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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS: 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. In connection with the 2024, 2023 and 2022 annual goodwill assessments, management performed a qualitative impairment assessment of Quanta’s reporting units, which indicated that it was more likely than not that the fair value of its reporting units was greater than their carrying value including goodwill. Accordingly, a quantitative goodwill impairment test was not required, and no goodwill impairment was recognized in 2024, 2023 or 2022. 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 |
Amortization expense for intangible assets was $383.0 million, $289.0 million and $354.0 million for the years ended December 31, 2024, 2023 and 2022. 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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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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