | $ | 477,208 |  |  | $ | 377,977 |  |  | $ | 1,868,535 |
Segment operating margin |  | 10.5 | % |  | 7.7 | % |  | 7.5 | % |  |
Corporate and non-allocated costs (3) |  |  |  |  |  |  |  | (740,559) |
Total consolidated operating income |  |  |  |  |  |  |  | $ | 1,127,976 |
Year ended December 31, 2022 |  | Electric Power |  | Renewable Energy (4) |  | Underground and Infrastructure |  | Total
Revenues |  | $ | 8,940,276 |  |  | $ | 3,778,560 |  |  | $ | 4,355,067 |  |  | $ | 17,073,903 |
Segment operating expenses (excluding depreciation expense) |  | 7,884,793 |  |  | 3,433,717 |  |  | 3,954,407 |  |  | 15,272,917 |
Depreciation expense |  | 149,151 |  |  | 40,535 |  |  | 83,117 |  |  | 272,803 |
Segment operating expenses |  | 8,033,944 |  |  | 3,474,252 |  |  | 4,037,524 |  |  | 15,545,720 |
Equity in earnings on integral unconsolidated affiliates |  | 52,466 |  |  | — |  |  | — |  |  | 52,466 |
Segment operating income |  | $ | 958,798 |  |  | $ | 304,308 |  |  | $ | 317,543 |  |  | $ | 1,580,649 |
Segment operating margin |  | 10.7 | % |  | 8.1 | % |  | 7.3 | % |  |
Corporate and non-allocated costs (3) |  |  |  |  |  |  |  | (708,591) |
Total consolidated operating income |  |  |  |  |  |  |  | $ | 872,058 |
(1) Included in the Electric Power segment revenues during the year ended December 31, 2024 was $30.2 million recognized in connection with payments received pursuant to an arbitration award related to a large telecommunications project in Peru that was terminated during 2019 as described in Peru Project Dispute in Note 16. The segment operating income impact related to such payments was $20.7 million, including the reimbursement of certain cost of services and net of foreign currency translation losses in connection with Quanta’s substantial liquidation from Latin American operations. (2) Included in operating expenses (excluding depreciation expense) for the Underground and Infrastructure segment during the year ended December 31, 2024 was a loss of $11.9 million related to the disposition of a non-core business. (3) Corporate and non-allocated costs included amortization expense of $383.0 million, $289.0 million and $354.0 million and non-cash stock-based compensation of $150.5 million, $126.8 million and $105.6 million for the years ended December 31, 2024, 2023 and 2022. (4) Included in operating expenses (excluding depreciation expense) for the Renewable Energy segment during the year ended December 31, 2022 was $11.7 million of asset impairment charges related to a software implementation project at an acquired company, which commenced prior to Quanta’s acquisition and was discontinued in the fourth quarter of 2022. The fair value of this software was zero at December 31, 2022. Beginning in the three months ending March 31, 2025, Quanta’s Chief Executive Officer reevaluated how he assesses performance and allocates resources, which resulted in a change in the reporting of management’s internal financial information. As a result, Quanta will begin reporting the results of its two operating segments, which will also be its two reportable segments: (1) Electric Infrastructure Solutions and (2) Underground Utility and Infrastructure Solutions. The Electric Infrastructure Solutions segment will consist of the historical Electric Power and Renewable Energy segments.

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- Definition The entire disclosure for reporting segments including data and tables. 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